By F. A. Hayek
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Additional resources for A Tiger By the Tail
That the marginal rate of profit on the former volume of production will have risen. The first result of this, as we have seen, will be that investment will increase, the marginal rate of profit will fall, and the cash balances will decrease till the desire for holding the marginal units of the decreased cash balances is again just balanced by the higher profits which may be obtained by investing them. This new rate of profit will be somewhere between the old rate and the higher rate which would exist if investment had not increased.
Somewhat more careful consideration is needed of what exactly we mean here when we speak of an increase in investment. Strictly speaking, if we start from an initial equilibrium position where the existence of unused resources1 is excluded by definition, an increase or decrease of investment should always mean a transfer of input from the production of consumers’ goods for a nearer date to the production of consumers’ goods for a more distant date, or vice versa. But where we assume that this diversion of input from one kind of production to another is accompanied, and in part brought about, by changes in total money expenditure, we cannot at the same time assume that prices will remain unchanged.
This at any rate seems to be what his use of the concept of ‘bottlenecks’ means; a concept which seems to me to belong essentially to a naïve early stage of economic thinking and the introduction of which into economic theory can hardly be regarded as an improvement. 31 A TIGER BY THE TAIL are the factors which determine the relative prices of the various commodities systematically disregarded; 3 it is even explicitly argued that, apart from the purely monetary factors which are supposed to be the sole determinants of the rate of interest, the prices of the majority of goods would be indeterminate.
A Tiger By the Tail by F. A. Hayek