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Additional resources for Keynes’s Lectures, 1932–35: Notes of a Representative Student
JMK, XXIX, pp. 40-1)10 III It is a jump, not much of a jump but a jump none the less, to interpret Keynes's extension as illustrating a double-edged relationship between quasi-rents and invest- The Notes for the Easter Term 1932 33 If the relationships between prime costs and investment and quasi-rents are ignored, then the relationship between quasi-rents (and income, output and employment) and investment dQ = ----'l)'--_ _ 1 - F' is, of course, the basic Kahn multiplier (though not strictly the 'employment' multiplier).
JMK, XXIX, p. 39, n3 and Appendix I) and referring to the correspondence between Keynes and Kahn in September 1931 (JMK, XIII, pp. 373-5) it seems possible to get the argument right. 32 Problems with Notes of Keynes's Lectures Consider again the truism Q==I+F-E Keynes says: Since cet. par. I and E are both likely to fall with Q, and F to fall with E + Q, it follows that any given position of 0 [output] is one of unstable equilibrium, in the sense that any movement away from o in either direction will tend to aggravate itself by stimulating a further movement in the same direction, until a point is reached where the fall in E is sufficiently in excess of the fall in F to offset the fall in I (and similarly mut.
Keynes was extending the argument to the case of a two-way positive association between the levels of investment and profits. He was intent on investigating the possibilities of an increase in investment so causing increases in the cost of production in the consumption and capital goods industries (though primarily the consumption goods industries), that investment and profits would not move together and the stability of the relationship between investment and quasi-rents would be thrown into doubt.