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It is impossible to develop neither in the percent theory, nor in the wages theory, notRunning into a vicious circle... We Will assume that the norm of percent is equal 3 % of the annual
Under quite reliable securities also that production of hats swallows the capital
In 1 million pounds sterling. It means that manufacturers of hats can To use the capital in cost of 1 million pounds with such benefit that Of 3 % a year prefer to pay for its usage, rather than at all to manage Without it. There can be computers which industrialists have not refused And at 20 % annual. If this norm is equal 10 % it would be used
It is more than computers; at 6 % - it is even more; at norm of 4 % - it is even more and, at last, at
To norm of computers of 3 % it would be applied even more. At that size, which the such
Image it is reached, limiting usefulness of the equipment, i.e. Usefulness of that
The equipment which price just covers costs for its application, 3 % "are measured.
From told clearly that Marshall well understood that we run in Vicious circle when we try to define, following on this line of reasoning, What actually norm of percent (68). In the resulted fragment it As though agrees with the sight set forth above that norm of percent Defines level to which new investments will rise at the given
To the schedule of a marginal efficiency of the capital. If the norm of percent is equal 3 %,
It means that nobody begins to pay 100 pounds sterling for the computer,
Without calculating to increase by 3 pounds the annual net avails after payment
Costs and depreciation charges. However in it. 14 we will see that in Other statements Marshall was less cautious, though it and receded everyone Time when felt that its reasonings become too shaky.
Prof. Irving Fisher has given in the "percent Theories" (1930) definition That he names "norm of the income over costs", coinciding with mine
Definition of a marginal efficiency of the capital though it also did not apply this
The term. "The norm of the income over costs, - writes it, - there is such discount rate,
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