The_General_Theory_of_EmploymenN_N_BOOKMOBI`+297?H P Yaoiqx "$&f(*̆,`.U02468n: +<~>@B$D,2F2H8J?LGTNO#PWvR]TcVkXqZy}\^9`~bdfhjlnpIrt۳vhxz|~b &.5:BIQYe`gpy<.m Ic B#i+!29?FTNiT]kefm't]|2ZEvFaf>   d"U)29AoI;QX _"g$pD&x(*,.;02468:a<̬>1@ BDFHMJ L5N@P R TV X(Z0{\8@^>`FbNdVf^hdjiloBnv~p~r{t_vxz||~ Qϥױ%K E#i+4=FFN~T]f,o{x }dtǚԒ5U '/7?GPCX_YdlsXs[tKv{*VMOBI@5 PEXTHEe*The University of Adelaide LibrarymTheeneralheoryfmploymH,ɂqesPandoneyeBooks@Adelaidebra( 2010'>ABLEFCǁǁǃǁONTENTSߕ'!leftaile=9553' P(a)߄؈_WWWWWV16526WWeǠ(Es82268WJapan25755French037834Chap:____\divoh> Therinciplefffectiveemand Notesnheradeycle߄߄3߄߄߄߄95966߄nercantilism,JUsuryaws,tampedoneyndheorifnder-Consumptionφφφφφ4φφφ00883189φȄpcluding΋eocialhilosophyowardshich"Gener("ÿ́yeaddždždždž/ol>PrixErrors錃FirstdiorrectPPresep wwwwϒΆ????815845?8Fluctuai"NetnvestmAUni)؅76261煯RelveveARe Wag螑Outputoooombp:pHbreak/؁4חחc`er :siz4xbσP΀\ǕHǁǁREFACE''!justify-߂Thisookshieflddstoyellowconomists.opeXatllet`igiblo`rxBu9sapurhsd)withifficultux 0(,onsdlace applic9Cppractice.orfrthodoxcxtaPKe|(founonsup0trre,Lhaeen"g arArogplnsencPbqnack)Xarn+f itvpsepThusx)a؎HobjX ua򎿇re-examiner苘certٌ{irasicssxcept蔈Abrguals8yu(trrsywis:hcould(Њ2ltP!0u1himpanexX Aw0ohviewҁPshpPwPpt`parXfromvail9#!ongweddI0؍(('aclxj['(fI)hxetwaPlSImsayhBewȆД8bPeePrPn#8r.͑ЏipaimpibsomH`rqia nswer;jIxaskgxIf,NuЍ`@rp`n0,񄟙seloo늘9myhevimanyڍiIwt𥻋por Ss.2y¡ uЊu)HHgg@bf RiQzלSaԍ8b@Bmfi0cx.stfww3`lcQx1debqesdrop911` ݯr xe@0copin)O@Q@!almodroyy*8inhiaP,nti:`esolved,in HoGGGGGGGFre؈book؃iTinoney>ۂwJMKolxvvi]Ishf[ago sybabht˚ЪsҴdaatuAeu 0aٗ¶pursuingoreveralears,ayometimestrikeheeadersonfuschangefiew.hisifficultysotdeessyertainsnerminologyhichaveeltxmpelledoXkeAeselPuaXpointout courhqfollow!ps;PgenrelationshipetweeCtwoooksanxprpbriefly1s.hI@gpwritey Ttiynoneyu/>wstillovalo0radialinrrdIinfluencm)Rh!sospeakpara(from`orysuppIndem8Nfinishhit,rdarogahwsutabackberppbwholBlcip ;ceivdehowBself1whatwem!)2stXaeҚcttiwork (namely,’IIIIV),3aiЋAoroughwith*effecےב_^//ll.͠-Hy'fundntequere yeouPictutnassump2(aXl0tteow,ӕuc lopinvolaYfit-d(quiliumthrrZ49dyHicAnct׈e,lefle extreepR9,eo(rnd,0s\HAprimari١pud;dЬsСPoyqe;نhilsȃfoxerpc8h8ntiqpeiarnechnڡ&llgaAowh؅։xx鷱b92u"a capabk}PRrؤ3șxy:beiYܴБwtnolHpen)ra8a@wa(inkuQO/fa0Ȋ4aǁz*cludlPăKfjqcase.>p>13 1935p>Alfredarshall,nhoseρPrinciplesfconomicsGlmporarynglish stsaveeenroup,astarticularXinsomphasitheinuityhih;withicardo's.Ȁworkargelyق8tpinrafHgminalndڀxsubPtuti0!iaradi; eoPoutputʄYumpBьle,adtromoducӂPyribfXǍgiven7Dnevereat)expounded.her8mselfelt2ne8ch,moure.ˆximmetecessorfollowepcert8pens(i*Hphllackit.ɑPtatmospp1HIajP`docnmyڄ8`o ꃹstecad/QciouBpirsufficiencynwi{Œlopm ,reforrbookeprPnahaЕ)HwayKIucsl (orrdox).͐PĈYB)S,oipdxnc1rPxIreg(someuhـу1huktrosialTow(o׈CalicU,dqaaeXJ8fa voidPhirbmrotant?42񯗯YICmhimserm`d!widiffh.ԅirul{nHt Hc0ǔ, tso mp,ăalsxIchool 1khoo8ku1Ј઄oD@KyHM8@ӄʗjpm@ltim#ZT,—clusEsuperi0qr(sؖ#z߉a (Qpin_ddx"Yn|._______Y(sPcbzih,q٦ۍ˝مcC@=ettr{;Xop谢~sce ,!h,C0torBxismodÛhР"aX)m“#kVuЛ䁹u8:l"iBWickH\available (euntiZ騝);U􅟅mwri nochiefSwed|Ari@qof.m8mbdeqspecihbţioمBecbackga!ow ʠi,Hithabi |XiNa5ۆoП1Ć'c ѯdnieraced'''''''"PerhapCree,Yexxty8phLn4zoaiaAloymЮى^eparە@AI0pe9'8ԑnsm?Ásu8=What methodsformalnalysisaveoingmportantoontributeqthenterpretation!earyventsdmouldɁ_[policy?fll,tsenlike9ory.owung hirstyeomismustee0livedQseearsiutne!einlymwhhhileRmaȆatt.ifXtrayPrselswar`Pparcb__auQesigneetpecific^Pdis,shbeSnFonfesatch

<8lor="#000">N(elʊpa ole,Yшa'&purAovid easiHadap1tottari8s8na7MPducBd,aXsrߠ reqmpetaargxu @ilaissez-fairef__>.Ԇ}sycogi-xwslH8xsusfluʂPloixpenicerewagearlayțhAQe—renes8redi"ourcheou(ווווו׉׉IKopuniacknowleddebhn"excell`)kHns@Herraeg(IopePvocabux lumesey0mm(љbse)publisherMpDunck!(HumblotAȃгzisfromzdayhsixteKagox Gy_77EscÓeqJaPeac>,nabxIacOOOOOJ..EYNES7ǀSember?? 1936>
Alxd͝hall,Principa-8llem)EngQshabbrpA8ic Xih(8]HuYئ;Ricardo's.Ȁ򾨴grafminx˧ꀕxsubxtܥpsis; ɹ?2al@`dtroducyribfXώgivenDnevseȰ(oud.her 8mselfelne8ch,m.ˆxofollowcerф8pedi*HpllЄit.ɑPatmospp1HIjP`doc ڄ8y ꃹstecЂ/Qciouirsufficipyn9owi{Œlopm ,reforrbookXprPnaЕ)Hwayucsl (orrdox)PĈYBaS,ordx轰3receJreg(soXquhـу1huktrosialTow(oׁ?icihaQeH:(faɀHytimvoid^hXir`bm otant?>Perhapsapaneseeaders,owever,lleitherquireoasistyssaultsgain`nglishradition.eweawYofblargecalnhicheconomicr@ng8ЅIn,utnoto3informedo_opinsXgardIm.ԄxrecePpraiseworthynterprpart Ina9alŅCircfokyore(nAalthus's 'PciplesiPolPpTy'@firvolumeqSeriRscouragpthink0atookTc(idesfrom an҄rdoay[ivwymp`ysoqu(teast.

1936>
F0undryea0longɮwtsen䜰b0n doxyAisrsxnncg)doctheprevailed.ϨۃHrze؃ahogs媉}.ŸsupZatmospрme0rem`supl8am01rka!ainuitbservthroughوes.؈ˉ`o8n,hw tp rittaҀkwroit ol؋*sidb`yti0beQSu`quhPoriwfصPxHi'd;Iyselfwrȯ*So"ܾi@[,feltXawh:ρLtrၐcagh+@ap.igbmanciRApstɊdnhp#pX1certaulXicularRov!passʘ9irbedpp0oou|holJr0iviewѡtarbemHiwahvinceowxmIydid:܎fficiYditoo(Now)eeTl0h9gracc0!ynsB\altorgott0meq l Ihouldfaf`h,hdeavour1)Qkobituari(anm —eviupMolri,roy-Beieu)fharl(GɈ)at &G/Ald͌XhX,ourositionouldaveorneoreesemblanceours.sts,conomistsၘeclectic,ouch (weometimeshink)ithouteepooinystema@ought.erhapsay kxhem+easilyccessiblZwhatɆxsay.ƒxЂalsoh:ultXmyxadersllωnamalkingbIwhenspeak,[ fEnglishrcsonsiaisusBpguage,i'clacal'choolӈnd.ɇjPheref`,eelpfulFren ift(podteeryrief`$regardᑐadiffPntiaeM/WW>approach.vp>ceibuse/oo><(;lBjWDm.ד Xth hy@ oH mthencomendutputfheystemshole;—eave,n2mostxactensaoryAemployment.onclusionsergerompiseasoningXichrearticularlylevantoproblems1publicinanc[po0yeneral8:tradeycle.

Anoreaturxspecichar@eric;bookxsހqrateaines(InPcimestx eenldyanyconomPaxurrsavdemineduppp@freapital,??;inv)overMdePdor8`'׆as`oa9equilibpIprice-f opsect`vvʇn.˜ifggregɉ̍nhssari䘰`ircumstppalW?0hvid[xplanp`lapses.לSearelsewȉoluȘyڃ0Q(Àfun77`pHe)ium,ot(twAnewpodbmoneyLay߁߇liditåZea؏tisfy !am0rez|doctrholder,i-8Xh0u.͡es`eu,ʐpawtruwira؆,?uqeHF@val8AdpSmcx(youH6,ashoubhhycpnpI, -ednX*ɰ{ (Yitian)I0eDtex Ԑ2how 蠸ail*"workut'''''''"Ic(Z^5iρGCԯ6E,4eyww>;քr 9tt ٳMq͹ëhllow)l9gxmylsx^onf4dQuI,oaang9me XXver iseHamediن;,nnfluh#ӈTechniAAKwagehunusHXacYclXuptmarkeompe8!ީ@roduc<ɀd reneurxش\Hooւo*%ispos򃈃-?A yboh?݄z-yemerg⪣sulTwo0orAmydi ceedy dhir:ᩱarlixK;hb\ijuncrڋ, (particu0)$i:(invc )8xlibrium,!pȄez(ea'throughwá ustpished''''''$be8[cxverywpepiAhepnd,Hmost`,doctr2associ nHJ.-B.ayCruD'laws'loibؕdmostb`!(PRm 0asicyumpBHefXac|$ca#HPiɁ򕂌ymalxpeЁq+ixfuH,󨱟ewhv/Isub tuRfo,n)ad Ju.earlyllubsequentconomicheoryasependedn,nensePatt2rired,isamessumption.etႽsoasPclearlycompet9toackleroblemsfnemploym9anf"tradeyp.erhapsanesxpressFrenchrs)PlaimorbookPayingT$Ȅduc1ainalk-awayromdoctrine:J.-B.Ӂ!fteretur0肇Mohseu.

J..EYNES20 miFebruary77> 1939>KH'sollegegg׃׃׃׃ׂwvCambrid?mbp:pag`X/>
,lacKempXefixg?//.ybjectsu@itPкXЃcharacXim`rgu hXclus(ithowONhssi??ou,pwhiIbrou ȄҀdomhxc1a,Hp QLe,governac9둺 a,s aundryeap.shbostulfuarepplbapecicanlnos ,situ|HxezimitYpohsiрHeli8um0S>iHc΅dyyhppenbosociety醵wcHlliv\eesuliteachqpmisleaddis(ftt0bYVfxpence.ϷϷϷϦG_߷ϩ__ǁǷ2www7777ww?Dž7ǰׁ׃ׁPǁǁǃǁOSTULATESFԄGGGǁǁDŽǁǁLASSIC߂ǂ΁ǁǁǃǁDžONOMICS/'&MxtivalAprodu1primaria0tribur0a//gnol(jx(ourctwediffuq8dYςquanBf,e(:irرHward+̊*偐\s@D2GGsq(,lso.׀qavailꆟenǔ&ꁲpopulation,hextentfaturalealthnd accumulatedapitequipm,as e(treRdescriptively.utjpureIorywhatXterminesactumploy u/>!"vailableesourc`seldomexa)dn1Ɂ.oayHitnotalould,c@se,8bsurd.orvediscussion@ncerninglut?@rich havemany;z|wi0it.eax*topicolookebjDfundàhy|deemspiȇobviouщreceP$mosaaЃa.p>a1ndividəꃿ!pbbetwr(og2kMnlir.đmstoockIɃ#mqea9@odғ(ho`irura P*ep0h{mȅ}below=`imumgGGGGGGD@fwliP'friral'0/.ƈQic`pret~(leg( svarinexnessead!zst|w萲nxu fullt:xa9,daorawabalRU#@pxti specirescayulmalcQbmittRed;Qime-lagnsȁun`eschgesቸ -from"nanP!efY@񶘓lasa0wi`al(xBon-0!sopa8o UOujobs'.ɂhddcߓ߆jWPalP{'nt@O3refusabȧ',sɂ8priA6ɜlbPds p):m hubnacarewardr+dه

(]iaN>)nm(ve;nrganisatioiesichmihx'fricYal'n;7b)"eawpOYlab ,sxpsbylag;addiہܕ1avaiple,oYto 'volaryooooooooocohwfhysicivχ򁃉1-goodsdXriH(@uProfЊ(Pigou'snveniterm upr(8f̟oney- depends)Lj„ǁdǀNJdžnon҉compd(tc61sociatMahif0itu'-earnerpi9G.THobemydXtȨ,b}GWWheorUt —ʮ:detIccEclp$exist׉a8 3 j c8erb//II1>I蛀ru0vHgoqrehensviewfa؂populge(alseldhdgmuXworki0+lik`hoHS"urrJ?oAdmitly,`D:auQbthh"r齐(demed.ԐschoolcX`8poXir؁(dstنygu,ɂLGGDmay9sfiAe1very8(ll2o\a@3e@sPۀhdn(racagreezaXg@٢qnoT x򊰆whor fқoӎ.ɑI

NowrdH(experiencells(beyo@doub:aRwhe$@puls (8limH)RaXney-a anȍv,arroming)po@bility,bnormhils`orkerHusPhresiQdu.Pitpr@`qdrawܑh"r[҃-goodI:soimPsaipog'IGGGqbX*ooׁa#sivenl(p. 14)hm ЍBppea first;ٗ h0,tuьA,Yͦ5,ׂyow}>ncA sWWWWWWWRM00c\eichy)sApsdufusbyW(cepWVtcxraЊآ@QQZplau@ȃ)sser Undt1932eoob܆gggd@'emP#~provЂeomicac@ecapI!furnixngid4ʸaGoanppؾ7pimumCˇhtLbtrucul7r0bo—it.΃Qphysr)H㈗ amacirouaqueonڄ0adequacclnal77777773`h"ulAfIȩzenquioc0lȐhiptwe8?ؾ߫_8Y4pehiZp(ydP!B/ʁsapdirјDžDŽ(ŅGg`rPlRf),ɬnkQooc1beyWWnlmolwayosg 譀8 payge f؁*,׃Tbec`eDhrio843禌@epe(,ikcompdeci;Sdi#,-cu׆off,eBeircum薀@uinnmargt8givap`XpLp iAshedhe) ex11below`ich#,{wTrq:rth|WPɶntaPun,hfri'!vnon-2{uFaA~>absurd.ƕHOO@aчavai ϊ˙7,Ygh*P-gooЂ4,nsl@theealagealling.fhissrue,pe-goodsquivalentYexistoney-anotnccuratndicationmarginalisutilitylabour,d:secoXpostulQdoehold焸.

Butr"aPfundam`objec1.ԄflowsromideaHae sOepe]ainshichMmakwithntrepreneurstdmitted, csaactuydermʎJ eveeptableoltoge9w]corresp߇hapoe.΄rles"⁏thurivedt@oinY'Tфjlasslqoryssum0҃alway臗Qreducts a#@QCmtcyoxo8mBclearWelfpaibcGBыorksoughrintemployth 2Qtradm@ta,)shH, iOO6Ybetwe*eGX^>;o꜀Qfre mpeaxgstԃanstrivbܯ3anysh,rirǐn0篭u[?pfd:?Jõꙃl؆8anyasexpHowarӎO,~~clusPm8hmemb poppȀH hodwd("me mQa`vid萑ec8ݍyfelrefuspsupbS@ ܂l*system0nSccharpericdeXc!‰L0ӘhhiXIioutsfiB@cu8on(baqZd(duxZ-billE8vc8JCbank full />mployment,.e.maximumǁ//uanti'ichcompatibl0aaiv؇v.p>

ThuPtituea],houghnHsciously,rennclyosonablst`ha classicschool, asmuch9eys8duЃImoney-,hipseldomrrjnl-ndharacter,veZx0ingsequivalesexceemarglisutility6}employmP;HedooesocidthXcyi(ggregd8a"lsHged,Xles^ksoaro ta_elow7777olumft.Ŏ yrade9willutpancPocp7howrsmP.seould ftrik؂ccasti`Bo liv!raIzbXcXYny㜀athbuٌemКa8 3YcperbϠIVO1OO>Wwfinthir goqfo,am'inyntary'tѬ8sensebo(bÉpdoȍadmitwCHrweme8Se0xhaxcapacѐح1.Q-ra)tXWQbecxXQbeyohum'#s.Ϋs`18`dždžǦ"draw{labaodk$pBertarew.urx(b!nioAlu'faal'"frYi=MȁoijXfols: iWWMzMiUIfAaؒI-gooXMSg bosupph늁r[urriwqdepdaQ(jH`X(???gg>balxnmo(Gs-g ЄÝ apq(Maile=0077286߄blue u>C3

Obviously,ow,kpory(nlypplHZa fuloymhXsallacARh@XmfvoluntnW —ĊPsu1)(whoden?).Ԇ?=semEuclideaneometersan-worl,isco8nxpenctraqinȇ`ntH8el8ten,HbuX9jkeep aP*remed unPtunatolliswroccur.كхtruth,8noexj row:axisuHk@etrSIsimiPrequire!-dPycs.eWSs1dostuldoctehara sx鉓GGBcenȆ08siלa8 3 j cerbV1>ImphasXpoIdetuxfr@#,e:ylook ytaPagrent.ƕHsh firpO0tosubje`sameupxaˁ;pausaCxs02ves󳀘Iaaivorganis,pechniqureж䇐iph)buRxcorred@ل0genexc9ʘMc،ʌͼ0opni"ڷ1rd79Im(vitPfale (rlyPssdef0"ɯstarnblab (Pe)0Wiooif΁>Ɏ;s"Uho(warИXerS-goodsfi ɚs1pb-faiiztdprmpyҲ\hqXuruJˏetc.ȱbnxnt;emargin`duDi(Sg/)@cessaridhhs7Gdongd0xyoldanyԋ $قlea۫:t` PЂD䣿}sW WWWWWWB8w`ɠthrow؋؆ٕ͉ ogalthough/(ociS+'ceivademx;wwv`ilgn؈"yccep8owmoney-ㄗXyjun!PӍhhe(Yup,y0fuelucidh`,tilhap 19£AppeXxKbech(>FromrZxSaRrdӸaОsupt [;—"ʍsos8ifybycrefXsen0w^costsf productionustecessarilyepentnheggregate,irect oru,nurchasing .

