Knowledge that Transforms

I. Introduction, 38.— II. Three conflicting views concerning the incidence of employer excise and employee income taxes, 40.— III. The view that the incidence of pay roll taxes is on profits, 43.— IV. The view that the incidence of pay roll taxes is on the consumers of goods and services of the taxed industries, 53.— V. The view that the incidence of pay roll taxes is on wage rates, 57.— VI. Conclusions: pay roll taxes fall principally on wages in the long run, but a minor part will fall on profits. Interest will not be significantly affected, 61.

I. Application of marginal principle to dividend distribution, 64.— Case of the small expanding corporation, 68.— The cash position, 69.— II. Statistical investigation of the problem presents many difficulties, 70.— Individual corporations over long period, 71.— Income tax data, 72.— Fraction of net incomes customarily ploughed back, 73.— III. Principles of dividend distribution which appear to have guided corporate directorates: the cash position, 78; fear of illegality, 78; accumulation of surplus against possible future losses, 78; stabilization of dividend rates, 79; special interests of management groups, 81; custom, 83.— IV. Conclusions, 84.

The Consumption Function — a “fundamental psychological law,” 281. —The time-preference postulate — another “fundamental psychological law,” 285. — Is the pure interest rate already zero? 292. — Conclusions, 294.

I. Alleged special features of Australia's economic position, 87.— II. The argument based on the terms of trade, 89.— The question of elasticity of demand, 92.— III. The influence of diminishing returns in the primary industries, 97.— Average vs. marginal conditions, 99.— The infant industry argument, 100.—IV. Effect of protection on the distribution of the national income, 102.— Conclusions, 104.

Introduction: contra-quantity-theory causation with Keynes, 431. — I. Working balances and the “overlapping” of payments: description, importance, illustrative cases, effects on circuit velocity or monetary requirements, 433. — II. Working balances and differentiation: behavior of circuit and transactions velocity, 446. — III. Real balances in the active circulation: relations of circuit and transactions velocity with real balances, 450. — IV. Idle balances or hoards: the Keynes-Robertson debate on losses and hoarding, the basic character of hoards, 457. — V. Division of money stock into working and idle balances, its connection with causation, Harrod's representation of Keynes, actual causation with Keynes, conclusion, 461.

I. Scope of the study and nature of the data, 367.—II. The extent of management ownership, 372.— Ownership by directors and operating executives, 376.—III. Ownership of the remaining voting stock, 379.— IV. Analysis of outside holdings separately, 383.— Problems of intercorporate ownership, 385.— V. Analysis of holdings by management and outside groups combined, 388.— VI. Proportion of all stock outstanding held by control groups, 390.— VII. Summary and conclusions, 396.

I. The inadequacy of stationary analysis, 191.—Adjustment where sellers are few, 193.— Monopolistic restriction vs. competitive action, 193.— II. The influence of business cycles: general characteristics, 200; probability of a common policy, 201; of individual action, 204. III. The development of industries and the degree of competition: the typical pattern, 207; general comparisons between eariy and late stages, 207; probability of a common policy, 209; the influence of time, 212.

Journal Article Changes in International Demand and the Terms of Trade Get access D. H. Robertson D. H. Robertson Trinity College, Cambridge Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 52, Issue 3, May 1938, Pages 539–540, https://doi.org/10.2307/1884089 Published: 01 May 1938

Journal Article Mr. Keynes's Consumption Function: Reply Get access J. M. Keynes J. M. Keynes Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 52, Issue 4, August 1938, Pages 708–709, https://doi.org/10.2307/1885041 Published: 01 August 1938