By J. A. Kregel (auth.)

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In this chapter we shall use a simplified system of production (taken from [78]) where commodity outputs are produced by commodity inputs (non-labour means of production) and labour. In addition, we shall use numerical examples to try to highlight the basic propositions that have been derived from the study of such systems. We must keep in mind, however, that these simple examples are not meant to be realistic representations of real economies, but only representative of the relations observed in real systems.

What nature by herself does, and what man does along with her - these form the double source from which all our goods come .... There is no place for any third primary source. These two elements, then, technically, do everything in the work of production [6 pp. 79-80]. Thus, the Austrian position would imply that the more capitalistic the production process, the more stages (or ranks of intermediate goods) would exist between the original application ofland and labour and the production offinal (first-order) goods; and that this increase in the length of the process would be associated with a similar increase in the quantity of final goods available at the end of the process.

Keynes's implied criticism of Fisher is ignored in such systems, for we always imagine, as with Clark, that the capital stock can be transmuted into the form that is appropriate to full employment. 52 3 Prices and Values in Systems of Production The current revival of interest in and controversy about capital theory has been primarily concerned with the measurement of capital in value terms as implied by the four propositions concerning the return to capital and capital intensity given above (p.

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