In.S.ill's iggPrinciplesfoliticalconomy>doct(esxprsetorth:>inpecie5/??>fativity.utpartromconRon/costs arelwaysveredQggregateysale-proceedsesultingdem,asreHplabil,ecxet`ifficohsAuishzanor,imilar-lookipositwhicsdubitable,amoincomerpllelementmmun2erna1duH$ecessari1aaluxeqŽ.np>хpekmu0iw8ٹHqu70a8 o3 lʔlcPer`bVII1>Atol@chapهmWWdepenccs:><0耰>FFECTIVE <ȀcolorDǁǁ1ǁǁEMAN/p>rwوЏon;secondly7772whatahas9pXrom(ogeIJsacrif(_insingquipstead eav idlXWWWWuPGG?GGGB.ԀxQvalukh0ultqHp`ov2um)it€Ќqroforh(o(itWV omew''vOP!',Ic8sthH,ookȐ5oi{vi8/.iregaru'C/+'s5makep,tweYIަӃljtota8Wl@7wqt E酘shouldquantityendX1maximcidaҡjffbstim0hi(тare07ᱠnd´jaggI{ (i.(t_p)_+]??ǂrocЃ77 Ђ.ϕ$hVsuppprǂc0Ajgluؙʍwortl'цp>YfixgklevelV.džLe'>ZGQǂςNǀenkrelship߁熟߀02rittg_gg_Y= φ(o)ycaXhطȬǁfuncA.Ӗlarly,ؒww>DoRϞϞϜoڄW_7W߁/_ggglor="#000"> = (N),hichane8lledheǁaggregateemandunction.p>|J9Ƚoؿ׏Ysteadhava@iqilibriumpfrangҨi:admibliȿH0excepnfa misuttyYlabourexlimit_ZIhPwtrapetire neurhould}l18ansWQuppoi1C/aolPKbtic$apȬgJiwinoongereccompaniedynyncreaseHutput.videntlyhismountsoeamengsullmploym.n2previoushaptereaveivenefinitiof?;qmsybe肀rlabP.@l8nat,Houghquival8,ri)Hthatthichnowrrd,aitunaggregateOHselasticYresponpaAeffecqmandorThSay's8wуpriceyیiaPolhs)al)suppavolumebc,

IIɂ1jufyArief`mmaPĊY׉orkyfuh/s'!disut(labh.‡8osnHr ecti"煿">zׁ9ǧɘ`avassocd󁷯ipcQpiOOO??:stҭarticularshipaH\oohhrcospondjrssumptionsfhelassicalqory,snensenptimumelationship.utt nlyxisthen,yccidentresigcurrinvestmYprov@sAamoufmanduequorexcesaggregateupp priceoutp resultingromullmploy overatsommunityi@choo speonnsurnhq)(ed.

< lor="#000">ThjbqmmedpIfollow!posi::///////)(1)ɐgivuZbechnique,aourxdstsne (bothoney-)re)9volu8 iGGN>_2)ԅ iptwe_X'ZĎXexpecth'$m,(dD1vԮntrepeurs8QKs (ׂߘ׀)twouantename߁ߑ[' )?{2߆k7o voPnewvest.7W>1Zhav0hff xm4)ӣe??OOO׌OOOw߈t+WWWWWWWW߁  =)7/. φWWW>)1Zsuppfun sXؒse`(2),OOOOOOO߁ߘaDŽρOwSvmayri χingfollow9ׂ߃׃׀ − φGG??:o7?">_5)evol@)˭equilibriȿg (i),$!x ,Wgߋhhess`yGeneraleoryEtify">(6)orveryaluef heresrrespondingarginalroductivityylabournage-goodsdustries;ndtth(whichetermineee. (5)`,sfore,ubjectojctioat>anno'//>exceedO''ʌ; rePequalwithdisuti.ԉmeaniallhang߄D׀Ꮸcompatibltemporaassumpmoney-`nstantaut(bessentiauX؀)Jheo0pens,z.Fp>1g \/j,uKbyAmu(asG>`YealsoeeprayXmoYfouI1sychgjlaw.z followsromc6gxϛώ/rapnag0g8pppriأZ)agtp)?GGדדׁ߅!geacka-tu@ers.e0,BnoleAI,WHanYunjTsati(ggggg{2gggg߬^jxf1wpgg߁ڠQus —cepH[s0i8Ĵ:cД#sa:)ra*:,,wayuY7ߍ%fficiX`idenǑg߄dibomicystmayitselfstapquilibri0with_NaaeveAu/,8[giv( Xs@Ydemfun .p>WWtminedmargindisutp labmCОb(lagi썙@ar:‡BWavaiX:Vethpximhۘ؆WWauratefewnvestmentetermineetweenhem)olumefmploy,ndsniquelyelatehoivlevelrealages —oto(round.fpropensityqconsلUr8neׄ`resulndeficieffectpm,actuilla(shortsupp(plabourotxiHyvailȆexistingϊOequilibriumbe g%///>(aargindisut|/m77.p>

鐥n8AR`rdianctsomething1auriox @ayspym hbedueɁbx suitabiiesdoctrinrenvironY#К9proj@3HcAclussPrI:@nauninstrux@wexp8,dded,Ʌpp,9؍H upigȁranslВpraHa ofpaxabll:trtuda:آɛ(YhsiЁlog:r,aXbeaut ݖl0sociinʜppPrueln(ev9PincidCs@mr8ssP:ttemph(gГs@k!_hdo@harmЄgoo膙Iuthor؇OaffPHP9ؙ㉐freQ㙤dcapltjTrm؊܄Pbexf9ǕqelfmuYhBHodoxEsup (0sXailȲ0rቺsci dX9鳒imةr؉Ѭrs.ƃ;xnj80lunmؼlack1corpobetwAul(irNobserv;—軱repancyLP ; !hgrowunPBic01|goXrupgt*eqfirmd/`+lielebrjopxismrad_c40K!8IlookYCȧȒho,*efYworі8ig`enB#alsbbXsi: wHpx8(lso@YckDnegDakɝpragAȒPAcpexercisssufh0(eaXn`醩obviouspaaطowᖘAummployJcȊa:eNfun⇙ixUcla`qtuQIxaXwqȄ8Kwhh`urI.®ssuȃRɿPy Џ7YdiɁaț?8mbp:pagHeak/>
HOICEFǂǂUǁǁǃǁǁNITSߌg`ό>I'G~nex rehapHqoccupzattemptolearpertainerplexitieshichaveoculixorxclusirelevanceoheroblemitsurialurposexamine.huschaptersrennatupofigression,wilreventsaimeromsulng2m1meiubject-matrnly@scussedebecaudonotppepo#behalready8telsewaayIinddequPneedfywartiȋenquiry.

reǍmosmped8pȋ҆IwrPthxbook,atcould exmyselfn i8untilphaduXsosolut2A,I:hrs,*choi0qunitHtyphpriǔehomicystemᓈole;dmlay8bypa"PFanalysis;Pdirde`incP?8a8 w3tҎtcerhbII1,zer++smworunsHsfactoryan(ltrop3hhdividetock!lxpit@gener r-el:/gggggga(i)߄ߑMarshaProf`Pigou,eas`rhcurroutpu8ralu_ey-ur@rmorexe(densؔhinet>;—itdZsaY[Pc tѓvailaHsumprret8 ,ct8)sacrif̨ioaf)ow 4stagOOlؘHeȀ(@ӃC.ωa8pmrPēȳ0scc@Bar oJ:УφRsua'YfooXervjnon-homoo᠔(Y@\picspeak,`certcirsepexaliXȅluy#xxYo(h"7 diful8nexr2Jordx8calHᄫ,詈,quip);hyēCarisbetwepcw?iducdurQ>oӐb!sh d.ɈGrqQONwrhobsscetc., '0mayairl8"normal"r3ras!exleɏYregPrHXespxYZdePltge'h0d!aoX,Iinv3asKX

<lor="#000">NrPles seifficultiare@regardeds 'Hundrums'.he8X'eXPoretical'nbsentha`nerplex,rHdeenanyayXto,usin9decisionndaveoaQZssequeeomicv(clear-cutdeinateIspiHquantitxȅ\cy0Onve`icc؞memb)ntrene rn ccHȞworkgapl p;2PMYЭBnc`deн.e.raHgg9Cunzo#palfirm !owtinducsʃ("Poylab.ɃMdiaP`ro:omo ÜQ peakg8!lPwish‰-@rmfL.žx-ar<@JɈ*!Cac2IɈmʭq/pp0 \>ŅHho(h߬؆Aɳ;texhano8absoluXsuXئGNwen`YamouҊBultromUˁyW`,Rdescripcroughis򒫆{ǜ*Zm@a˖rsumCdORuG߇ݲMshsfo(pexƃ3;two0+A gXZqAfininXonǰb2!ǰtolor=À"#000">Inealingithhe!oryfmploymentropose,reforYoakeseonlywoundaalnitsquantity,l@iemoney-valuendg.ԅ0firstɄxistricthomogeneous,RsecoXcanedo.or,n`arsiffgr0skind:labou@salariedsistancenjoy`rressXx0relativeHmunerhonrևGdsufficidefinpHpura0g؈ur's_BordinaȆ8zweightspeci rIYAon;.e.}n)toublLsllou .׈ha)Abwhicc׊ׂHpmeasurȁ9-;waga/(wAif !s (es)∠,W;NwwtOׁ׈Gπ">  =)/7/ × .p>

<lor="#000">IؓyliehmunnesaryyplexadavoiJfٚzsespctcQtwȋ),neyӇڭ (Պ!beىe`omicy whole;HserJ4Hg, Fjoc8߁`aly ";individXdryisoQonagu`oncep饛uand war(l8l@ ׇׇttemÀptingomeistoricalomparisonhichsithinerta@(perhapsairlyde)imitsvowedunprecisendpproximate.

<lor="#000">ItollowshatehalleasurehangesurreoutputyefeceoeumberfoursIlabXaidXr (wheXrsatisfynsume‡Pdufreshapitequipm)nzex!,skilledMbewpporti:irmuneron.׏avoeauanttiЏtwee ȉd |wouldPsul0romssociaiftefrk)q.Ԋ1edictPwntrenepossess;gn߂pooshiftQaggreg0emfunci s t(carykn!yyI,starJlif grHlevelp[+ewy(( hacou(ya8 '3$$cerb77IV1Pi8sه{adiupply,@aXusuy𐈐H*mve,elac$r,and'f`8woosunOA\M, ix{uȇ(n,ularirmd`2eomicvQole.ƥΧE*(sxI)sbywlockquo>(>Ngg">),w@OOOOOOOOO">Aѻcs (nKussP;pecI`99aemployJo玷oooooLJooo">.forbetwe9!@ *7/////////sÅ'O''''''''">g'/ ߃߃߁߂߃7ߧ7gg tllowat7777G!EW_gg+U焏"WW  τLj//t>
) + >U<*size="2"r">(Nׄbr)'%p  =)—— 3L L7&!EWW!O׋OτWWWWψׅbblockquote>.p2Y_ZThusn casHachomogeneocommodity,ori߈ ψ߃߃߁߂߃7ߣ?gghasHdefiniteeanx)nvaluaȅǂ?>ZDžDžǁDŽDžDžDžǁ'φ߃߃߁߂߃7ߍ''ggway;ut-nggregYaw">'aɀInot߅߅߂Ww߅߅߁߅߅߅߅߁,nce ΣׁOׁׄׄׄ׃ׄ/ׁׄׄ">iumericaluant.oreover,fEassP(atgivenviron,ﰘlleistriedKunique betwedifferindrieao7߆ߕgggggggdaunctionхwurXrif reossible߻mbp:pagebreak/>
UTPUTND (xwO)4fuecXcraQio;Jdu ?notQ˕Pse`df1C 48sӒrvo,P`nXur ׅסqIrGGڗbe{snxˀpectationreot,sule,ufficientlyiolPrapid,henheyfȀhorstoauseabandonmfkllproductivZcessesich,ighirevisedxHtmistakoabegun;ls)tteromi(prepar musteedslapbe employcanachevelY ouldstood醋ten8dh}sooner.Ɉca long-mons,quipwixplaccontinug1liornutmfhangeiwwns_[/ayXaPerfirtaf(hRʆ(adjqq7newitu.

IPuppoaGm8&ngth* ffY8itself0HeteB0ibroadspeaking,iecSgoʑ郲n9alwayxeЗeadyDhuHttaincppʓ!perirrespondz脯 ollows2lthough?ؖ܊frhkcPl7nrݠ7777"рw?(9@l`OXefinio6߄ntooooooojLesasidi2ُ0Tzra@ apdag߉!,0fdqinPrupⰰnyuqr__W9sur`\ƚggƺDuiluppitrtisf񶇪'oxgalcu.c`beeTga8cendk,isaeak]eclPe׍כ)@A n8:iULrep0Hى*irz 00~TixquipcbsoletO gЄG,AYqdur?faiȌbelowǁ`ׅ/sbBaw_apabl*S osc;ki@hapbPyc mCcouritselfʭ҃"Iscudmy7Tin0neyhnwitKpdepPtœlid1X .p>Anninterruptedrocessfransition,uchshebove,oewong-periooanehmplicainetail.ut[ctual0urseeventssor(lForstxpechliablecon(hang{ingm8qfAprevious40fullyorktselfut;oaeomicachineoccupi anyiimetumber(rlapp@ivesxistenc whiduvaXpast;zn.

Thieadseelevatdiscussi0rsXur.t8dfromGelJoyma< depend@aensnoteyHݒbȁLׁnlhaЏ+dJcern{.΅rpl҂on`Zyetmvut藀embod8to-day'apitHequipҕzrefy[ntre0nepmak`cianninflujafa yZu followYaȂ𑜥err describslgynb& XX onjun؎ϮϙϙϙEx sbuPb0mɐhdЈavoX9ialɣsafromeishortGG>pvi$fӘr٭zɠʀ`DZarad1Quon0carr`largAHh`9шHults7SЁ?;u)1ko)LiIԷlthoughp 7H`Cdu oo1A1ZTmo)usplaɒinparMw\Xǃr+woul!ߢ񥰇$w77dvo_//ȥ`3;p_w歘r;RɅ,re ,ꁁtsia,circumgubti@hanghAXnext.cdH11iblba0wpassump"ٖl2,cepf88s KIpr.hX/ʊbetwe ffPrϋŅsale-2edo@́ inؑ 'ecb䊀m`f@cip 8s•swwwwwwNlP,h2ge3duragoodE«zzinvestornatubban)ecktS1ervalJ..͠fxsh@9pX 12XBsrOOI𑺪ailliRsudd}77/vXapxim(eli闙hrec?<>
DA
G − '(O'W''#B'>),W77O'w߆,?>which5֕sinvolvXintion!,uscostW??WGWSU77?6wi@britwwUoSamoupaidutyntrepreneurqactorOreturn@HirervHs,AfrompoiiewtincomeQOO>O/W/sum tρׁFπdv׀80hprimeǁGJutpXg__.ǣ/̣,2//_ZWanefix)c2ingxzqha`ishȇsoldurperiovGSur'stYopHYake0depend srWmdeavouhXmaximisi.e.grofior aryns!erm;— agrewithmm.enc8s__Pڀaun)Wt,؃gatցogg'ϖϖϖϖϖϖς_XIusdrapletelynambiguo(].ore= ϊexpectauƂGxgg°װהnwdecidhowueoymgivhW΄causЋifitgRcoivablX`c5WGWo'sub>1QwiXbeђh.ƏxaQy`!weCaifhapchooH sanh reaXgbP9riv!t!TAstag:3and.ɈDal/9e qosiIvjimagAindP8pintegrdkm`ostfӀheirquipmentorhemselves.ince,owever,serostsnlyegativehenntrepreneuraseЂHreasingcapitalyownaboupwe@n,nconomyIrɂ largemanufactureddiff irmsrom`osicht,ormalthinkfQposi.oreoiAicultoт0ajminal-/77>sociatPwithQdn.X~dU/dApill(1HVp>sumpׁOO (GC)period1ȈΣ߁玟> − '1I)owWߍw'$U),_WWO>individa7ur'ѯ؍} (QHnespecuexcluswxpuy˅urThu)ompletintegrsystem (߆瀯Wߐ =)0)9EWP__Rׂyww Bׂ7?">G7///G'/߂''#B'Tshّico1bȳroughtroduc='gߌsyue!qdesirabil1pproinggrs0was aon-_]S4.p>Fur mKwveff@ademxww ine (ceeds)icohrecens'y@ll蜙cfactoȊ,sBmouXcur0 oycidgXӇ' unrelsariohypytluantiti͉5irutputs+xyield;rrpo0DžDžƃbe oausake(njitcdȫxsuppQspx3levelaximӑ26`fit?:Tsedefinalsoadvagw2 margin`f).#@stUarrكisa sorʂposԓbB2kHa*shb1o0Xnop@who,Ɋ or#r0 ҖJbeerڈۧicboooooooj(ii)׃Purnextsecondf Ӏtherincipleseferredobove.eaveealtoarithhatartfhehangenrvalueapitalquipmenttend%periodsom8Bitslbeginninghicsvoluntary5/??>pcisions텘repreneurseekmaximis@Hprofit.ubrey,addit,nGinWWOWloss (orain)섡,ccurgreasabeyoProlHd鐘specti@9N cco)(e.g.)ᐷPrket぀wastabybsocencrmpass!1ime(rstrupcatHropsuxw Pehquak@NowmOyZhilsy(unavoidabl—roadlypeaRnotpexied;ӂrougeapċusYal'normal'GA0sГessPigouxPi`'xsufficiregulXHeif Pdetailtrge'ycludh,om{`munitspwhĊYττ́onardx'insurYisks'.̒uXg0z`PYfacIamdCdepneazPumrah[lCcallʂhrӃ}y⡸/ɋh.ScׅԃGAversPw/(sup!wiX0writtx/V.ɓ88h,r neɋpoiꎂefisȑMarsh'O{ underlyi,lXظa?όϒdoЅhr Yh(.~p>_workr!miLw`fwءOn.ȾХi:neHxager"alsohriv ؉-/relev߈p)fTaggt!]LjLJweg @ςυA` 'A − '&U/">_YT mainchan|valuћ{dInseè arkxex0obsolescdrIb ataophibopinvolАY—aaroaden.Ԕc젉head%isrdvpж֒OÇPrapitacc,y P`ǏGwf鏧___ca0l''׎Rf/eiesӀnhesychologicalfluencefmagnitudV/>amoupcurre:nsumption,iOWVnet@comeGGshateupposeordinaryoeckhxavailable be0esecigowuchspend .Ԃрnot,ourse,cnlyactorwhitakexc`x.t„ iderbdiffecfHexamplh&windfallalossapit(.ut1rBaGetwe!lemcostxarpchang(mer(apxo0ctm!ju:aways'gr profi8exceȗ\ceedmoutpHov8miww؎releva0ntrep(eur';reas,lthougH(P)QerЇ9s@ito`;3p8se —givoi.havKespequ.Vp>U +V-de1p v𖧅bus , dodyInlRnauX(hfiguݳOGuEϑ,!cpro9sldu؏Kg鸀Fj] 89ɘ:shzero___8ݒPlsv cercircumXX:alculЅllow"gg basPtSnAPr)O.g.8nl◴Ѕfx$roĂP@dop80ijoɪAi؅/WokfirٗGONIczaupdٌ υυρǦƀp>

I0ill seeڈurefiniz0ne ncomAmeseYlohMarsh'sǁ,Xdecidtak0efug*racticITaxommioners*—rspeakregardXAey`ithYirxperi,hottre(suchzabric܁aؐˆ؏esulpcmcapextensiinvegawhichavailabl薊prHusuPsǖPXalsIspond8`neyayProfessPigouQnʃdivnremai8truXhowiY,b*equivoccrrdiffpauthoimAW7lnoterf@-cut.ayek,amȅbgg( nzowrtgoo{aimteep̚rsrompossPÀ(taQfeelmselfePQ,nntiB1fficXt)offک cfai- Xlinw sonf߉exists;u86,Qؙbj maXgمu+proaiHsy@logZBu1ǐ°9bIceptsavr/ʈhavag0r+xea@ui۝GG>ʂWWՂwgg.Ԅ9x@lev0meoyQrAЂapitئoHs,s00bggggggThuZapx򆠡xbwooWGG]KrnqwqmPh*separ@dva0o`o)Ћ0bynarrow쟨;look (Hbe)opׇ'tP'''u@0Ru0ambiguexTWy " PploȌhmm9sagH𷹿ssar e*IY`irCinyTtMoney1ȇl acisensulityD!Њ7z"Jaggreg؃-ccruXrepeurhs`etqneiAxf(grr)t`hPir8nȂԀyy*9,upr߂߂,yasZ (noisnثnkXƅfIX@*"il)chang sxutp`mr嚠libriumd;tb`suli ֎ųexceeI amou鱱PH0{*Hraiu1erm[cadB0rBau,啴 caԆ;TlZs ([ng,Y9iaPeڈ)wPsvxۓ1r?,frequeӀntlydoptednopulariscussionshough8eermsereeingmployirofamiliPsense.oriseason,ndlso8causeoonger(qui0myormtoxpressid`ccurately, haveecdyIarXhem —ithuch(gret confuwhiy{d.

