From Cambridge to Eternity: “Marginal Propensity to Consume”
We need accounting because our time is limited; more specifically, accounting is for promotion of efficiency , namely, value created per hour (U ∙ M ∙ T -1 ). Moreover, the efficiency accounting itself shall be periodic because we need utilities (U ∙ M) as energy of indefinite kinds while the bodily capacity, physical, physiological or psychological, is limited. Let us take the year ( annum in Latin) as the accounting period in discussing macroeconomic affairs (mostly in U ∙ M ∙ T -1 , or utilities per annum ). The Cycle of Life. History is irrelevant except for lessons therefrom. We have two economically-relevant genres in life, that is, the current year and the many future years ( ante the River). On one hand, we have to consume things necessary for survival in the current year and prepare for the better-yet-uncertain number of years still to come. On the other hand, our annual income over the...