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marginal efficiency of capital

   Also found in: Financial, Encyclopedia 0.01 sec.

marginal efficiency of capital

In economics, effectively the rate of return on investment in a given business project compared with the rate of return if the capital were invested at prevailing interest rates.
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Keynes, for instance, developed a new "box of tools" (in Joan Robinson's phrase)--consisting of such technical arcana as the consumption function, the investment multiplier, the liquidity-preference function, and the marginal efficiency of capital, among others--that changed the vocabulary and way of thinking of economists who deal with aggregate income and employment problems.
Two Lucky People: Memoirs by BREIT, WILLIAM / Independent Review
He felt Keynes gave a definition of the marginal efficiency of capital very superior to anything else in this field: "the marginal efficiency of capital may be said to govern the terms on which loanable funds are demanded for the purpose of new investment; whilst the rate of interest governs the terms on which funds are being currently supplied" (5, p.
Keynes' antagonist: correspondence between Alvin Hansen and Dennis ... by Higgins, Anthony; Wright, J.W., Jr. / American Economist
Once the interest rate is determined, the level of investment is read from a marginal efficiency of capital schedule.
Equivocation in mathematical economics by Miller, Edward M. / American Economist
 
 
 
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