<(lor="#000">II. iSavYInvestment>Y'„$2''Amidst wel0fverg`sages ,t鋠eablonixpoint.o@rInow,@yA-at?''s:ǁ''eanQec incomeenditu psumpt.huxnyoubtXbouh3؉xarifromeH{υ΅#''GG'!noOO>I'weMfin v(E''ur[yeriodKivalufoodsolers r,NrowsXackquтwqt⧐-purchaser.چi%lhtwee)QiRoǀwillPr8all,rovs2Jistppliӥxm9ie.g.0eri8 a@1aƆr`ig,@f)tIYnorialaadϧwwwwwϕTAriobvi0corpooqHdrawNpreneux8z'1Ȅaggx@kind'???????w߅wwwROOLg/߂U׀׃ֱr(stjs______Havnowbincome''7on_OOȷQiڈׁs''ichexcesrv,a8xy.ӁhPXߖ">ׂnρמπ'wߎ$h`ӇggggrӀ="#000">1<U.imilarly,eave netavingׁGGorhexcessfǁincomeǁGGvernsumption,qualoρA<size="2"njnjDžߌnjDŽw'ǂ ''/)V'.p>Ourefinia[soeadstnceA߆GcurreinvestmXρ.ƒpmeanyis҂}addvaluei*apitiphichsesultedromrproductia9ityMperiod.ԃis,xzwh9hci !xpardoyssinxn.׃seenbi[އQnegve)yaoՍIȑXςרOπ,flow1Ipurces߁'''''''7߲or.ursa$ǃww'߈߈߈߁߈߈߈߄wߓillTϬςw'_//'gwߚnl'77߈w'캯'$?߹i0g٥ٞqexeZinvestׁGG_CSimil ߌw''/*V'; D_gfne>???orairjiP0EaQitseuAA@ndf(hangi0rgeablepccouψχLj΃(ω'gϔϔȁnp>WhilswmAsӆanqco0tPle{beourXduKerd߂ڇɾr3swoă@reeqariЍal,ncaks&`:Y_XMɁclusxnoayepend@nyubtleKrculiЀ$defing0nbove.Ӏrovidedtsgrehthaxncomeequaloealuefurrentutput,investmZ parwshichnoonsumed,nsavingexcessoverption —ll&formableothqmxsensetradiQusagTeremajorityeomistsiwearilyollows.ɄHhort-

IJ  =)KƊ'n + .S*6 − n'DŽ''''''' Thereew'ir2how`mhouP+tClyĎzhnoprilibrium.GtaklacIى0cpplicabl8xā[plongQ}arkX,S҇ht@-~zer鈙Zy.xperiRss,eiso{7 habsycoglډh9 @؁0a`8ٖch(aAuy@҄؏$sa1web4sa8timpa0aryI\pey-$(possσ$҄HfficЗG[KTdsdӈׂggc{OJClearЬdTmat bK erhap8ks0 (!fra)ajЭÊ耮rҀ@uHlip fj;do`ĸZ71ǀMx٬gfultsׁ//-freehoices Ӏofndividualshetherrotoonsumendinvest;uxheyreei;fmapableashingxepe(ntalueesultfromeparateHtdecisiakerpectivx'cern3ptRm.ɀccordax@isrinciple,‚rTprosity7e/>ll,Hatollows`pladispohsave.vp>AO''PPENDIXN''>UO''S(gg/OST捿"1IÂjustifyscostaInk,mportRflicalqorxfwhich!epoverlooked.Ԣeso@b(aidbo`iyxwouldrelevaHapriɚhk.ut8sdigI,llxa聨ome3urjM襠ixx|2يnntrepreneur'sbyfineqHlockquoG_susmall2ׁ>16)///L',NgggXggggggggߴ˔0QamoufurpurcXeso'urP77/ct@capitipedneriodd/77740m vaǃǃPrefra d3usingQɁs3optimum >טּtPtenyXr.ow777e///''w'),amely*incr݌beyo!netwqAsxitEbreviouPlswrcur`vest%G9c8wp/G>',Z$sales-turn)A,q5W__ߔהׄw'9'W߮whbouYߕ٩υ߂8Hown.lelectipwillhtH؀noo8nmmxse.om(aroutgoobald⢋׳ў/-xtsacrifi utpufsolduسRhi@YabXtoQwpaiH9factorsfӀroduction.fheeaderriesoxpresXsubstanceiisrwise,eillindattsdvantage삉invoidMinsoluble (aunnecary)ccountinga ms.ԃes,Ʉ1nk,o[ayanalyscurrentceedfnambiguouslyJustry(ompletelpntegratedr鉋re neurasoughtgromutsid0soA

  =)0,jus cossy+quival)ڊdi8vestmqXolvHup;utestylefithR2PdoQ any!\lzocfactHbetweengoo(whichSold0o retaineduȇangarHoygiv0byPrm,0eґndividual,sepeangcoٙPdecX—bdu;cosponЈ@ctrkcharGw—otp.p>icep7enas,oreoverPo:0cler裸i2Ȁ*tadopshort-periodp!prikapi*'81)put.ƎOOOaЃmargi@𓝀ΊNowqBo؀ZoОuptØ@@YquGG0oneȒobviPowe{iznleghm0ser:Osp`ڐث bee,@II(p. 24b) '=' 'aggY`Gce芙G?uty!occai*Тi?׏֕Aaolegdcш£oHr؍@pΆll_YplitXjhabiip(aci)ዐi,f`ȑAvorch'xr((*or0apsensits;somrfrulAj,8doso:seemzʜspIigbheaniמJnZtIqd(ۼdiscus.ٗt`tbo'urpsivwagownOiehC9|invol9ackerplexLOnch,ɕwȍj̓)sdaselbQddDdӝ;-فؖHpUPweptillll ffp`es(ǂo.ŋ,\bxcarrYpm@teintegrЈЖ3 wpio؍OH.W߇߇ڇgdlcXgenerҵ⦘.oooooooiTșcepPH?<`ntɾenhpispr(relashiptwlong-PioXϙhort.́DŽ#mi*clud9mou0cbc__w8AAexp BpXHr؂lifV.ԧLayYX7nρqv]ϬZ,urmorȟoieldӀormalrofit,heong-periodupplyiceustxceedOLcothusalculat(bynmounteterminÂcurrerhfne@onanscomparabledisk,eckoyasH@chagZdequipm.rfeeferoakestard 'pure'DŽ,*include@OOt`thiHwhichightl-a5/??>cov9unknownossibilitie*actuPyieldifingromxpec.ԎiisHsummme aryǎR.+xose@pntsynnalyseƒxhort,9o(r胰 Gόϋmargihǁ77xreneur"orheneuyrnstrucXh33ŀ񀑊usf-aluiaJ;a libriwwt 獇ǂ]WP ǂs.p>Userost(nstitutesnefheinksetweenpresentndfuture.ornecidingiscalZproductionntre@neurasoxercisehoiceusyupequipmnow"rv!itQbeedaton.t(hexpectsacrif9nef involv(xuhichmin@amou|8,i;marginalF,gerith߁fact(za҄$ceeds,s.owhen,nY@cuAdyr?

<ȕG>We@veHf0ۄreōȀvaluVd@ÍcompanoHfAallowf͋intenan@m(veqs@woulHXor00IndertakpurcxfromursmarriapYe e, ɅIdisch1ddiёsie obtxzom Jd0fJ,8H.Νptea`8toppunit opplac2%illsultlayx;mayim.wwwwwwwqIˆ nourplurndastock,X`HisimilaHanewly,everyeqQsjxg evidلj$bhЗI،#ffipy7sh薨Б Jurtzstf,oẃ'nˡaldepehh:Ix`gM(i.re-im) pplaxㄸerioixbY+absorbjrougxagetcqw^eDŽƀ`indirx`[vk^ߘߘߘߘߘߘߘT?Shibi@ Lmli)m`zero.g.-c@ ϛ뀬aw舐isuzp,lҖIKkouy iTrexAnͥy>,oli.hap. 29.eA[Gz҅ӪvafutuxsXv-gi!<"(3?;)grad0`apachz@rmː1_Zrt+̅j߂g!TrsubtrJ /)danynNjNw1GCbetwejED''''''sah񨿋shipr(ch@,ޖxA&yhs/Gdisc!iycgw!ؐp/'''''''"WeCassumb??1*drhJi8@lIKq҂nonew%0cHPu9gh`kak"pw7DždoɅsarded,TAcompaefficiea8 O3LLaer@b__III炙1炏"hdHshoulА`szoЅmPxқ`IŠ0fferenceeӀtweenhectualserostndtsormvalue (i.e.whreYedundantquipment)`riesithinterfim9ichexpectedolapseefocyaabsorbed.hus` typepuestionallg!not 'bunched',o8aairroporreachingReh!lifnnly,marginwiydecline炀tlynlessexceprssivIcaenerpslump,depnowoXreprur ZIlast,i"upppriclafs dyardЀaharp`cHυ΁vrevisQhesas.

ItasXmeirgued,Xary!opinbusX9@organdix`rapgl1c8havdesi ffɃ(ra0ЋseyrĈiwhole><.u HAwssF((say)lǂt"zimmediately.ƊXbrdݡ onearer9Ppolii(70s0cur8(woulXeem9~,impicinthoug*0ojxmuli`inc ntӍeavPfollrׇHsurpl(~.ͭxovс___tOzfI֭ik0muinwhrۈbodiJfulfzxexqOlea#'orkAnetss,perhۋA! uddransroqs˫tTfiab膸妘͘Awbec@grad;ʊUv߂alׂկg`a8 39cerbIV/1//>MarllЬo_^Pci0EXomics (6ip.360)'TludmYЎ(hd'ex-h-tH 'nuigivt@calcdp\iاortIhn聈?0oUneoyi7 (p.42)ИPigoussassuɨhinvest#duutpn砨ral,neglxed: '0жSquitsujdQaܩKnon-man`abour:3ѣ0oc dgb3g鍠be φɩYo@Iݶ܊?zerXOroducBruthrBaoodefx )wholeibqb:胠Hbvioso@(aژ(ss8laZhw1hmepyXhiviirmZ2kr inڀxidq٫bof, asq b,gnitЮp,speHölumpix1aah8t.e؃8yЀhyw/*ahar`erh!ixuchАi`aAyp'ؘЊ !appea"HosRlibriʛsrapi@!reHG zcou🌋@argeropӀortionfomparativelyewlant.

Inheaserawaterialsnecessityallowingorserhstsbvious;—Hpp8xdp-dayHannotemorrow,nxvaluehich;swouldaveJpurposeHfOlear0reckon`astmarginal.utfactHs(everlookihaQonanxtremw9occurs`enepitXequipmetoroduce.ԃassumprreqaharpivisbetw wIdnvestd@ugm"fixvafgle xdocespo)o>ecinprmndi1ׇ`fpre(c0yHтbrЁ(ډt̂zary77777773҉advagnceptšasuppl`%X(!icablworkIli߁`XffxoohliXirabilqj__sts,Û3팀turo/{`siRXerm;(,Pdurgradu,7nX#fÝfi` 8sucʥ iodsmbp:p@bk/>
ONSIDEREDחН???w{previoushap v_absoefi߲ٸ%i8Hঐamounte,Zmmun ole,貭ɪCsamhP.Ӿ1tempor1wris (includAmyselfYmyiTti!noney>),owY,筸҉!itiXгxn߸x.ρptYassump7yHnwithohidiscu0AXlItllsefuhe(iewЉ#9egoroolX vpكmappфcuryg蘊2I﫛oInow, ygrexean!bexAy(jЅis`ЕSouldertain*8nimislea⑹As.Λ0:itacopx8Qtex@ditu8okThQzusagre臰dۢօ>0Ǝw3'''?LetakeOOGGirstnopul iHthishe րpurchasefnsset,ldrew,yindividualaorporation.ccasPally,heermighteestrictedonStockxnge.utepeakustxadilyinving,example,@hous`zmachinj0finishunvgoods; dProadRmendibufrom`',eans/-apitdyBcomIfyrecksalMOabg(g@ve0i.P`Њxwnes2cpdanceithopula8sage;esQscessarcI0ut.eavbdeead"YcPb0rgzdeb(ludI quantit"0di0roney);⊨ӃVommuȗswhoɁ0(ArefaggrJposalwaysctel%1n`pliclsoqhen!aral҂.hussumQthatl]sen ppond@on@'oGG@id@߈Iname(IadYllbUpipf1owo!valu.1gdicPtak@inuC˛ˈ.

<@lor="#000">I(uKeXre pN,yYns:fix0orli(20ifdiffp肪 (aparHcbetweꦇ萗) luIWnRm @goriesMrawtrehhtt h0Am8t(wuP؎ƨ0%z)}unsqr,sugPasibpϊsu(M dedЃQpЯYsavov9woub;s@ n__V׆׆Љ2foj.͍bno҅c`2؆Zyfoȧs;ʙlmpx̩Jщ;wmfirinsKunsb@d3.,Iwronglcip茰ogaryaqi2repheurhrRica Yutp8bevЅVNrevioIay!E.eHinēBцumpJLp`4t𣙃V.†IȲobjA$ unqIho>toq+*vqm9ʕm : ܅i߁ۑ;l$d~perioa )orWWWuscacity3spo񐜁߁߃/,i1o@produce]do* howy'sКnxnd@ltay?ܱmProbaaBmmaqǡS›AhrischooxЁompidPl𖨣*ЀIBbhҁׁnt icula Gsa`occuyircumٚqt@Pr940ipIvebxSoAcaanyssaƒa Aerظх

IIIт1justifyWemeextoheivergeXsetweenavingndnvestm@hicrueapecialefinitionf2hɀYex(s؄nsump.ywnsermshy UiφTreatinoneyƁ>samplis.or,savplainedp. 60b,ˇ,,IHeoyed,8ffdrompres?yeckons2Ufntreneurso`rctuallsprofitxut (shse)'normS'.huy5<2Gmea@tha"ca3outpwsu8Džwar#Y8nt3chip=capitXequip;Z󉀈@1GGGG3aHclhtakC,youlend0aotș1trOx|2ٞ?:AQnownkvoluR(A`oّѓT)fixr eer`maximAxa(llowJfosstXdepviewL^willoreturnÓc(wholife);lGGWdependggregatYm)fung8z0ȥ]ceepult*nOˁPdQnariohyposeXI>oXpfoocges//՞W/ӭr1a0Zhdg・ɍougdidbooknguishl5˔ؚ;argudždždžǤ[g@gwGtn@(R)moccurђstru,񅠂8`8o땜old.xlhua0ߐדߓߑO~run:욾߰ߋϋϒAmȊcinduXݍG__ificځXbЉdysPatt ohJ''᫏mXzeff,madeOKl:4AWWߑWWWariP73.¹HosioypcoXyfusZ pl(ighfur*setath.&p>

IVɂ1jufyW nex!muchaguerde ssociatwith2ph@e '@csav 'ylearificancBcoverabl0se?ɖꆽi77T t noney.> (vol.1. 17HfootnoteۃGρJMKׁ, V154]hgis)refXsYlius`this)sugg pyobaffinitiHinvm'ܡ{iwhiIxe9rmoong8f؂ЄwPxfact9:>nppo(Y,feelׅalogoKmploy8mrely (e.g.Proferayekr bins)dezIihn9777g{.Ɔlxbu(rs}zlaexwfme1,`ی''iІp`enncTfroگYa1I,haʉntm!bank-citߦئz29ߦߊ[jevGX{uhu``outpuKwilldeedXp 'iage-u s;1 boaariburo!dـd?gg8;eevKb(may);amoupȟQSHp⒘XǏǏǔayDroug“غ1rAR "wO(whashower),}olvn BG3s;Ȥ(Rכs'i{XOOMdu o(circumstQ؎Q h2uish8ΌB4",nlHpecHg܃ert(iٞ@urrm9darxMove ǖƉwr)2usڍaffaiProfH8Hayek'ѭ'NoɜkDHlopz$Doc ?>S҈__':) tawpqorigintm.؝frugty'f3oHp]Bham'|xprۀesslytatedhateadnineonsequencesfncreaseAquantitymoney (relativeto/,thingsendibleor)circum'allndsemployotmostdvxageousanner'.nuch,enmointut,ealIomotd,,tlydditionvestm,akplacessultSerans,ol؈cfrugal'qexpenr0xjusticeAninetei-c0uryritersho䇘tith tvirtu0p@saixM.uၐmpHo@tSperfec learo!1JlInuӊ)difficiesЁrue,cour(owfacZdiXisٌppliH疈apitip))any_X?ssacri0*OPoywerxldy.,WTbQlo˄gimaycp߅syikl8it؇r Imbawaءb(Lhavbde⃻modernOЁPsф'|s*'ӔYoiwh?9 ;RاeemМul8@overlookscePН___Prɇؑcxlar1lـ.

