Приклади вживання Marginal efficiency Англійська мовою та їх переклад на Українською
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He eventually accuses Mises of"confusing the marginal efficiency of capital with the rate of interest"(1936, p.193).
The marginal efficiency of the presented inverters reaches 98.9%, and the high flexibility of the design makes it possible to configure the received voltage and increase the power.
It is worth adding that the concluding sentences of the quotation suggest thatRicardo was overlooking the possible changes in the marginal efficiency of capital according to the amount invested.
Silicon solar cell has a theoretical marginal efficiency of about 30% under standard conditions(1 kW/ m2 illumination,+ 25° C, air mass AM1,5).
But I now read these discussions as an honest intellectual effort to keep separate what the classical theory has inextricably confused together, namely,the rate of interest and the marginal efficiency of capital.
How easily the mercantilist mind distinguished between the rate of interest and the marginal efficiency of capital is illustrated by a passage(printed in 1621) which Locke quotes from A Letter to a friend concerning Usury:.
Since, therefore, the volume of investment is subject to highly complex influences,it is highly improbable that all fluctuations either in investment itself or in the marginal efficiency of capital will be of a cyclical character.
How easily the mercantilist mind distinguished between the rate of interest and the marginal efficiency of capital is illustrated by a passage(printed in 1621) which Locke quotes from A Letter to a Friend concerning Usury:“High Interest decays Trade.
I feel sure that the demand for capital is strictly limited in the sense that it would not be difficult toincrease the stock of capital up to a point where its marginal efficiency had fallen to a very low figure.
I expect to see the State, which is in a position to calculate the marginal efficiency of capital goods on long views and on the basis of the general social advantage, taking an ever greater responsibility for directly organising investment;
And the rate of discount which makes the present value of this series of wheat annuities equal to the present supplyprice of the asset in terms of wheat gives us the marginal efficiency of the asset in terms of wheat.
We have seen above that the marginal efficiency of capital[22.1] depends, not only on the existing abundance or scarcity of capital-goods and the current cost of production of capital-goods, but also on current expectations as to the future yield of capital-goods.
It would, however, be an unlikely coincidence that the propensity to save in conditions of full employment should become satisfied just at the point where thestock of capital reaches the level where its marginal efficiency is zero.
According to my theory it should be roughlyequal to the excess of the money-rate of interest(apart from the stamps) over the marginal efficiency of capital corresponding to a rate of new investment compatible with full employment.
For if the quantity of employment and the psychological propensities of the community are taken as given, there is in fact only one possible rate of accumulation of capital and, consequently,only one possible value for the marginal efficiency of capital.
If I am right[he said] in supposing it to be comparatively easy tomake capital goods so abundant that the marginal efficiency of capital is zero, this may be the most sensible way of gradually getting rid of many of the objectionable features of capitalism.
It seems, then, that the rate of interest on money plays a peculiar part in setting a limit to the level of employment,since it sets a standard to which the marginal efficiency of a capital-asset must attain if it is to be newly produced.
We have seen that capital has to bekept scarce enough in the long-period to have a marginal efficiency which is at least equal to the rate of interest for a period equal to the life of the capital, as determined by psychological and institutional conditions.
If there were some composite commodity which could be regarded strictly speaking as representative,we could regard the rate of interest and the marginal efficiency of capital in terms of this commodity as being, in a sense, uniquely the rate of interest and the marginal efficiency of capital.
The only relief- apart from changes in the marginal efficiency of capital- can come(so long as the propensity towards liquidity is unchanged) from an increase in the quantity of money, or- which is formally the same thing- a rise in the value of money which enables a given quantity to provide increased money-services.”.
On top of the supply of money, Keynes identified the propensity to consume,inducement to invest, marginal efficiency of capital, liquidity preference, and multiplier effect as variables which determine the level of the economy's output, employment, and price levels.
If- for whatever reason-the rate of interest cannot fall as fast as the marginal efficiency of capital would fall with a rate of accumulation corresponding to what the community would choose to save at a rate of interest equal to the marginal efficiency of capital in conditions of full employment, then even a diversion of the desire to hold wealth towards assets, which will in fact yield no economic fruits whatever, will increase economic well-being.
On top of the supply of money, Keynes identified the propensity to consume,inducement to invest, the marginal efficiency of capital, liquidity preference and the multiplier effect as variables which determine the level of the economy's output, employment and level of prices.
For if there is still room for uncertainty about the future, the marginal efficiency of capital will occasionally rise above zero leading to a“boom”, and in the succeeding“slump” the stock of capital may fall for a time below the level which will yield a marginal efficiency of zero in the long run.
The only alternative position of equilibrium would be given by a situation in which astock of capital sufficiently great to have a marginal efficiency of zero also represents an amount of wealth sufficiently great to satiate to the full the aggregate desire on part of the public to make provision for the future, even with full employment, in circumstances where no bonus is obtainable in the form of interest.
If no change is expected in the relative value of two alternative standards,then the marginal efficiency of a capital-asset will be the same in whichever of the two standards it is measured, since the numerator and denominator of the fraction which leads up to the marginal efficiency will be changed in the same proportion.
What would this involve for a society whichfinds itself so well equipped with capital that its marginal efficiency is zero and would be negative with any additional investment; yet possessing a monetary system, such that money will“keep” and involves negligible costs of storage and safe custody, with the result that in practice interest cannot be negative; and, in conditions of full employment, disposed to save?
The post-war experiences of Great Britain and the United States are, indeed, actual examples of how an accumulation of wealth,so large that its marginal efficiency has fallen more rapidly than the rate of interest can fall in the face of the prevailing institutional and psychological factors, can interfere, in conditions mainly of laissez-faire, with a reasonable level of employment and with the standard of life which the technical conditions of production are capable of furnishing.
Since the marginal efficiencies of all capital-assets will be altered by the same amount, it follows that their order of magnitude will be the same irrespective of the standard which is selected.