Professor Knight on Limits to the Use of Capital

David McCord Wright

The Quarterly Journal of Economics, 1944, vol. 58, issue 3, 331-358

Abstract: Scope of the paper, 331. — I. Assumptions, 333. — Standard of living, 334. — Limit to the use of capital, 334. — The problem of steady development, 336. — The rate of accumulation, 337. — II. Possible objections, 339. New capital needs, 340. — III. Assuming many varieties of capital goods and of consumer's goods, 341. — "Diminishing Returns," 342. — Standard of living, 344. — IV. Alleged "twilight zone" above zero per cent, 346. — Brakes upon borrowing, 347. — Effect upon demand for capital, 348. — The condition of indefinite waste, 349. — Perfectly elastic demand, 350. — V. Demand for "satisfactions in general," 352. — "Hoped-for security," 354. — VI. Summary of conclusions, 356.

Date: 1944
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