V1Jfy}Tpreval z8{irra!ؐ8𠁥(fromnPBhЙIk(plludu"reg0Ä(dividpoHor's,bank9 aa-s@8(HЁYiQwo|1cisupaAihow1tr@Htwam)!orme@CssA([9isymhHHZ'(rariwi6zm1sibl0ccuPnocorpصYؑiah asse@XpcashIib`r-goodsӂ(diIiousІ,neiߚeer~''>(X0ewroduagGFoG>elpartҎ.dfiralHaaw8Gt:%se' mh-.sum.Ǝغw@ơ[H`excee€Ѿ*anż2uhroug㰸gBQq^ԶX$ ؁XsuѤs-i;dureceIrY y@LretÀ`#any.e.sp̉1/‹A c.ore f䢟O>)с:followaggt{d[7b:Rtog+nss TamjϘ .Nག2A瞯p*5creӄ rPyPφ )p6'hgenu'donSAul iso!Y|AeА؅A)-ĊPtˏ({g`zale neudȂHoc(ldy`ixhiڶ woulshѷ8C[lloganۀdtatehichillormally exceed/''>heofncreasedPvestment.oreover,傈pt nditionsfuemploy,rYbenցqHlomse0@money-.ԄpublicSexerci 'areehoice'toJpropor)yivideairoAbetweenavingdpe ng;rismpossiblYЃintxprepreneur oborrowrderNpbeeffective (substitufoqbyلould`xoccurrhrw)Cfastn#dec|sOresultomXys!aPjussenuinanmNomp؆0owcadj0Hspy

Thu`H-hHvi(el8hnvolǪthougYlemisleaYҬalxsou୼ng9ǎF,wiYi ','ԏr앩cepl8iinҜawh蒒dividuhes螈 f7ǔamP?775)hYl0 Aׄ߁ailҌowpo8bil!cߌɔoelse'(Sx'%/H,cd ooa9ƉPșص‚A)|P⍯ddp+figuexX8kԅ?jqclanalogousۀithheropositionhicharmonises liberty,everyndividualosX,ohangeienYeoohamountfoneyholdnecityortotP߁ڄgalanddpbexactlyqAgcash|bankingystemsreated.nisattЅ҅broughtbouty fHa)Epeopl9႑notIepe(Â0ircomPit`ngs (marisecures)purnaturlPhiv.hus>anduQ3cːnti!ggregm∷al@߈يtnew쓀lلgd=t!@Y&Ke !i ed@fundamp1?taH@ory.

<0lor="#000">Bo nsXllowereXfromranYauyallPfjI!؍l0ransxza`small@ehќĕHke0safnegleRtem!ane-sid8gnxtkieAat vidiffh`twesy}economichaviou& ׁwitaassuو+ǁ'wnd0(WPmbp:pagebk/>
ONSUME:bry(???;DžǁIǁǁǃǁ.ρσϐǁǃǁǐׁ׃ׁOǁǁǃǰJECTIVǂǂFǁǁǃǁǁACTORS' ____''炏zWnx0aͰreturRma;me,brokefᵳe`BookɂordHdeHertgenerblemfȻPdzdefi eltimaobjqpanalys̃8iscovۊminPolemploym.oheavstablish pi aPclus2idySoi؁H8ers(Igdsupplyun  ,owe,depH hhcXd‚xvxfewsia;㒣lxd(amiliar#formyؿucunxlyingctorsnew.׆hallχׇׇchapx 20exP9ust1s삂naai''.But9΀hzartlayߏzhas`e(led;77

Seaihe(ching;______ʈould,trict0pak@,gzuˈrelat?y (iWWC>)oww>No)8moip,owpwork)sahqdiffpȈ }؈wnwage-unitsPsub>w \/jhom9//>Ycorrespond a  7W/@suysromRobjt'׈׈׈ׁׄ/׈ׅ">noquwɅ_׈wπЗzzi ircumstas.oʃshiptwe0'wwwwwωwwpɄaepd (tghbabHeryindegree)precinatuXo(ribu"#Sag@go???770׫P (ow\9WPpividualOs —@mK`AiscussCp20low)a"valuwwwww?ϓww?IceivxυpЂowhavelmadhfactor.u@nenerioodpxiogar__灗Sse!inbyOǁǕ׀Wei(reȒefئxwPh")opsityaeon _ggֿ//.,wCwxi3pȢҎ`72,Yatp>)or1ρG?/76W/ ize="2">< i>w).blockquote>systh|f8eyp(nePstakccen{SS/)a`STe.ut ealHZfollowggs瀀n;ȃ(''٩ߗ/w(p>A݌wage-q.ø (gfC_)9'muaunf`nsXe>lMmy-˗t jechniqua8[der񳲣(ribRS 's@«S0l{mlab8i.@ӃAmXis;Ewhggreg9aȂ8<,'$(zҟ;derens)ꌲѯX(߅߅߅.irstroxifRcb˂/exؕ?`rresp)%levehfmploym) ,취(,WsaEgha`mR0`iossiCǖWW-etweHrepeuiP iehPultIfrom07(p1tBald)`'?*byf_fǵoooool2o^ffYnet|_.׊show`bxߐnnGa9m,H8NÞsmarixd iZ!sca7OIZzarw`lBshipƈQtwo1.xxHt?b'7flo@ sɺiInyNXȨlectKhneg~nocHion;nd,  similarly,hangenet8come,oteflectedmustellowfor.avexceptionalircumstances,pver,oubtheracticpimporbfisWeillxturnofulleriscusseffnonsumrdire)betweendZfourth󂐂6ȉpter.

(3) uiWindftscapital-valurlculatingeWW>.hesrRmuchohmohyɎCopensityӑ`se ybear@tablrgA9hipamou(ÄҎwealth-ownclassay1extremelyusɃun @rmoneyts shouldRifi`ngȂ ajЕhapkfXugrt-periodWWeWWWWWWS4W>Cratime-y(,777.OioSpgoodsfuedqui0qsa(0as"estit@qӍokurpr so r<.cRal`ptakЂ8aksirisksa@spRflivjonjo8f(a؁ axppximةXdp+wiЊoooooo72infPǰůfdouaivɱ䞨Ir.Ƃp1,?Ewhiwbas 8aHak3+brou0uppdem@saяlibrium,IЇxi)oBexjϪ/ceparw77.gvJ` wwa any9ށWūeciypminishYIlog@edtoffd?of6ea`e@aѥ plexuH(ibeqde񁱌flictcieɤsAtsubj1mo9QwarHSe(ٍ si7lq ]8ed.ϊ(@*Dx/77tb)modsolb9hrQu(B/)—8ɄIKdix˒hȁaH@ept(ctuQ`r0custyp+םlusWWP likؕiha鯙WY~e@hwayϫϫϫϫϫϞ͑(y8o08oaliꆱ$becau⇏ffrom 5Y4)0x҂aggreq@ympΑLyٌb.erhapCmomp,I3ʗ?9ǡǡĵ,ĵ˥pbppri+secur*sets;aenjoyYandم!remva؂ټcapiʖarhra(stgȉm1Cn;eiu r 5loBt_[wHcalAyh (3)bovXAPtÂyh`clusysugt`by,Ɂnk

Tbnormiitunco ؄oneHharpaffecteddPlopmeextreuncex yQhnfutuqwit#rth,poulsoW9classifiurheawwwwwwwr(5) uiCfiscpolicy>.ɔ`oXsducX1s[re8n0ichppHclearnoI4bcfgonA)taxepecih riminAagP 'unned'!capital-0fi)death-duti9likxsevT;lx2ogHpnԙt``(selfhfusa0libermoXeqYtri0!B js圲QTiYs ؏??????WJXcc̓agDžDž?(nkPsɥ`kdebtaidorh9.ƁrepacZrѯci`aGbs!h2rdXcircumcAGF`H5a-IroȅxorrowRopi~(ة׏vXsaGG)IདྷIau!8*markaon):Ydem`S6WW?elbetwe$el׃ǃ.ךcaogu9pHsقpleteness.u@< a>
IIIw \/j\wpY߅ߞߞڞ) ΔςGOυυρτυ'υυρhls0`gb777777772)eAԕ.wdh/d'''Pitivlesbny.ϭϭϭϭϭσ_˖ysspecicawhehhز ortovie"ho-ȩcycl*ctuaSmployurٰhabʪtXtmoph~iIqIgienough9adapt1mvXbjexcircumstaXs.or'sufifesUfirslainޅɱPq񃰳iffȷɈ8cotfetweȂȄY!9n{);rbo ad1jd(ޏ2,willȐdhmfply1uisIlftPbcpani8dɁaPll'QdeWS瀨t(j2sequ8oooooooiBu0apa`-ρׁ׋,//MleveɌfialobvio`8t(hh absolutߌdulЙуpgap7/ontisf٠\immediX imaryee0SfamiP=aror蜲򂱀wx9pul,on!cquiPesway)g`f)baattainedeX!ىleaaQH@w7 sQ=r7Y8ak(PYfu謑p)nydernmrb tBـoXnqy?77moun蘬Puna(unڨorؘjorAIwG@ tXleomicystemHsxSdeQ(h2preva"pqce1mea'nceggr egatencom:rease, notll%///>hedditionalmployme@willeequiredoatisfyneedsflnsumpq.p>WeBuXBmport0ʮacdyX8abߌunc4ecѧﰺ,OHi׆cet.r7??>foonetwni.Ȃw}(p%beA(VÃhP1).ɈorlargI7HblthouQnec0mak)yckon4favJWQȑcrC0IaivhSbeggwhoZ077(nyPst){KcurrИupkeep]exi؊XcaplBpBpoi{lik@hlooked.upM߅ߓ/exG//>A(itu0臬[pr`ichults֬xeff/ႈIalwaypphi "mouX}铰nediAsi9@r:vailupayntaCӿbalQdyweem 8nui :ewasta`olȐպ0ainmade;tcڀׂ눇qdtcospo8ngdiminishهaenW{ѣOLpossi|g.̓),Dsa酨ra*lowludus0norᨹ{soodǤǤǤǤǤǛTIaoTȡ`uhabAil`olSabȿ@fcert@miwritثXvaluxMnnpaibants,h ichheandlordeirpendsnpkeeporegaras@tncomevailable consumption,isroviswhei8artf U/>r' V;titutedragemploymeallprougifeahouse,uddenlyadeoodplxnotoebuilt.p>

Thas(vestي@OcemerfromstȃHc*outpuhbButorciynaturMrolHClark's %iN`onIb,4>−1.ț lssHaaHғxpi,tc.,ormZbhvalu.ƚexax(imRxYreHB`aiovZeX8hskweXfollЁagrosh:gminasbXludarثscos)noclose')'rpodef…m:>NPoO3582968o4'/b>Mruz0sarrivedY)sameYs1inpmpil taticseviCsormon> (ИlshIjt)كU(Ses, 1919−3.ԁfact,Awhiuo,s8evblyg,ndotP.͋GBlsoiscoverXdifficultieassfrom#0o) '6y',wr`'т

<نlor="#000"> /thspa5(Milldars)/t瀏WWO炟19256789d?=GrocapitalmK(af[ne蟰geinvor)td30,7063,5711,1573,9344,49/OooolEntrQneurPservic"airs,an,G߃߃7,6858,288,223,48O9,010gg>N75 MruzdeٙWw23,02/25@22s45w_(Q׿׿׻Ͽ׀v煚"4ϾϾϮ׃gπWWO 30123瀏?7,53W18,7h7814,879goo________G߃߃ߵK502,6>6,540NjOOOggǸw1 36r="#000"> 11,098 1,2376,675/tr)able>Severalactsmerge throminenceXhis.e8apitormationaseryteadyheuinquennium 1925−89,Sonly 10erceincreaseH latt`partfupward(m.Ԁdeducbntrepreneurs'epairs,aintena,ciandlerreQedth(igurevehtJbottslump.utruznetmethopPl ooow@`emannuwn,tc.;bppuwles1½Iᅶnew .bPl,0suffer1ppPing)lapafasf@1932an0v95obe1%iOOaAgeF//>.pϚl2)Ϛσ_ZyaiPsomxt,digr"qismportahemphasi(magnitudowhichbY0cفa(cietyȁalȝPpossheslastock,rri8ordinarivail:consFifQlook*yndȘaheavyH0pensityMexisidisȂublicS/XjAЋqiǑC —ye\obviousҬioeobjecHHc0v.p)u@i`"mployic@limitbPۂggdnd(nIPȯs9OrroviхfutК透C؃fbradvnoяshiPfiɰ謰.ׁm!8ODŽ؂iexpedis⟈curhysic@outX.ɪo`urbusЩxorganis\r0؃o!??:tfȳ Pe9Hdotc0˴|Zm@rwilib0dХ(!th@pll-beЍ qpya qfH grcr,8ǒǒh})fficul}`dطfurё8wXٿ(R/_s`fY0+0c/,hunplȢmbetwe0p/So1i2nȗߚ1shasenoswriddlexcepACѪ ysuцg keeps po h؉фгkequival<_W@ayʁY-day'''''''"Ora1.Äsfixt+s` aOOL.ȁ(dnv˲d/ġϬ ntrs,˃caҁɚikwa(ac8忯b0riwishene =Xާ@oviewyubsх χυup.owXl0p8l-'1d9nȢXoon 蠋x/+ZrohmYknkal趙tru//RΓhȥap~wډnѩ"<ncxg譧PleN_-investm entannlyakelacenxcessfurrKpital-disinvestmif future/''>hpendiQ`nsumpti`isctedocrease.achimeee0e-day'quilibriumydPցaaggravatingheifficultyʀقm9morrow.minishpro@si؅X3Gbccommodapublicdvantag(fނ0existoЃ.ׇ+re(d'TpFabl`fBees'—jg`o#bsolute8isA vid G''raisxd'êtgforcЅ3".ɓsXous(,orthё,atopularЎxemzoRwBȏimerpl``whe煇ۆ''׆cerned,sYc@aroad-bdahhelikPurgHbjؚAxschemesymployB&ux+auspihѕ-uthorR9i layupro@e>#. 'Wqwillouo,'askY'hnhɇtx1"d Stownhll{elxrgriwrupplisothi)stonaryore?'uEno asiqAstoosaGari`V;usalaHon;art1arat,PmuHXe(shemnewactpҠrb u8HlitteyZ߂dwell-.p>ONSUME:bry(???TDžǁIIρρσρ.ρσϐǁǃǁǐׁ׃ׁSǁǁǃǁUBJECTIVςς FǁǁǃρǁACTOR1oooo''>ǂrmaiRe(d`tego0Cffexmouﻨaiv(o—tho8jP(bsoȳn dexmineowst,bggɷ(9w-unitpreleva9~ wa)ldyed.Ӆq,ɷɆaalyH}raisnooinoveltay∹fficiieZpalogu Imoimport,؊enlarg9hHmhnyengthϑ𑒑2QrXgeneralpxmo[aeharacterhicheadndividualsoefrainrompengutfheircomes:

(i)ouildpᄀservegstnfoenntencies;v_[2proXeornticipateduturexlationetw)xdzneeds|lrisamilyiffereXZthatexistsЂ pqnt,s,example, ~oag educ,тYmtenancedeenjoytPyapciqcarryubupesojecχOOOOOOO_M|eque@`tuneǃgǃǃǃǃǃǃǃċsfyImiPl\unonabletؗinhibiaxܐ஺such.Th os qxc +PhaukF9y,al3IbehXEpr@,XIIAvarice;jwuQlsraw;cospo0l0ݔE-,hȅzedGeneros,is'O*ӄExv@8_pOOAparepccumabɿ贑2mouJyaperhaps;one-Htwokatot`i@deradprimmu@ynG`tritpiUYdӊ`ewhihhe8cXrHPgrnˈ t0Vpoр—ňanalogouQPno tiyҘ0uxЋυ؃mЂpfour(llowX:77R™JЄxcLfurȌlthurridebrigXjarketoχϘχχχʇׇliquiyχʀÈmeetmencidifultpBsWWWWWWWWS_\ioLgraqٔ3Ȇ9illithnagcicism,ء؂ׂuɟdXhuishHeAiy_vfinprurJanxieЅ'DrJsX'ymakyaOvXex:u(supplRHshPPchʚ¶ҌPaSyasseahead;thanh lwastHobsoles@)RtrengthÎhT tquaP(yɃp(equipment뀀ndheatefechnicalhange.Correspondingo seotiveshichavourwithholraartQincomeromnsumption,re!lsopetim(oilea8opxcessnver|.epy]towardsosijsavcataloguedbHsffecti0viduHaiatendcouXrinegS솈ar0,,or@ampluprox familye Ꮰneoymereliefinancbyowses)gs'pבt21בבבNowstrengyllivarynormous(accoreh@tu8organis؏e(omicocietywe@eobitsmSrac edu0ڂvbgqcumo(ǍhXspaexies0h qucapiquip ؁ vaildiibbwealablishXnd:@lifhIn2arg ڑook,wy@hinorhursel p"occasX(digЀiRjl8Pfar-reachA)֗sleseculary.ׅ񛰆Hsayakgcma8backgr؂ubj6Qo8ly"@hAXdehmin HhlɑmanAt@uctu(munitэAcbckoahcton0Q٥ o@qodP5text' a8 _3//XcerPbooIIﶿS@[___ Dɕ Yl8xlpBhort-Cflux!uo CimpɝleftϝQluÅHgXp(ЁOّC<(meas@@-1s)#9ear₠)ǂŞpRua:ϵϐϐϐɡmguXiserԩbea⵻ЁaGZi??ށGG>߄pssuym8PtoP مӅaPaKGaHnxktd.uiДtr[wWooo:r,H7oppoXIP~uFؒȮatȂru:|fromh(H diך׌,گtaiswQp Hucggagglgintm0;t (unioffsetjr٩aDoutaiven(e/>,)neuisu8(assumingoavourablphangdemand-scheduforvment)ill(creSectualggregHs.ԁsameinarguQ*eteusyowuch___(,OOcet.ar.??,gFj{hyfah(redistributed)juЌKmouHwhiXreXithexapropenscon jƊdъr+2minefficiencycapita&.tailedHaationthxaspecccupurexhapp>if‘^xn{d.žieer߄r8rdst,nob?ypnecessarilyZ,8tilcacGas(toffseYhtimulT\@virtuoayҒeredthriftybȄrthodoxJzpersjfxnc WGFwhUIlv8J.υCronaЁ@1rew`Besulevp`ߘusfx`_sj+bndidoPre,9es,alcuɀImvecIn뉸EipQ,Xidrvce.֑YXvlay Iʂynbfad{atakccZꏇNoQ@xvtI+so灁ma 0Jfu8employseouldsway;—GuȬÁێ?weaknpŴ??3o`P;kclassicomsBAHdirceaumpROߏ@zdG@mbp:pagebHk/>
ONSUMENDԋ777ǁǃǁǁULTIPLIERWWWWWePblish঩hapI8󦧹Z*se^i߂߰ip~GG>thWtnlng`+Xncarr诉l8sou0hx`fur ˂giveirhdefinii!o9lIa׆֮XtiplierGG,ʂȌ_dxtweho 'y,ubjec0ersii "(= o)ɀir(H@ (whichHhوaWWbriI)!4epgralart ofurheoryfmployment,incetstablishesreciseelationship,ivenIopensityoume,etweaggregategtndncomeZ9rinv1.ԀcepɀQmultiplierasirsttroduceɄ@eomicebyr..ahn0irticln 'yR4iHIUn7' (EJnalm/ww>,une 1931).ȄgP@XtgeedP8fundaQalothaiHnariousypoHcircumss (togexitherta聑rqdi)aksw onetar puXcuthorItepsqstioH9,changqamouؗIwillȖceex;˖imatayingownenerprؕwhich im1ctuXquantitipQcrehI' DssociipBeform9oh,owevIM`i6ߋ<mi@me.p>Ǖ?rIhWЈe;u1pywayǂ mqerÕ'g`d2ggOurrsychglawϙmm9orWspɁgeZAfascatransld —yde9jabsoluaccuracpXjeyoilifۻ obviouS0؃stPypleH`hDs Δnj'&CǗǗǁǖǗǗǗǁ!''ohavas؏OǁDžOOOOOOOOJ>'/Bre 󀀄C">wChap 3d灟h/dY g/.marginalenyo,e.p>I">,h@G//O(O0)Fטnt;oaanrite7?_džǁdždždždžǁ_o''k_e 1 − 1gf/elя׃ҼcOO>?ultiplier.ɳ2niЉWHaggrega,omezabyamouwhichkimeׂЂa8 /3Ɍ,,cer WI1>Mrahn'sgritthdiff fromxising`smayÎߎ߃wpemployߎߎ߁des0PdQg'g,Pncurraoltotassociwithgivpriyt4.indries.Ԋsayߧ________jlead򛇈WWgcN}2օ߅,WWU'ׂ'gggggggO߬R߳ߤ߂_YTnoxoenersuppo__> =k'<󀀄/i>.orheresoecessaryresumptionat9hapesfrrelevaporAaggregatupplyuncfdiffty|industaXsuchraЂincremـemployri)eneꂔitodemandhi`hastimuldtilleams&75.Ʉ8sasy,eed,conceivfases,h,Jexae,8marginalopensity,p2wide/fromverage߄J$3woulda0favour)soInequalbetween ΔYN''>I}2nWVO߁,ȕȑǑÓ8gYqchangT# r-gooinvestpeXvfis akccou:possiblhwwwwwwwtworoupoۅlhWoiculxrewritingzfollowqpmoОHlis`m.u`olucidQd`olvaqveniXewit*ifiy䓷gfk_ =k'.p> ri_nsychgyucommun@Wyo,.g.-th*ai\iPh910;zZotpߏ(uIby (A)dublicrkimxpriyv7mse:1xreducdirI.n0eH maint i!ZpiɆȧjׁЂP׉(pctx9GQ,{seekwRanQGGÎpotabi҇XJrJolimit.סn0vicpqoshՂoHocidacl؁h{a؁-9en`O—sx,inXfagHab逰wa9avouryiXun jڀh -2gdɄarepercuWIʫgbTspAa"ula sl2now1obviou8ۈdx

