By Ziegler A.
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10) However, this deﬁnition of private disposable income does not equal consumption plus the change in household wealth, because the change in the value of equities in any period does not equal ﬁxed investment at current prices. To obtain a deﬁnition of disposable income which makes savings equal to the change in wealth it is necessary to add in the change in the market value of the opening stock of equity k–1 · (p · q − p–1 · q–1 ) as well as any difference between the cost of investment in the period and the equity market valuation of it p · Δk · (q − 1).
Godley, W. and A. ’ Working Paper No. 236, The Levy Economics Institute of Bard College. Godley, W. and G. ’ Working paper, University of Cambridge, Department of Applied Economics. Kaldor, N. ’ Review of Economic Studies 33 (October): 309–319. A. R. ’ Public Policy Brief No. 106, The Levy Economics Institute of Bard College. , M. J. ’ Eastern Economic Journal 37 (1): 134–149. Daniel B. Klein and Pedro R. ’ Econ Journal Watch 4 (2) (May): 241–271. Lavoie, M. (1987) ‘Monnaie et production: une synthèse de la théorie du circuit’, Économies et Sociétés 21 (9) (September): 65–101.
28 Early Views on the Stock–Flow Coherent Approach Consistent accounting in real terms So far we have outlined an accounting system which is consistent in the sense that the difference between income and current expenditure is equal to the change in stocks as deﬁned in the balance sheets. In order to investigate the effect of inﬂation on real stocks and ﬂows it is ﬁrst necessary to translate the nominal system into real terms, preserving the same budget constraint that changes in real stocks should equal real income less real current expenditure.