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- Title
THE MARGINAL EFFICIENCY OF CAPITAL: REJOINDER.
- Authors
FULLER, EDWARD W.
- Abstract
This paper is a rejoinder to "The Marginal Efficiency of Capital: Comment" by Lucas M. Engelhardt. What Engelhardt calculates in his comment is not the Marginal Efficiency of Capital. Engelhardt incorrectly ranks investment projects by Present Value instead of Net Present Value. Engelhardt does not prove that Keynes has a wealth maximizing theory of investment, so his comment is not a successful defense of Keynes's theory.
- Subjects
MARGINAL efficiency of investment; KEYNES, John Maynard, 1883-1946; NET present value; WEALTH effect (Economics); ENGELHARDT, Lucas M.
- Publication
Quarterly Journal of Austrian Economics, 2015, Vol 18, Issue 1, p56
- ISSN
1098-3708
- Publication type
Article