IllowsaboP,3ginoitosoParhortun(,mallluctuasiEeol;uPsa؍eXmparver*fuh.f,no(rnd,????8muh+zero''correspond؆fhy} ly/o@mcoluntunooul0asdiXadthoughi@xoytroesoQЗp9oeopntl,oxrvwettPdow`towۈRrecitraan؂Pbo@drac saI@seemohw*betweeZptwoxtAsJneXro;th*Щ;lhn)worbЀqldpߓߋdbeQrjomK՗3Wtoor(led.ntunpsbsufficiƏYuobvioulpver镐ss`anPunҁ\unsdWhHGChc؍0x)1߸urRBpencnpney-hari@omiaec!;.e.sh)tQruf@8p)thhpoinh0 ,Ɏ1TYssocipdtiagga0OHa8 3!⍄cerxbIII1>WSdysPK inet>w?e wisЪ0pp+=qi* ff(e.g.)6dx8ky\ sʜ*ӂ(fthPdeUǖadXH,—alspXcour8ʖem$.rahnaspin؀cernʉCr(he(Jw;@takicHxlik:ZimpطHsuggntixـmpFor*q˸d@Y()aϒa烐niؚ [󓫓Xa8rn;s 100,ddinBDipr (de!)s 4safOL/wby 4ۊӴzew yQadQ˅؉ϖ''w+ouldem (follow)T)ΌXi|ᘟ)d{moQ"look ( Hwo9telibh(ilfyB1IV!`,):ljljljljljljlj(i)ԒYepdnc3yGq)hequdqGAǂ.,w7rћ(Ӳretard1investment󀀄ntherirections,nlessheonetaryuthorityakestepo2contr0;hilst,tsameime,zincreasedstfapitaloodsilleducheirarginefficiencprivatvestorndiFquctu farلinteroffsett.

(ii)ithMfupsych@gychteneva{governmeprogrampmayroughXsэn 'id(e',niHd-fpminisӋOO,3gain,)d+Zmu  I8hp@sym8forn-dela,sohpar:ultiplipaccruSbenefiJemployJHxuieporawnsumpzVouwy'svablevbala(;apifsnl0dpctsȀnfroorldȂmЅfufig.Ϝ hcQ?leakag #percussWwO|ing3omYvh Furim(ecHghaubstantixamRhav0ow;g(si؂#QePo@2oЉ灼s皐Xshid; h-ԃnon#hlevel{pb yɉbKaulYenyځH~shcQHsӍmmun*wʇ7a߃!ʩQ!lfXor KpabXHRg rIʟ1ed읺Ô:modxeƑ0elikelccu2pOO`(tt.orirplac_sw=fur8,shxoЃ.:gg bXeneu1whohind񌷌jy3q!RHle.©dunbssocidn!savBerta@queprivQ`public,Xcaũ0lheb3xmselindK(xyhf`loan1are- ﺷiculahc؉reduLreɕwwwprapidyQwoupoccur8om(rF's f iXmIcesgggggggbanyȇԿ8jsminҌQn`trʁk8jL;aYj/l viewmA9u@dsvalu/*bВgiQ)qP׋׋׋׋׋׋׋MrahnPxa@tDsu݁藃ypspe0.ucleara(noXossi9arr𐸯is󈸝ar.nonZA9pʝqayp"erWr1em1W80q3铿i82hPdyst0ƃcpppai1ransfers󀀄romheonsumptionfrers,o8atbmultipliaft1llowingorfsetsouldot⁙chess1n 5.nuntry,owever,eAeignradecBsPa20 entynd4aunemployedeceiveuloansr9irquivalupoL5Ocnormaln@ork,73may(sw923imee:mAprovidby specificewvest1.husgnluctuaGiȌassociatwithЌvio҂72ٍ~BhiGAplaylargpartjBrehinancprcborr(w Rase,.g.AGreBritap1931)8h)sactorxH"importa qpiUniSt2).

IؚtAeenerprinc0꒷oweaȀlook2exnnЇam 9Aшmhvely؄oyASomcapabt:?:aggregۂ[b0(rHituRmsela8 3zerb//IV1>Txdiscuss hbe(carrifabas8xljߍԂsIsuf0i(dvrsind`oV-iissufGG>Kpl-good9m؉Aturb 온h4sҮhial,ydidec`siren ⓙыiquityĂduȓW77 n_ak>AOx"0چp///ے8fulebȴ('|descrion `ffeco`iopPfHd_ٚ{ i(t8ysisfubetwalogipao%holЊIuly<-lag0mnXa*anSgxu؊Ӣ`ubjQlaivalǖǖǖǖǖǖǧNShip"tw(bledX`o!8,irsuunనmhOȊPo(astane5f堘l,VG9bcausa;`eQBi8ay#toradeЂ6margie#w8nor8alufollX,񅏩qit''''"^s#jbccuȒ@sucs!0bϙ)ofˋkkdiroweMwouldjiˉhad?:gpihommu`ysttldow"aewteadyx׊.—@ybds $փdem!KpöƁᵁ min7771nlanT<(¶QvmosHȅakYCt)x0hion 󀀄ofmploymentnheapital-goodsdustrieXsontirelynforeseeafirsistancerenocreaseeveroutputfonsumption .Ɂ!(yeftsthonew[edOOOHtoDeroppeiKYcomwillaihprictiltorarquilibriumetwdemand supphasbroughtbartbyhighcausing!ostpone:,Hredi)bu favour,avclass`anec7 fixultfromH,deple5stock`So8rqbal"tpd;yuc'earginalensitp,.e.fplitself;xφ΁ggregv` sorZti`beHlesьȌ~7www—{ hPbNJdo(nofu׃׃׃׃׃.gahow,Í%adjXAm`,wh*efer9nenjуÏ(piPHvnorml(lhmɎ%extJoichHevious`febelowȒKualreturnb{;yl|a71hgu7cy琘t_/(workBsdD

TYaؓz0㈰g nxercꪥ_eriodB9HiyЊbceXAs;Zn iculؒlayaystradycle (Xlin suIlmy iggTqI@M(y>>).H/nya؈ڌ0ificheoOMsetthPp@;ndabKNobeneHoexpPڹixpa 0.xǨKMh,cep)s0ęaaldalm8ዀapac1requi@amh|m@siexipCnoxasoHp肢ZavMlapIeQߣ7__v(Oה֙issuGGh(?Pne®#oha8 3AcxerbυV/1//>WeH #7!h73dHurbyap֍x'.ԡYm9Qmlȳmadoxqnclu2omunؿ+s{es؈גגׇ,Iprae.Ǝ`l1XQvolPoV0'__T __Sr="#000"󀀄>absolute
ffectill,evertheless,emallfhe UOO>aagw//>ropensityonsumeslsoigh.hmayustratedsollowsyricalxample.p>,[''(ׁ">i)]/[2(5?G7?;Ua̋`invesσThpd2//'"Py(eamely 50Ȝp+IonariflorчAcurrJ], 0.06;te`s8_xpffڃonabwo-ڱPoJ{dec`oԤ.e.*2.ns(rx9,牘XpaivJ.2½77nowsubstantiߋGGE////(  6,91limЉ(qzero{4Wfors؃"at!႟4wvxaЀpoor w iundiisx`{B-W.—s8LqapdaptфXtyQduinferiorkhechniq耠v.Ԣils/h PF qeffec`Mfluctu"obIch(Ƀ wealthy'ssum;o v/x GGHutpu:alsobviofrom?C҉a@numbˤappublicork8(pmade)LJag`ghtihRѶsexegaH bHinfuRpach`wrif(7A01܁ddxگ otk0L4SSW˕xdywwutakc/89\8doubttilȐy msel(ȀJgaHϏψA^d8nisrexpenPurvid(wexD`J8d3k;Bbeژ0ǃsɪ?urqKuցqcoh miIenPnҹostpiȄollowsD6jZJtrlesуsepfSL_E.thoul󀀄doteifficultoompilehartfhearginalropensitysnsumptachtagearadeychfrom:tistics (iyervailable)ggregatencornndvestmentsuccessivXs.t@es,owever,ursჰ accurenough (or-d؈iHlHithispecibjectiew)allowsainferoXthanighHap0ximpITbqpurposefhiImw, Mruznets'iguUnitS(alreadyerto,.103bove),nрxl,erycariouaken8junction3noihsXugg8,wh@o,oParC`͇햘ipliIldaXex(.fing`yeartisolessokail0Bu@group8 pairBseem2zbeAcP8b(y8anexbhoodI2.51 `םםטexceed 6o70c)—(,qulausi⋬boomsrizynd,qmyudgmQ%slumph0soptrefnciІaervmApo#,vdurф,ccouitnkordif,fqheavith0undpڏb`lacnthvЃmihhaJeff"bK@֑777wo1wP Cdct‡ yagnahpIH Htdez۔*OS8񒇕6W󤨤 0rc`/YXegBۏᐈoffy 75w`1932 (ds1929lh 'capitp8'}d9;[mo!nhSPbe rmakubntdire.

<8lor="#000">VIɂ1jufyWolHaunemployjex𬭗disutil鈰luscX&فWo'2HYz9'|,cauxnot@Ȉ8judQtHbn'W$exa`prePfTÈ d􎰝mt`rbelJaz0;dهXLgrouknowsold-mi ondpɞ%l=worlu9oJo˴-XlH3Tu8w؆qfi8ottYbban(Вq؛HtмQdh‡ scoalXJupfaRtYrubbisiXx vqh`well-/ψlaissez-faireoigheotespgain (right*ooeingbted,fxurse,yenderforeas-beaterritory),reed8ounemploymeanXwithRhelprepercussionsbalncome5`munity,YtsapitHwpalsoouldrobablyx*aoodg肰an@ctual`is.t,dessensibleIbui(houylike;t酚a politicȁIprxrdifficulti XwayiLabovHbet֌hh@.

ԃncyrdly;b t@suffertagnatrclp.hus"- DstaluImportaAcivilis.ʌHሰapha0bnhmlarge-sondituwhictɛ0Ct[i,VprPxt8gholgroubihrdHelankفsfinSea[s(v(playcarnss —Ps`T`ȍAa8lӦBncnlumps pri`jriiermmaii(evpx"verxaHʔ6Arӌ paylowmumad㍀YIdP0۩e8ctdppl݁SX,_[w@@ Phڨu}invf#pluyfrommeasati(Mzstockfufircowgambbatt򆉍,#ca8o8to@lopgar*ugcs\s,l8gY,Ѝ螺@cY,f@sZm0pltPty.Ӄ`8s,ry$YeraՔ}spir bnZfurZ-ŒCre@𺓍sPtnfal}ihissuGG>.r`%do˼dxdvanh@ahecPP9g[Ձ-un§瑋likocc܃ul7ubȉyVMPRbequr5ccHPvisi`eacost ydurãXR?9AnciQEgyp@doubktun0+txf`ڨAP po(Xpyramid7wellAar?ecit,ПDuJyneeQfnbeɥXsumei8bundaMiddAgkcadr!airDpm؆deatw9gooȤe;tailwaLkYork$)ischooqsel @se`QfArakz)!(d'al'(r`Ձml inhyscapjb`2un.ׂ Нe`(inețRڝ8y7 du[yStQmaxi(bcalcul r'enr'sd@du؈eу9hi0Pi0upaenjL0xercQpanyiimembp:p@bk/>
</b><1ize="1"><Ȁcolor="#000">HAPTER 11

׀ , gggg|2gggg߄g .2__QW >n7b>sniْcroWeieldg7.7wt2ќwwOv`agHsa.weaWWsupplyice/WW5meabyino;market-ᄘJ`ʂutypuionctu@yd1,؈} wouxqpȦ9ufr@new@(pddonalnsuYAi.e.ometimxQljreplacecost7ww lazbetwexϏϏaanχ0?;ĩڃoooonoreNŽ"hLR8ċ`>,ishHusthgWgi9efficcylǁoh.͆)preciy,ɲpfiGGsHZq0;rat2discou!kムsvaluֳwwgȌv$ڜwԐҘR>dQ2n articularQgreH˂sAgarxل/ Hgeneral?????? ad(shHs𒠒;kerm:ϖσ"7OOqk!߂߁curr//jG.ɒependPobtablXnneyfwAcKa}p;*<toȍ(ulҮzs0ؙiRlookack-(orfאoȕ'"IscxÆ&iny䬿 po `, _limiGAHH6, cau''dfЂԄOO?9pulXsufacilsf?_ofapitalillausetsupplyriceoncrease;heecondfqfactorseingsualQmormportant8oducAequilibriumɂhHun,utlongerZperiodaviewdoesrfirsttakcplace.huseachype capieXnildpchedule,wbyowuinvestmeit havxth,yordamargin(efficiencyuPfPanyiven gurxWnggregat݇differsl ovideeelat)r1ЃW!corresp߈ygener!hiш= hablish shc i#emand-M;,pternvely,Ul.

Np؅obvio! 0FcubbuspoihHso=Aclasal-xet yxceed3G.ɖ0s 7owWLOOߒYsHdkTamIIyalPexphsЛfollowsf iQrv]/jrospecierompᕩiHogg ನ'&dgqIvaluz£1r ea؟ǔ, Σ7?߈׈׈ׁDŽLj/boo_oHrico;:^carrigWeǃωWWWWWbecom/upply__ڣ(inAbove,;hpwwwwwfPshorjZ`}hquionOJItXinduceЄpenpart0o׸nuonclus!BookV itossibДyakmhhensiviewmfactoXde`min'!7irctqlexityoulhoweverskKead`no(PneizAknowledg%'@74nomarginefficiencېenas(o'ôOL.׃xcerta\WTs`souronpnBby 'capitHs'P׈֗xa8 3Qcer`ǗIaG1GG>How[iq??? l賒musage?ԁ੏MPro؉ȕYɂ'''color="#000">Efficiency
r >Utilit7//0fapitalreamarermshicheavellrequentlysed.utsotasyyearchingheixatueconomicsoindltatem9whacstsusu0yntendedase.vp>physicproductuntimeuoemployoneo &c,)fal߂߂߂فCǂˆborm`involvhdiulade xon{IliexJoinsolublunnecessary.ɔ`Hourse,ossiasa(aberiprai؇J fromxgivhanyra񆃂makʏ@taddma1es;@InowHeansreCanlarmet(io4do8brbs.ΉrlnyscuobsubjeseemLm蕟73ivY߃sohsen thougwfailmse ϞϞϞϞϞϞϞSdly:mar8e0abt)antr@rctex0!*racbtttabeasanZpҐr`έiH*xslЅYe/t.madЧj1twlsupІjFonneglhʜȜ]onfuuprndH,twըǨobIaHȞϐWRxgituser:5exp +3p u7>:hoplife΁gg>ņgasset; —.e.73gQ<>1vr?3Tinvo׮plaSBomic)ory.o`ίopayatt`membexceptϊϊρߊ̯˿rcanٰlegmq|aӊ,Ãp_W 'sPalorParyIaribu@ium9etRnow(sproduv(soxsh)),on(idpYIaggregycurr9returJ]Q(d8relJship1wp; ltᆵ(OMHhЖЇXprioutput)!rstsoclon Awity.p> As(sɄpvaabЀ8krkclearccouHr. sapebelie*efinitionhichaveivenbo`isairlyloseo`atarshallntendedmeanyhHerm.ԀPphraЃhimselfses1'marginaletfficiency'f(ctoraproduction;r,lXnatly,gutilitycapital'followingaumB mostelevantassagIPnind8s Principles=/GG> (6thd.p. 519-520).rungeromeon-consec0seYcxXveSgihȍ€says:np> (1930)dei!s 'fZؐkPimy'773,ywes, 'h*z,LcomɇH-рɕ??>kئ9twq@.'explaiAextƨ)di*exharishbetw_][.ohduce+mexceO'ꌠmagude (`fPor)rurudylayQrrô˄pphuy`hThЦP'φφʄ am(enѥrsepurposɓlmarginalfficiencyfapital'.

IIIт1justifyTheostmportanfusionQcerningAeabandiaarginaasnsuednfailureoe8ha@tepends5iprospective΁OO>ielЄ,BnotrelXnsurr .hianeIllrat@byointoutz脀툧'Yexathangeseduon,he8rasaÅ@comromnabour,.e.wage-uniorinvewechniquAp(requipmA[*-daylahpetecx(Ylifwithubsly,erhap`towwrov)ichhQJmprifQ܈ɇhincreasquity8l Tfallepo2kfigA H.orer,ntrep0eur'sf(!ermpfney)gbhrKre hds9&m@eaply.norsdeveloj0babl؄Hossizgcap` diminished' ª$2''ߪ$@ctthrougm''&valuj€f؂volu#ׂaςςȆ(mul`vxhmploygrXhbecau0raissHdul難 Iߐm-];ZysHsHwpwwwwwaltruli@behiPIrvqF)遰orw9riʖxcad 'A(ec qIt' —dintw:ybČ>lat0XfcoөߎgfdiuloXkent(񏷂cleظ׃ג3qassҧ5Ё*shlemma`ayт} 2R1ffnaffairs;Al҂]?rexgoodsxth8ad)AadvP"hkĭagajQtooہ&xo0Ǔ}offses!ivdurqerio";)7hFʎGȋ8sfudyigou`dPpfp{___(Ppeop bǁ3aץץץץץץץԉЛrp͡LJdiq`cna^ǭDZ gtockOl#_iE77>etIf/>ratew8pariassuGGGith|Jwouldeofromrexpon11prices.orluboutpdependsn8L燧revelyGG?=.ndeedrofesshFis'Hheory@TwypriskvoXvqmЈ(bediXnguis@tGEgh!(i9trYneur'rrr1pKPᣃdoubЎ owni)@babilitZ1aea/@s1i1ԲoXm@8ȥone`bB0evgBaystem 0dx(bIe{nloaI;ÑesoQsec(te懏Şزic*duЎxmorhaz,.ؕyntaryfaulrxappobxlawful,lfilZLobensu,*P?<тappon.r ourmq!addnam16adv08R al´ϰʏؖ-qexY9aasset;oug0mo@uld(I,obsor`Xpri3dura1sN jynse,ealocialost,houghusceptibleoiminutionyveragingsellAnncreasedccuracyforesight.heecond,oweX,sureddi:tXinvestmenthichouldotxi ifborrr`dendXx(ameerson.̈́onvolHartxduplicajroporprepreneur'sisk,dd8twice/>MratestgivimumAspectyie0iHinduc.oraxQneSrequix1maretweenexAkɂqgda݀thinkwc;A`y*lealׂׅׅPhr̊himq (exA-6xsotroI`wealthy0 osoffonІ urity)Khoprfavooutcomȋmayalanуd흚availsola s.p>:PP˹XleAunHl.Š/pXscoxy//,XhefinedbovIillv+h,0nX"ȋbackYtlBBoimukne`sa8degred'''''''"IbbysғMdurab&Ms"Hԩ^J,; ؃9wx0aijto8brohnciplr(yGߘ߄s`Ha*dem8mbp:pageJ/^4Tsize`C ["1ǁǁHAPTER 12????9??Dž?Dž;Eׁ׃ׁSǁǁǃDžSATEFLǁǁǃǁONG-߁߁߃ߊǁǃlor="#000">ERM <Ȁcolor=݁ǁǁ1ǁǁXPECTATION/p>^howІp@8likelihoob؁nktHiwr!ѳreb`9ОpiȖ9X:yroweakϑϑϑϑϑϊ?Ό/gρ,iXaTSdmpalways closyRanxiou@(n.‹peoms;analypcxfulQbexAbauHiscuZn@@sȺHaPcuh胉madeؠi܍\clems(mHthr:imyinflusc XmihfficiXyJapital.herereotwoeparateactorsffectingheofnvestment,amely,schedul"marginalfficiencycapitandtconfid8e.Ԁπceselevantecaustonajor.determin=former,hichф*@H!a7mh-.

8is,owevimutoidbou}iariori77>.urclusionss@ainlypehupon*uobservatxketXb0nesssychPgyhreaswhyzensudigrဘ(r9efxstr(9fromohꁰbook߈FXvenexposiwhalpssuifollowscuthahhangeh;:write1roughm7s9,i؂IvalupxsXsolu(ĈHȐirosiveield(qOQ\isedP0hi(superimed??>W.ץse+betweX1rpҕ5q-d(dlopzorgand*aeẃqp1sc facilitatesnvestmentutometimesddsreatlyohehstabilityfsystem.nzabsencesecurQmarkets, r(sobjectrequ8at`ptingrevalun7twhichЂxcommid.†)StockxchangeEsHny_tsveryandځcationiv pportundividual (though*{aole)ise`0Psbarmer,avappedbarierf1b`kfast,uldecide{moXzapitpf" businesetween 10II)QmornQrecrehreturotakGdaiшz؊XprimafachransferroonxaІH,Hexert8asyinf`rHhr)o.or`buildaupnewn8acostt8)taimilaris0 8ursed;lvducespe pro wmseemexvagasumpf9flo@f؉ gr)mmediكHfi`ThupaclassgHrnb xaexpx2+o8Ў__sx hpgenuφr(repeur.ow8Hgh(signifit,nouriKrriњhpract`?

IVɂ1jufyX ed, ruliqllhЕi`!ruthp iNGG>@Xt — do(,spwor0quixsPimpЁlipu2*I& affaiwi (efi excep@Љc1xasQ@yEeł(lbe WWWWWW.enBЪ8y myunlik򌹑ѝ0ulvIloermyeaseldؓPtitiٞ.ή8)pɀRgȎ-omihoerrohe`dieqbXPP2rrߨSb!pi-[9ԐiwpthmeHڅ eadabsurdL`-Jeff0ѓ?;ket,@whvauniquxg''coctO//relA,fhB"influei؁eonlopor%Ò 2>;,oso8akŸ!NdXi77evidufНXsࢰalcumA(Qoif҈@sHs(sPxieolynoayѺitj./gd2ggWRNQ(lbH ҏpcomp8pؓbitؑ؛:yٍD,"[qy `en򕜆gςϊ_ZZєrgan8dzx|leg(ahimdeagrisku)enȞցnewsW77[fut@zihowhich heanttemptoormiswnudgment,ndhichsnlikelybeeryarge.orhssumingha)onv@ionoldsood,tyonYhes@hanges\ffec+valuefistneedotoXhiSleeperibecauɀasJanyAwYςill worthenearsnc`Thuxomreasonab'safe'individualĀoheriods(auccessIwpwe1mpfairre n0kd)iQpvقoppunitrevisclb{{Ibetime:muȂhappen.Ɂސa'fixedϋmtmad@liquiOl.

IІL,mre,as1Yhroced(` JoureadIXrkexdloped.u(BprisaDŽXbsolutiewngsbitrarH(ul8i鑀oiHprHusn͒tP@sma(paP qo9Iblemecursufficiш/xa8 3QcerbǍV?1??>SzXac蕞ntukmaiefhyx臧(1)sxresulb9grat0l!e@n'ggregcapitPberooaPypeciXknowledDcircumstaPeiIlrсtiv buIquؘj9HNaEǟhyA9p8lpur0t1sus@decl???????<2)ay-to-dfluɆfɆexiXg,7bv\hep(er@Ynon-sihaIhar@ere*pltogeRexJ)@urdӅ{㣕sai(iexa(0:QsXA(9paniHuѫi Ese rh0 sumh!Г  sSlɄaw0h` ce.ԅhurrK nk-holiraWBritishQlwsysȔs1millpounds???????;3p׈ablȷ:`utnmapsycog;arnumbgn`jHsionhlhtfa@ddh:opinYduBakdiffeہield;󪐍0w8trorooiȗixo`@adyim8Yicu0Yypo@sIZ`ef謱inun͍ffai؊QusjthouZ٘)exgrRa paPeRĈsubj wJopYcjpрsѥen1onفyenplegmЅsوsIcal9///////+4)uy8feaOaIeut脒m9{be(supp9etؓ8betwertr!syjudgIbeyotrvsooucoPѺgar8f:himf happ , wnergIsky;xypmain1ccupiarw.Ɓmosm0Ȱ , pcer,witkjuil -mYecabBn!h f(b0JyseeiSgXbasisfaluationhortimeheadfheeneralublic.heyreoncerned,otithhatnnvestmentseallyhohm whouyst 'foreeps',w markelleat,nderinfmasssychology,re8onthsryear聉.oreoverAxbehaviourكoutcoarong-1edropensity.ɇ evitablesultʈψȆorganisHaljlsescribed.ƅsyي`pay 25憩whichouliev腀spectiyield9justifȋ30,fals`& 203

<`lor="#000">ThusUfessۉAsqc,imselanticippim(dichangesnRnew|atmhere,kindexperiZDЀ@UT@oy`@jl,Bighb)bejaYȥ! 1top`sSsz8enjoyougВypkno`?8Ӏcircu߄߉(['s*nsHwqOQ@gcmetaphshtqy9likenyao(newspap ppƲlohhpick sixet1 afromhundr8togrx izewardS(choi n8ly rd:raЄPfv8;JaeaX/0),jkӜ-s,fkkel2QatfZwhHlookʫdroblem)poiYXiew.ɘ iHa1hoosIwh*b9(@'sudg[ reYzš񰺂opiny$򈢂/(.׊ȓ)chԁPrdgre(vo PiǞGBex)be.p,ɀЎvraPh:Xtfif8hhsooooooojIc(drj|t`arofiA Xdϓչ qu@yskividu@H,0turb㎴vail,qu3purxsenvestmentsnheestenuineong-termxpectationseanrame,qmubenswered,irofll,atrrinde1sucherious-mdividualsditakeadiffpnceo8vmPHrketheroyo@ateirHfluZov)g-players.up,d(alactorsijeopardis8jfsmoder@IbasXWWVsojiculo-daysscarcelɅicable.e0ttempЋsuraleadmolabo ayrure0riskxh triHguess8@)crowdowpctwillHhave;,ivenq`telliXc| y rmist9.ԍ҉no㆐r(2fro3@ Ttolicy42ciPdvantageycoincxithKmoprofitItфن"defBfofimPu@gnor݁Butԏgun.̓(,ifTt:nough;—um虀IHirquickess\ae8ihz1qakimonly,#emogai@coudyJxrX0nperyigh2bY^Ȋ`olXbix-exрByH*xexAàblЁct;lhp`thpensitpriql.urq 1<iosۏbearPctu

(5)ӄ1``(dhPYXiʅⴣs a!t1VhimselpѣZseemtacitYssuЉ Zsfiroa8unli(aۛɭقhjurs@فcas 8"alcRofac0U/-X9lendtu#towthءR`kR vssQxbyrediAlapHce@tie+9aro0gff(yrapitaxVbe0duwene(0lj?ـwwu|˺oucaua.,yyHJ8iv8eibn>sD'$Kc0(r abowhtPtrengX)a1aX肰  ؗ0؃g^a8 3yܤ:ܰaerbVIo1oo>Ts؞R܆ѰHyrview@nomi yrelegbi8AerҔI@owap8ImOOVonOOvite8t#@sychg,jOMB seGG|Iyie(e:theirholeife,tsyoeanslwaysheaseHatpeculationredominatesvernterprise.organisofnvestmParketsmprs,kIancPf`dohoweІncre8.Ƀ@nzgσnworld,amely,ework{influe(abense)enormous.veXutsideieldAf,mericrrXptoenduly芀edadisc9ingiahagpinbeliphπʂ;nd@ aleaknessdnemes stock2rh,*htofor,snynglishill, 'ɍome' noteadi@purch!ЎGxceThop*capitapciZ.ԇonahay ,ЅფpnaFattach 1sPuchbȗ(tixyQڀaavourabpnІconlbavalu.ҕaȔ8or.Ӏfy8harmbub8Aty8Hmџ.upIosis+o whirlpoolW{dlopʁhauntrya-(duc:ynjoblikē-dȑeAsuuccAiinPWa8SeregardȊ tu@Irl)Dtw؁mo8f]nel[erm"fut Qclaimtriumph2Pssez-faU/__>ism —Dfmghinkî1brৈf\towdiffpbj.p>choxsavingsrevailableohendividual.hissdilemma.oongtopenemploy(wealthoardioreXmoney/>,ernativefurchasactcapit@assetsxnnote@eredufficientlyttrЂy(especial\manhooes@ag@OJandnowseryittaboutym),xcep`yganimarkwh؁`serisf.p>EIapart杀staduRqbonR@onhaѤchuьZaarHporióXhdnh8aneIoH0mȗѱزɅyextbx؏ hedoJr>.ͦ8,by dНÇhdNżsfulH@equi wiاdraw 0ayҞq(xakq`sulfim8spir!—70u9gq1$jwr!quant؍JbeneftipliK' KY.ŗIpه @tPelpomai@u¢ꂸey٪o`(it howHr!d e.ςXtthid(sShholyxha!؃(l񈎎T.Ԯ1iadi+.falФv!ގJbI*Zfad+die;feal@,aHnoӶson)h p(zbefX߳߳ߥߥߥߥItasafࢲߛdxŽet;infu!punɛ(l8yduiiRe8Guppl:쀉pCGA,X7"@e;ofpsepirindoubtellpp3mzpisiAhe0hyiـℙ'"deThpmean(unxtue٥ɋڈslump3`{9hgg degreLy!exs0KpoociYtmJ{ gen񓬪mbu.ɡ٫LabGanQ1aewČ`  e8񂨱ei ߔߍplwGPB8mawupsettIdel0bala??8ف䮽invQhБregardrzX[nerhysteriand evenheigestionsndeacstowea8rfxoseponZsXtaneou聸vitytargelyepends.

WhouldoncluderomihatveryxngaveHfrra!alsychgy.ψtrary,rstatelong-termxpec邉tXstead ,(h`soZf`orsHertirmHseffs.ereeryremind ourselyhumanXcisKIfuture,perso`olitickeomic,anstricta(Gn,incezbasfmak!suchlculjsoЃ exist;ʆJ{nnuHQwhipЇheelsoou,ogetwealp(iasstpablЃ@,utfallackmohimsentim(ichaha8 3Jc erbVIII1>Tˆ,reoЈȕaimpoPsomewmgAhpr),ɏrgnor;w2[oЛ0؈တbinedthlikeli Hbsoles@&passa(ɍB0nxvidupinXt1ʇc"rosayie0leghRdyreXqavqnea0Iatmoxcl ᧹Ots,ambuil:isk(equh0nsferr!y}ccupihleash؇8Wmy OS8g𕨂HЇ@͊eadv8(inuisecurienaXɊooopublicti1eapbroWWRԢPyu8SmPr(ioupl7y`wilJ PޟpHmin.ƕ aro 7dpb;^of;autho0"Û fXkinflc{ˆpenesumpׅۋPoc9oׄ@mx maȋ80aQPangQɕȓe zsfiطb77_ϚȁXĖr ,—ougā/_Zyp!QlXacisXn1insExafdJ2 urfu࡚Rt>s0t-i𼑐l۟?sincȒόϓXitH;ex!sؒty,Xmpcircumacgrea`Gʇ7 xnpYriY,owѿ@wpr隐ÊcapabKous Pm}aparivolum߄ۑF8mxwnImpwpmeYe؜Ԫ aHretaicirwardi82S٩%Rpos(alcʢ\9fficJital-gooPȖIiewIbas,婯2B@(siby+organ/t;󙠜@"msikYΉctuarke7߇߇difftypw)sphadescribabXHtooۮoffsȴ%iϏϖgambp:p0bk/>
HAPTER 13Dž?Džzch, a8ghinfluzvarious힐 ABookII,sZeaXmuaomeЩ ^했er_džsׁٍН(aPtu#pOOO mad(za`Єvawahim,amPHo>R??>X6Pdeژ4uvDoIap@b[immedi`,ihdf(i.xmonPval)?π*paroart悦Aaacifix@Pi0ioleʉ|k@diь򀁄caѶYsartq(coody_Xenl?nZwordsѳ}gre ב֌Ц/> —AߠXoogbyQchamounaPȊ, ƀ`wage-!iche willishoetainnheormfoneydifferentetscircumstances?

WehafindhatmiXke accepte eorierateaintst遳irttemptingderiveǁtromcirxshwontupsych(gicalime-precoBneglecU@0d;0its(5whichȉ`ndeavour[pair.Ihould bviouqԈ׈cannotaauroavorai asuch.ƀifpmanoards`cash,(arn0o~,(ough遈hYmAbexe.ϐۊtraryɉ(@hon?tellsjsoQyoQOewarwithquidityapecifipod˂ׂׂ,Iitself;xm@Kinverpropobetweeniu"w9؏#iHol؊excgdeb t Thz?>A,syeasuunpnesowhoossspÂۉit.ԅ9'price'|breliHQde(XQ1eadhabjsu)on.ɖ>_YdesioPwealz9_availableuany%;—Limp:0Oplo8.`MWW9Bimshedaggregamouprpublic𨑹PeӇpplȍ!___raispplxxȁGDŎ0i@explanabxcorrhӌ'ƎӢpfacto@juncjdeЋ(D8u(Ǘnhircums.̂potxilnc fix75ώ͉h7w r;ii77r>nWMǁL傸׍/e輐_gg>  =)/7/(ׁ)1rhow񔨻3eHomsche׷׷׷׷׷ׄ߄A)poh,e,eturxackidPwhy@a8asxistI)znnxen(efull0oП nci9dibetwedgрtransؒcuȂ busc itsxHhBK.spgpCfir8Ӂtwosȝobvioupb; worrif8cer}P8ty.uHK⟧?nQ0XhAh anyqK ayiel@tpfAс߁ߖbs(assuhg,:oursDgxiskAdefaul€samnspa@nk()ond)?hexm0achap 15iИasaryQȂfX1%a7'@xme@yP not'''''''"ↇl/GWVty
soheuturefrratbinterest,.e.8mplex!asostoraryingaitiwhichillulePd.Ɓiatim8could(oXeen(thertay,ׁׂinferredrom:<>pint%/rebtdif8Ws,]adjustȋknowledgEexaf rivaluenjear 1£1sndtIonng?g烇ʔhiJo_߀''owGo'!Ȣ隐eavep>    EW 7߂_ߛߌאOOZDžb+ /oǍobr )/Έ77M=—— 1 ;߈㔟WHM__7w?''׉OO'>whencyllowIh1t,anyranurnposho??mdsive0ywoutфcoixycu@1sPet.Ɂlesposit(reveryaity,m@waysmordvantageouxourchasȉooldaht8wealth.'/̎,2//If,+crarqfuXTuXrtaౘno afely8wGGG_OGGG?ǃgsproXequal`wwgg??ׇOO?Dž/oNj'o>/77OOO׌7OOρ7σߓZtimes.hifne !liquitmayAceivabaribe@@`expiHJaiskaosingxRa]!ng-mandubs =,a9awith:9@ctu@fitrathematicalxpecthonfainalculatednccordanceithheistingrobabilities —ftneood,hichsoubtfulmustjufficientompensorrisk)disappointmh.

<8lor="#000">There,oreover,urrroundrliquidity-prefresultsromg u@rt(tysAfutuȁ:`(st,1vidxtha4ፘrganlsmarketde`debts.ƀifRteoplqlp`e҃@syml@anyono܇edominaopinYЅل@quocsyavegoodasȆkee8g4ourcHXX`fi pr,in1outRuehursY3 1Nr.'s*PakenH@hipano//////,hclosealogourwweldycuRsomeengXaonnhgx行cycapital.ʢ@fׁׁׅfixQy'b ',⒀ܖvaludepp0masssychgy,al(ǘ`WWWWI ߂ފirasgge;Iid !nindiualoliev8T8'xab>)sumۉ,؟ؠ-cash l񤷤q*(rf(motiHborrowmyshorriode3)long.Ԅ7priӎ4Bisalars'2bull pbalId8re0sPtXuishyzdef8dJn (i)traؖ#-P.e.ne؝shcurߍPfȑ(busex Xs;@cauarydeseh؝ǘueРia㿓pXtPl; htAuyvegeobj@1[{kn#betPy+l"2th.hP: 7771,"qu`]abil*ر0organi!4Ide02+0ss alemma.or(cab8u؎wwoul0e祀tinced;Yex؃gppunlugggggIt (rghy8opɌxW.75 orbquantĜC9very@nso]77suiapai׹R0lcom(#f)퉸vailabl

Asrule,e nhppoachedYliquiy-fnc@engwwIghn10moothurwhichwsallad.ƓH@r sydifP8leadbowardXultI[firhplacdgglsXlikely, ]icet.ar77>.,#moO suj if+-,n@ com"mouw{conфqkeepns8l0opt؆p;lstPamiEc0cĘpldycermsoPtdiminis.n@mu ǂ& ang(lWPstexts),8larLs(l@ש?nsuIon''foo._Hpԇ.Ɂ+seHd5ymapHI0en Îkcertadividual$w@IholЮKirieXfutӻmarket3777777Ni,ircumsta Ydlop3ـqPgljˋHxyp fК"_Os Asouuz8abouӋ''Qstg0nedp7moxaniy๹Ic is!sPmamoveo8RmCtabilystemXdsnsinɂJquqdependyexia/variety'//Aywᇀ.‹!PڟȅDkn0`no8Hyro9vomic-zonim 󆄋#lThmethod|ZriUPSt,(#@nӥGF2ngl)ˌus(ǥa8 3ZcerbIII1>Wroduc㚢ouralexHfir8;ڑablatxP:gl3'yorkā˥L f,wyؖ,ssᓪrinkt`mulrmremselvAaslipstwcupaӪ爷expec,OOce贈77.o1߭ߡ*pC߲ߏpubl`I277y;ۈcli@ψw77>.,oncreaseheolumefvestment,isillotappenfschedulmarginalfficiencycapitHfallingoredlyanrattere~t;ndhilstXi(yexpected, cet.ar-/77>.@oemploypropsitonsq7f.Ɖly,σns,@ice,riaegre(art governed⊁؄Xphysicsupppfuncti,$liabilwage-unit9 mmoney.RoutpuYs&d3;havP0nhffHconquid-prefPnc(GquantlZe8sarmah giv'!st.p>ATEF Distribu‚Wealth#xenviظϸϸϸʷܿargindis(ld43G@productivT.irlfrFlux (dž'&E8co,. 95)ri؞fэثže!s!enerCcuonmadmitP{ automa؂tHsXbetweeoppunXoy! fHbly. . ؂willexceeditobfulnXHlo9mn!s"zero.'@gߌWWGGvoii.29)raw)tcuNJarep؎Y'diishesQi@alڋȊeviousPH(p.20)jsettȫya !'''suff0бޅϮWalraInppix(III)Ag`Élé[d'é(H/ρϫ9Ѥs'l)hanph neufsu0,xrpoxIaxcl!mivido_ey#newt8UsύЋjonohR '/variengshemoquality;oatatefnterestsixed pohaving,pichepentsJsupplyanewapital,҄9demandort.huse9strictinRclassicradition.

Certainxaordinaryan —anker,ivilervapo(iciErou pnheory,ᇐineconomixalso,asrriwayhthiȈdea8never0ddpermsac8f\тdonomethautoma`al0brЁQw;ϐ,Pׁы mulxCoutpu"&f/mu!snecess(~wwC8extЇT'#incremV;),urolf-regɎroadrstakXplaceB3anpeHqv!grhmoQȇ@paramtxhor.imilaÆ$pg8rbelief,to-d؁eadFinv([i0isihnoAfsethangen9avezNow"axysX,vio Xpsh`dtYccouBatȕberrȂ.ɁraciHsourtsaiffxnopin,Xusow,ghagreed߉߉߉߉߉߉߉Unlik-schoowhoS2@n`Xunaoevim :.arshО0example,re algdexasqaghgP@yIndh,membać*ۨ3toorХЌRylHas0Aoh7Poorxpo߂ۇ.ξIғᦨer,hleJt twechedul r`PeffPyOlIOed-&uʁxd1ߌwobiquoabo(׼nr`su蘒8ol@gdɚh0owY\Rzd=influU߬¶youlumably,bwisАpe:Aal mport΄ amZd;lIhI⃧erXsڃ(āsRkhuppose)?? iwwoaisn>.8pohBϥummup)aoБ(זףI8ispute;am0sIذ#j!Papt76QK +6cu@D@LKHRlɍHOOOOIWWWWWWOJӋ0̉0defherr0ߏـporywmȰr8from󧉒חꐁ欅Yhangx7eaH-͌mes锧FĂ7t!uniquyzRh XhT9th.orerכlؙtural Ii@gembodixtruth asellsheemandurveorapitalူ influencefratbinterestneadinesoaxoufivenevelscome,ubefactwhichringamountoqualityithtved.ut,xclassicHporyot톈lXeglects0changesY⇐olȊqmerror.

F,snsefrom{bopquotationsQsumthaPnrocecPidekeff^f (e.g.)hif1,j abngrodii"pɄה]ӑܓt{aromade.Ԏdepe(hvariablxאׇ҇77///__Ԗ(aG@;wir)newσ̐`ccorg#iXbyposbetwy__oқPˈyswillGOOQmupposaa{ggrUg?/nboÄ:؀WTÛ9i tw8apnse.Ƥ솃ta耀⇛/:xon her.f储KmenJgener9;`ulAk8olc8smas bksownmul!@捐spl8(2viautoc$wage-un@fficip/liquty-prefٻYblish+zoffseӚdMsole)palaغ(be(I1no薙fdͷwriQ8cetyԋ@u+bȆplausi@cHs@ong-periodlibrium胩Ȇ:shortݚ{#Gor򅩊[3є[_dtruthkh؄balUeva۟Љ ,oTePual@aun_ǹ̟tm(.

<lor="#000"> ؟xaiagrasllows:="1ZcerimgXcx1.line"~226w74/'' _Yɇ' (av)iI>measurverY,ߢ݃w~rwriz!._ggX1<oariousevelsfheateainterest,curves >Y<„,size="2"2߁,OOOO|3OOOO߄Oetc.,eingKorpondfor7comeςφgߊgOOOOOgOOOOߊfetsupposeatggggggggߙis/'-consistewithntmdemand-schedul>XggggggggG߁'dϣ̇gr߁.owߌߌshift`rom߂߅߅߁߅߅ߍ?ggggggg??ߍ9ǁDŽgggggǂggggggg>',willienera`lso.uCabodiagramonontaenoughatatellyw9inewlu{;*re@e,zknow whichuappropriIWׇ,@o~9poicit.f,ow0r҂ roductliquidity-pn 1quantImoneyհHbetweenqm쉘'w߶ąŠoitionsmin .or߅yꈙsec肧ggggggg߱tic؝J/????????ߐ,namelyj߁߄߄߁߄߄߄߄߁߄ܤT'$:.hR??7U_g_[,ha$ws!hon׈fserXurcanayӃ??Ahas ppxhOOOOOM`σϧtunchangecGgoGGGGGGGWߝP'''"l0gwGGGGG|1GGGG߁݇old7/lor="#000">Y
Thus:functionssedyclassicalqory,amel@respevestmeYamouavoutaivenohange#attet,ootrnishriforp;;⃸y0ul8e{tehwha䌬,(fromoxrXurce)σσȈ(lxnat!^{chHуii 8 `figure (e.g.rding fuxemploy) istakrigiesregar"asrewЎwaitsuchXnsteawt-ho;ȁ.retnoasaolvdiffdegreiskHquiproperlylri?ׂsaQishor@eriod.etɄwhy8changoolheȠaSadXs8877eu3ǯİhadi ^nolu(Iq繪romˍ /I776ZAseemundisb`bPonfdcmadPo@tempsInow0ouibridbetwYB@bies*GEy;TY$aneo-WTCYliomuddlYFDlrkinx>m@٢g(wurxme;amelyavsvcaڀAt3/*,_WWplusgumavailabȃY(t9bebalancedyomepeciesfevynheublic,alled 'forc@saving'r2like).hisad8oideaHatqrs 'natural'neutmequilibrium'ateintst,amely,hichsvmenolassi@sroperithoutnydditifromw'; dinhyw0,ssum  righracktar(qmoobvious8lu←gafntitfncouldbeept con0nt-/77>1ircumcesلXsempasJarise,ievilupposh`ult#ex("v(Zcea(sible.Žaq(poedeepr. 'Twi@duhasiv0dowbott0—8@scanetېbitteahowe glPXɑ ubbishsxә9@iRn+pordric`xdoofL؂hgain.'p>

.VهٌZt9lowGG`޸7raipifiwouitdeȁxagg(mploy nhhutlookmeism5VsysGpd+Ad[ Xoہރn i(Pi"htfadfeingegardedsactorhichill, cet.ar-/77>.,ncreaseHvestmenttseenǃ7diminishmploy.p>Pߝ;\INCIPLESς__W__[EWONOMICS777GώϕǁǃǁǓCARDO___W_WW">OLITL7??7??777MY''''gϒ'ϫǁǃǁǣDׁ׃׉_ǁǃǁ">LSEWH_77justify%xTheresonsecutiveiscussionfheateaiestHworksMarshall,dgethrrofessQigou,—hthingothanew_]obiЄcta.WW>.partrom"passagereadyuotedboX(p. 139)Ronlympalueso'sositʈ ψaoeoundIh7rinciplpXEXomicsG (6 edn.),ookI.. 534؀b93,JgiwhichgPnyfollowas:OL2OOgb'I,ȃ1ricidrusjcapitalanyarketendwar@equilibriumevelu蒠tzaggregdemAK(hP9stockthcːgte.ɚ#Mw0PidegJamPe isaylwn,radproctry@sGGt0mpt8metsuppdrawnsurr9١tt(ps.u`wtho(pldŽ Āʌ0aar膔8kOaЃ(canrdokٝ8Xl dickȈɏa6ab ex[h`OK.Ɩ

'can!repedotephr""9aHicablldvmen8?haeryimisense.Ɛinstance,xayerhapsPm鄺X/yosevousmionلpldiffZBthHcount9bout 3)Yn.€sahodBHking,:ghniiraman0urp(s,Qaccua.ׇIHoYsai(sJ(j/osJnewna(Q[i.F/s]l;qaggregc dd)who@ڃ-Ǎvari;i.d33ears'ch(i0bas1ʆn)(ouamOOL(ds[lualdIimprovQlctauildPmailwminʋAs@vdutu7qu-s];ڋ(хP(v-yiewsdnish9ssf(!orےos7sm(ahl0 depiat93ߩߩߩߩߩߩߩIn@i''EomicWare> (3rddn.p. 163,rofessPigours: 'T(naғservicz"wai"e`2miserod.ӊQptWɠ@aɰ[)sQ(mone,/.Ѿ ndboth֣Hu9ntribwѯ svid.ep!7X. "Wsmea`tponumpisxQenjo mmed`el`thfoஹCm(ȇ@troye肀as0mXduP!rx.ԁ ungчeIu apnntitf —exalrѢĸx-]ɕ(.ɒeXmss aB-*-PrZ)efHօ1nguag DrÊel`Z A;dd9gaomi؅~mulʅyehs0eP@7"sa)s"ɔTqso,wA|ȁiȃтȕ$el؊xlhYPшBфtemporafQiunhd'''laiuXƘbank-gnd; iZbeufact(il

<0lor="#000">Myunncommentsqabovea(beena`footes.Ԁxperplexityichi`pMarsh'ccf"matIfa@yInkȋincurs`cept 'E',beyoItary偈omytXtisetake/f. 'Ih0XbesRturnpt }iPrifŅ:ics>,—1gxorranIndripFluctu`߁ (mainhatudPf?1rgin efficiencZcapiX)/oǃ‹hoUnemployygggfwas`g@volIHwȜ1W+a(utXȇGGGa8 3i̥*cerbII_1__ɷPllowfromWW}Pol0Py (p. 511) stRXrdoؒ:'''')>txgulyWBHlende 5, 3A2.,ȀpcmadeElsNtoPindep`ltrvaluڇ.ׅĆxn@衸enmPXaundr@jmanXl8kenj;roᅇ+.ied.ncaseXtw @immh$mًqreY0{:busYɌ ׁեoA"pplȊf comisxbe؆ wuj@aywwwio20ZyXomo ;—郇"Q,sqthrif8鈘digalsfzborrowm.'Pslear-chaf0d!aHrt8-po"aiscussphrrri8hoitho@rezЂsshvidoctPneversufficiSuntablby`seekfuaz—|bov(our alwayȯ%Pȫprhalo eriodۖhasTw '7y'lf-rougpassage;jX̶sid pumpào1id??="0pt"idth="2em"lign="justify">OncegainhPssumptionequiredsusuallicP_,at)reqalwaysullmployment;oJ,ingohangsupplyurvefabourermsproduc0ononeobleeveli!long-periodlibrium.σчwith ,.e.߄psych(g҇pensitien`xpectapIos؊ioutadžquantitf0y҃Xrdi2eoryIvdd eۈpoфQ ratinesthich`Pbe@mp0ɍ9:.DoBsuccessorverlookfachn_^volumnoteɊphbcapavaryXpobank1policycor8pondHiffOdg^A(culia•믗hXbqYhdHProfMisXrhimyrofessorayekndlso,hink,yro4Robbins;amely,(athangesneatefxteresanedentifiedithelativericeevelsAconsumption-goods:capitalItsohlearow sclus reached.utargumeemsounsollowsPyomewYdrasticimpl`c؂Ym`inalfiencyCtakemeasur@艔ioiisupply4newers'燂Hggaproducg.ԈIh73eaccallpIalfavourablova. Ergo />,fM's p>
ԁ%///>e'shY;C l!@(lookarlay0bin0.Fp>numb`dift@tswwwwwwuTȪzg4ia`cla8fmcaٚ,firs“broadrٍغZR9icʜWo,twoaҚ@(? e IfProduc✖13//%ransacqs-+5<fontolor="#000">Thetrengthfllhese0re0ypesmotiveipartlyependnheapnessဨreliabilityethodjobtainingash,hentsquired,yomeormtemporaryorrow,nricularoverdraftrs傀valent.ƀreQnoectoolddlXbridgeHter@sfYcanRedȆutiffqat:m('ctuHyn.heirW:ho/waxe$acosf2.ɉᆉonregoQpurchaarofitabasset, incre(sяusakenӑtowarȄa瀸nmouȃPnposepearQyfankXargaHavoidKߒRdeWWFOItbe,hweABsikeinf8excepBpЅHnI0')quxion.

<(iv)Ƀremk iSpeYy->њaeeohdlexaho sH0cauplweund(tood?9Xita)ransmitt}effec(rφON[o''Equoney'"Inrmalircums(™s8sf؁@:s4pra٪P튨xasgenervconomicysllF- .©pplay9sτ҂tmanageZ(odabsej,Ҁύey)jrou0PdD3yrpˉnflu*±"ccua݅^&}V#s;axperiindicat2aggregwwwύess(uograd!/#X.Ƃ3_Wm78giqpbonxdebvarimaturitiesϡϡϡϡϡϡϡd(h8wynoto, 'opxmarkeȬs'oulArcqPapsaiA:hip bovxT)nwayh؎purpH)t (bidup2downh+Dȶd;ǿ{fwhich٘eekc(QcCцU`m,cH R8rise.י,owx(lUni9SqP1933−84)In-belihڌŗaert-dJsXۋ`y,oursJ]fin-m?@littpBmumoQmpXAlongRޝde@hwit_?9dinguietw!"/7aduCuppvailu,ro 鵏iquidifun,o?(iQcxa*݂xf.ϖ_a]򦀩ӼF//rougonelyqo˕olumj(xials8 Gd/1Pcern=fu olicentr)rgrnment.hangesnheiquidityunctiontself;ueohnewshichausXrevisofxpectaIs,illteneiscontinuouand ,refore,iveisorrespondingupׄrateintst.nly,deedAoarsis0ffntly[pretedy߂ividualsct4roomnacreasPaHvdeal,bXarkeIf??9judgmBere荠veryon`cPQsamea  (@cȉ1pric@aXdebts)뇸adjusthwithqitu thouyransXnesary.

Thsimplc𖨍s ilXdplacnircumstan"rnot!capabl9I9Žmh;—Kyݍ grezoffsdesag,el8;vizohholZs)x %GGF;I,GWГ woulduhimblng%n3,0_ކPulToɂ)oh)wؠs~8pproxɍߍ۩߉)0quҋчusOKInenerhowOOv򭐋׆'eڞfׂinflue鎹CQXparBenviro[J aeH9knowled9 xƯalibrium/ssocApaPtribuM-.Ύ0ЅHoOKY1Iervuratt؇De쀁r鏘XntxeȂYphen@n:PoccurBOL.oreo҈X*ılhifˆzmomin=ȣrzOmM-íipapeaa(stpo8x')@̂9vit{ng'‰Hsb[vixҚmuXUy ͇{iro>WhilmouˇЖtisfKns-moپ0ott0pXepe(Cw/Cuh a@feirxim regarˇzxw eQga.̻Pu@Ыqburpos0furalysb`kpblemKway/یon iggM1Vdž2߁.orhpxĒcom)6@naP9liHdfunL߁ڍggggg#000">2<. >L<size="2"1OOOO߁ainlyependsnheevelfncome,hilstgg|߅eelatihbetweecurreratetere`and stexpech.hus.p>M  =)g7/gggggg߄+ggggDŽgggg߈焇7G焇W>(GY)ׂWWWW׆WWo߁߆Wr),?>wh8Oߣisiquidityuncbcospondingo>chxmines/ggggggׁ߄թфoτoooDŽooooߌόόnǯÅׂWOOOOOOOׁ߁.tollowata threeto`vPig: (i)changing>a/W(iwhapʃW_߅_gggggggoggggߓmp?ܯ<2??_ˇT7 depends,QAfirinstance,wayۇ>pabout.upposIpnsists9goldxRGOOG@0onlysulromreasedtur avitiȄ-hwhoeloہaeomicystemnderxaPc`irGGdirectpassocid@toWseewaccruas`one'I.xaPsi?ׄu governme@primyhXmeePcurriexiie;—c5alssYlevel,owever, willotontinueufficientlyighorheequiremsf Mobsorb2wholeiincreasI//M';ndomeortionmoney9seek@utletbuyingcuritierrsse8ul߃r߀ashenbrabX?nagnitudBǎ???{2???G߆FatsaHti)oHulateigWRYOuchextpnewisediǃǂωggggggg߆8\G/߄whicorrespond:OcausHbyq.hu tnmovphcIcX{halternati,er)'yРhn8bssufirsstanceelax笠donzp%bankystem,induaїiexeb exchangȯd)h.6p>It:,reHsafpak; sypical.[sumЃoperA"'',ww)leabalipumarׁ߮dV_ggWWW?WWWߢeivisGmI9tweoߊogggggogggg߄cpos_mSdepe:s`investZucJ:J X Ɂa.Ӏȓ//' lWׂAfollowan׃_>ۼ2suffici`ulsׁׂߔϔϔρ/ϔυ/߅//gggg/ggg߄gyeve8yddp 8煷g_p>(ii)tso(lwaysaderheX-ocitymoneydefinsifG>Grwwwדwt>.ropose,owever,oaketnheatterense.husf ߂>V׀sincome-velocityfoney,p>squaresfheldatHfntetndnew.orxample,遳onong-mebts 4erent؀preferableoacrificeiquiditynlessbalanXprobabilitieslfeHYat mayiseasny xtsel`annum.e.Apamou8gre0.16.f,owever,al`dsw92unningieHwilllyHfseHinIittP0.0.hisndeed@erhapschiefbstac+a(GG8y"ll.Վ+sonHreelixoiwhyutuex iea*bedifxfromgf (say)tavmoHShhoper sampimhich!sufp.Zsm1m.6p>owOcorXpond؎`u@e@oyt;hcausuEat|truflatihducQwithesulapO76M1r/Jwqerta@figlam xx succ`ИppeHRϐύɩ+ic$oroot ЏnmnlPpsuseded______Itaccu,erhaps,siava2bpsych(g pࠠnuvalusrgQg rncrǬٍipwSbWr="#000">Any
likel'''>oeurableggwillw_e;bject, course,Hhangingoty!fluctuasorllindsreasroundhexpnormal.narticular,HenwggM<>T@diqulti8Am effldemY:en1Q(vidX)9AensurombiInal-Pm_oaickHلсunmar`xcJcapitalГXlx8nowbviou0er'''''''"Scom8sexntakdmoareflYmzrawhopeZ,yc8b usPOHnotcIk0ledgAhal@sdui0lx@8|pЁ"purpoonetar.К98Tr d@`hom(Ot0Ȗϑ̄yܶΡutiȂifi@ordly;@hp1}2r*moveʫIupSpo.ԥ2wǪnǔt‰fid rvgo؍dard5`قJxaBthisZaj͕Aar)dis`ujumpsliquidpn,avQH8eauccessqredɁpoonewя Ȋ􀨅r}po䆰a8 3i̠*̃ierbߟIIIg1gg>Ws蒩bosxy爀`×ρ8_XerpPtow@s(lsh yws`tsa-moJ蹄ry䲝l08)tuH-4JagreȁXeYjoo胱o1sh.Ɇڙ鈏qiGGL26.orLdquHPyN,ddIeocehO77.lnYgdor,#strictlihx2debrmas ng0owevewouȇ8truoBf燎nomsyA脈lTӮiculapyX;on"sefulsȵP؟sozsXdc9nbetwechangH:/.ursȋ1supڡ(u +xrsG,roadlypeaking,heaniystemndmonetaryuthoritPreealersndebtsRnotasseoronsumables.

If''!we(prephHoothayncifiermZ oflatu`ies,eveisoft770Ofdegreeriskrelatihipetwecomplexratin8estquanta#wouldHirect.ԂgggsiyanxssQIwhichoois70acqu0i;amoupcfiaome !poVividualso —f2cev ircumstanc`fntrollidhs o҂`exchangea'!c(8yarketʌsPerhaphfce@ibuseatt2prigilt-edgondplac:slKst-aillsh0practP`mprovemo)madNtechnnmanagҡTo-day,@wr…`eextz!Lsxo'eve'e‹:ens gXrn-,ypi{s.Әtimo(Nn}er;@oqmayndekurhH8фbbutnesPfigunearnougri([hno3Zɴ'urn3؈preasӂ ߟphopen-L`hꃃo46l9;XLҔ aul႙w賳IǟıoАeq ㋹upI!oeaȋ!oWڔflueZbX1herzrom4)*ag1 edho.ׁBh'n`eoycor(d 0oPied.nDžtpelib굦app(-Hen.’觹p1th3onycul llow 2pecihIe(hoeoyϔpߔږnHp,eʕZsr@=;PIy,߰ercyoooooookhuʖ ulim;axTЈpablis0g8n`exɑᆊN>+@kϐ`ummupos:(1)Ԉ?7owק:Jy,𓹀CU70ypeׇ777777325ossi+,+sscussboخ LӽH`oOvel,@quid`heѿbeeir\absolu𤄼xȄ8moXryPYahol!btys8wمׅҨ:aR:l*F@plRZmMZψ`fupPInHexaqr itIndwzounrgd(b蝊hasoteenuchpportunityorest.oreover,fQaituationereorisetouldeanhat(eublicuthor itselfbborrowHroughbankingystemnnnlimitedcaletXnominalatefnt

(3)Ԅmosttriexamplesaibreakdownstabilqe74,uliquiduncflattenout1oneire@o(hav`ccurr(hybnormcircumnces.nussiadentr(EuropfwaancyHirromJwasperixed,h(no⏜eduretapholdPiAmyi`debtȐYyrmsȊP脸QȋunabkeepacPRmargeffic1 papit(especiallstock: oods)dinflua)ctnrfؑva؈^;il Ux S`PcerbdH1932Y8P Spe대 —fno,Ԝprcehȏ1parȋ 6so4 is,, di!uldiscsIVhap11,. 144h#wa:br ffxbelh@Tfigur؎ȪmhprmaX(rae-s;am[edicBzh!imleogexowҐXk,/moۆ[re9ab!㌸7s$declin `o@noHo1s nsk- =iבוissuvGG>.uw~typi،hy҄heR_ ᛂ eb8bmФOiAqorganislוӻimumaar?ipܑappi.ƍdoub6HdcorʀhHs,hqagwhloȃ offseᴡhІIplsoca(h-qans.g.J)킠heavy;czhaosmers 1½2)ent.qߓ߇j"ila8 3B䃙erbIVw1ww>ApipwXHsubjwr 218iefstaЉ8p+lrshipquhor"‹_HocieYhKiڽ8eel(u9؆xufut]"?Ri8dYfL<>2CcauߑAfluctuuXlIșch vehtsqualoheupposedhangen >M.owM<:ssize="2"1<̇oo߁ OV  =)/76Y/,here//OYincome-velocityfoneysefin0abovendaggregat.husft!practicablemeasuhٓ nt0,OWWOO,Zpriceoww>Po,curreoutputeaρ׉πW/7^c,ireforo877>;ichimu@amؑ=iorAit raditionm.~p>Forursခre`world4a瀠taulnυπ8doPnoHinguishetween$nsaaunpon:WUSPwage-unitexplanamthomissis,erhapHXbexudassumpX:no`opensrooarHrO8lwaysllmploymH.ƌ@2 casǓbenst_>2߁߄߄zero,Yfollow8ca(ak_//g' also 0bot됮הQ-ledirectlyor ޝmmbp:p(bk/>
I_nctindividusavmea8—opXaeci!qavynnepo-day.u_9neXatyuy paifo(aekxnce9aearyumnyycifieydHuX8epr`businxpar'sewiP0mul!mak8dy`rhfutuɋㅻ.ɉaubtuun-demц ,(@piminsuchQ.oreoverz~largePbdnurri ri#b aducetHlik4m91ulx|q_Wgoodle Im8i)efficexi@(caplnaffed,pactAeoo h`YinvestmXxwe @?硄2A[consistedoterelynbstainingromresentonsumptionutYplacAsimultaneous(apecificrdero uture7on,heffecighdeedeir.Ɓhtha(asextarofomeyieldinvestmwouimproved,ndbourcesPleparJGGcnroׁ҃!.΋yesm,venis, cale equal/>aamouHge;ncdesir@intervaldelayrmethof`oduczsoЈiXH'rdabout'shavnic8cxellplow2curater@,ithavabxemploy0:orwarntuٙo񘑀`BsubsHd@,Vimmedi??&savYstijdhqoOpIny\howxrYividcisox, clcvolA}.7ڣallaւ.hus_熠onϊraisd'êtrgg>)2she@h9adoxiPcluېa@m`shHpensit@ore[hwb,وȻ󍐋`ransfiHIm(.ōxﲡnvol'd'0tabH6"

Ndo(voidconcluspuPw))owner si8angfbu bailab0OLoanD1reducOwhich qrfWShab@`.ƉoverlookCpalway8nPn{shiphlapital-ass,amelohm8debts;·canfalllowOOOOOX,;seen IBmuperakiܝ9a](ourJsfn@oricost٨s(iهށGG>)h2Ʉ`x^j1dur9&serviał8ggreg9value0p{ə`ti0prbecau ÇGFscarcg''>;jkept󁪃>compe' ؠ£m@oml{8 t@C;G —lpHicenseߠߗgympa+;e-cldoctH0e(yɍόOL`lab/СzwYȪZɻhartKspwtechn8naturhy{ahraccori "rbunѿ ul1ȍ,mbodivalsom1I`ڤrdinclui,:"+ؒZreneupȐ0ऐBofonX@yxXnvironmY,&eHpQeؘde.Ԅp@explhei؈takeȠ(;8"ChrQpnomicstem)`omʊrʇimǴrsngt茐ro9tѤyffici.@` Rshox.̂܂oano(&Plong.ӂ,!by9wouП,S腺"qoil(wpYcA׀YՐ4(fYt|u8jnωucadvPagxAo `nsiderations,hereusteueroportiontween9mountfabourmployednaking8chinesndthichill9nsXm.ԁultimateuantityvalue/>notcreaseHdefinitely,elativ`oʃ,s"HcessydoptbecomoJrdt,vpifirhysicalfficiencysty\.nЁesi@postponehnsumpwstroenoughZroducsitu`Pfuxmerequdpvolu(investsotBoolvneg:@rginφɂ capital,ouladvageousHau0lengthy;hKx$t/OO,Yvidyu=4orgaxfromJ萰wei)wcy.׆actaJ/>/0rsZkepycarx_isyearxdelr*t.8rreorhe,r(rsibloXco| 77shdeiqoArٙrt(st;:iIink,y:1ylbԠbis.^p>n AwP<ۀhۆȪ񜠆ZAPno8zw@r郱rom,sou0pX;incѠhnHgN;—cafar҃rosargXmea HIpeaHXݼҲciȽZPtxhAifxf@pfu!icuتr s0"geXyXxk1'Iߍocfav8'clocbus"]cookbeL,d(rrewhea 7.30,'8EdsXxm1ɐxn8hwa҃ؖ8taw9bbsolute7sqphso𼠄m`Ʌrp8sXlآrn;ceiv]__ZliqO oxQ771lɟЄitpensOOt="0pt"idth="2em"lign="justify">Ifheatefnterest8ero,`wouldenptimumsvaloryivenrticlehtwe averageNputdconsumon,whichabourɄFin9;—pshorxrocessyXducqlefficiehtechnically,qlaong_alsobyeas sto:Ysdei9.f,owexҋ׋exceedsaewlema ised,incAexithlengXqt,oa_\will1{ned 4curr1tovideR ntu(delPryݐh`(tail until=spe0priceyduly9coPҁ'*݁Gbo charg8 dishcmethodWiofslow (as@ing`k_yossible)+opiiQ.ǜr#ers'8m(,ώ-daympopeakPal nИYjxr;xequ"onw`hdgcheapn~wpx@xnow,?offsesmreturnrom gHsQ%ajoritҙăinvolHc'!pirmo amod٣@xgŮ.hu ɋ(ʯtHp8!OKMPfita gin馑advancŘ__riKw'pay#Jshrinkspari_GG.p>dHasychHg@titudias"̈́#so find!seloe(ippȭb rP҃ۋHBany3脰m;one`ystemuhمi'keep't"s0 soragXHsaxcodn(ul1!yaannotv݁pqfumploy,sx?O|2ٗf circumw(z:9(repheursne8sຈmak yxu" PXAhlwpexi Ќck.Ȓ甌ypf:9mmunQbe`impoishYIYagb1Y˳Oف+yi؟roup#~oH@up2wuylibriuHundX laiz-faire__ ㌿9low darzsut鑘rvP8 .oHb@jxeayclmB(℀m.ƾ1P0proX9urtaboucfuture //occasrȅ`bSda a 'b'Zuccee'slumH7WHytibe1whichillieldarginalfficiencyferonheongun.ssumipcorrectoresight,RequilibriumtockYcapitwhichihavepisely3,Jourse,smaller

<0lor="#000">T8onPalternatiposimg0n⁰ituhhߍsu tXgreȈ777alsoessnmouKwehsatHIeCggdrparpublicmakxrovis!)st,Awi(G,ycircumstancwhepnoonussbtaȒ1Tm)inpest.ɐ@,owxrnXlik!coinciditycH؎҃fshcomesfiedăhцYWTchp…iiOO8IHfreYmXav2sib), so؈lisxexeͣ im0\:ʇ//japci les(ihoodߵ܃PacЀ|yggt elTjst-GBr9PYUniSt*9dee@Va؂#)fYgWWQi񾐳rdh؉ada X___^,fǙmpo_oooo_iwias(eoymARx1 lif2techn9XduqcapZП(ooooooIolᏀwoqcommuдhav=sa queZdifAZ@le m r¬ќi{PenjoOJFǃƖ;ouPpoƗYca tp)—P,um(tv(wip9oAsu\cMidas.ԲdishbyclusdepxioursЀs8pʎRos1@Pvnoxhbe @tr(oQٛlefinfluwgwwww_">_f"9wr$Ogn1zJ@ʩoficiencyfapitalouldalXithateaccumulationorrespondingohathemmunity\choosesavetnte8tqu marginefficiencyl Asfuhemployment,)nv(aiversPdesirhoweal8towardsssets,xichЃfactienoomicruitsڃprcreaFwell-beP.norX큀asindirPtisbuilJmighmans1(ta bodi`walႰpyrami1helmfYdeath,repY{iin@ cHedralPendows@ororeign`s*abundanc ˂(fHԁOfutputyeosted. 'To giCro',aih9Wse,nly?8bq l€HidȂyuseooـservices@tsƒbl@howStyaHЙ0фHrem!diut(ouonym(gʐoywe0rstinflu@u!dXs.

IVɂ1justifyLetyumhqpak`uǤĎ0siGAv0qbג.̄mxfurx}Str@aalXproYwǪipshapaxu-po7doؖi)sp0burAʪxQlifZpagene{_22񏗏OpIugueserhruY͉bpe9moxechnicXourHfopir@dJyuȋYZr_QliuЍximPpzer0ؑg0W; atպau-HryGIchangrogXul|from\zqut)a`tituR1duc`Ҕ8labtc.0mIa`PHpq0gox$-㙠-rJBYs@iadee+famsupX)i@pav8mֆx'' 9Xl½owȁgraduy8ttzpȳh obj) eQ4ism.ƨa`tt(refl;pwenormasociՕϕȕaa`erehaccumAealth.A܍fځXoaiewas,jr0.¬a.ȂCihĐxP'swhHhnYirbu, rrqaXuІ*him vaTwichHmseho(exsjswwwwwwwrTg(i+Aa'"room,eЁHHfR0sskDaT@veielx1opinZcffer+aXre9si+Ȇaowхkikq @b"ssepluڊ3z".huna''$wi;negrigTŒ vmi`viچ4havBXubtful}.rosam`urunyX و1׻lσQnP:ZgBsueriotxወ`ѧ,ir`nces,heagernessobtainieldromoubtfulnvestmentsighteuchhat(eyoushowxggregatP n1ive-/77>et.Np>
^G;;+?buy59t&/H ×  ( = 98)O.lnvelk׍'^www98"i77򖮁> 2OO="0pt"idth="2em"lign="justify">Itollowsromhis(at(eresoeasonhyiratesfnt8sthouldeameriffmmodities,—m@eat-equalorcopper|.ƃh relatihbetween'spot'nd 'future'Pntracts,suotedmarket,toriouslyo߆߆.Ԋ, hallindxiXlead\lue8seeking;ity[Hxe Yown*/(PcPm)ichulpooabecaus,ginpefficiencyaappital-assettaxi onewHproduced);jsPmoneyχ oftt>cerPcDohreooԀ`o臨doq&dca@`).p>?<*7?77 − '&aOOS;XЎړamllowirdmagnitudr},nsel׷׷׷׷׷׉WR)so`posi(7lЩgȈ0Xictakzst ЂQсwHiny=W''be@hnunique?>Вdggg.u"ȥXourob8cwaĈHt!a̓7 Soarefo!-hxxnespؘith[B,8p誂0ooting.herein,he0liesYeculiarityfmoney-rateintsthichivitredominatingpacticalmportancettributedoincedchaps? yhoul`volum"outputndmploymentYreimplyou upithoomthan/wheat/-orse?

IIɂ1justifyLetsnsider@avmmodsvaXd(say)yeaȋlikXfpdiff8typ{assets.iqwtakeaurn"sdarde႘nm khditexsmeasuermtself.wL2 TQ;hre772o@sn/eg8s;amx,follows:(i)ox]roduie4i??q>,''m0,yiPsXcHti0supplyBervi(aarψMoP,xcept,Xywaghr((v`cougIpr8i0(apartromynir8lxvalue),rx8k8ȫŽwr;.e.QarrrJ?~c?777exIono ourspureH8(xdrawlineHtweeɛ5Iei؀alX[':thكVlud2߁ǂ߀@:8Z<shall9lus`HcerZ߂熷߀ − '_}Finpow(8disal urѵmaypotivenie1ect[equ`tdM4KiniꝒ.ԖJisoak,hhowBe3pr ;tiq#peopl readphfmouh(__)Bwilًy疀nه_](ttacpPliquid-pmiumlπϗϗϗϗϗς_Zt9totreturnYx ownership٘~Vs\ЈWVminusǁZ'pum zo'+WP؎x1aww'”1-ratinHep9mmo9჏BtPardߠhcharariPc{strumapiA(e.Haachine)rfonsumptionapital (e.g.ousHwhichsnse,hattsield@8normallyxceed carrying8st,Qlsliquidity-premium probabnegligible;)atockYoodssurpluaid-up8strumenaincur8term@felfittnytoet8ga`!e''hHcaselsoeyusuڇsoAsaoderatevelaougheqsigmficanZspecicircumstances;Pdmoney׆Pnil/>O͇?,pomb1t.iffermitiesay,d,aveBQdegre mᇀgP8mves,b;somRr?stJf safeuPdy.†anssфetweenѐ (PmМȔ؈،ك эφmus?0ei؁ωhǂ .̘pupos+il(t@hseۗ0Zߓߒגq<>c{2߇߆߆߆فէ">l{3߇w.ԛx'הW'''W''''߆#j-n(e− gggggggg߅cI҅ONGDžGGGDžGGGG߅GGD.p>To(mineelJshipsvex@t@returnn΢0yps3<a<ǁ}1dždždžǁ߁ + gqgggggggg߁,OO|2OOOO߈− w'&cwwwwwwwwߓandׁlggg?ggggߍwhichtforsameuantitieseducedaj끲ard1value,hoՁwheatQ߁//((pectivelWithnotation(sasyseeatdem!wealth-ownersdir؇bso<,ccordingOoߠgggggggggߗ[p________ߠ'ρ'''wwwwwww߈ψρ______߸Wgrؚ.husequilibriumd-pricؘ˝j˹lsure8hhoosay advagetweehernves;—.e.GGGgGGGGߛǒDŽggggggg߻ׄOOOOGOOOOߛw'wwwwwwww߻ׄgggggggg߄c768alOe1ЙټϼϚqmakeطffHnºultcahiftromnaerchan8Ҡl bymouڃex)P5appi((de)newǀold.p>Now asset2whiarpplyless߀lyroduced;ҁh@margineffici@`ould[rbasir)_=in (bXameasurh\samǓWwHevis).aQock-,be9havQata c8sed,(f9onPsutobvi,dy糘tendpolaotoHÈplorayڏmGߓ>unT?քsׁri(ssu.h+ǁnoǁ󔧔 c8furR capital-assetsillomeotandst.

Letsuppose (asPmereypothesith@gefpergument)p )as (e.g.oney)whichratJintstfixed (oreclines؂slowlyutpu`ncreasnoPany!modity's?<);owi)itionded?ӂe ia1f + gqgggggggg߁,OO|2OOOO߈− w'&cwwwwwwww߁ړdׁlggg{3gggg߄ghnecessariequal,sDžOOOOOOOOO߁ysqeiڠfXingpbǘww߆ ?7??߁,tolPtOwτρOτττρߙgggg/gggg߄dm(ixInwords,8-prievery߁ĔReAelativeoxpecutu.ef/߅ߖ׉//////ߍ߄?߄W>pntinueоythichXnotofitablpdu8anf2Mieunlđ tions@datebovxkX amouCwicp carryatockdw9i,s)@igp>Iwppouaeviouspm+effSr e@se aim<]output(st(tcorr@.ױ houlda`saiZas'sdecpmqaˌs"neneralXcreas1C@ntknsuas,—cepn,)cy,Aed,Xionshiphtwee ߔ8on.ʋ@wnr܍llfpةÞ9s8ar؄2G;ifinx@mo߄t`maU |imargٕiciYҡ#whAf We8gcvalu:cleaŚinecariQ///hk9trouc҂ig(yriIul1 (hBupposed)y1@ree "wher shɽ//nsteagoȀrпHFor2L@bagX ens5"exiwn-ratefnterestseluctantoeclinesutpuncreases.taye,orxamplhthatoldillontinuefth96lehuntryhichXgooveranonxtibpapsdard.

<(lor="#000">IIIт1justify@ttribuPgxhaeculia@ificancj0Xy-ratG,ePveenacitly0sumkindɂ:+ar ccomedsPxiaharacxicslead9itwnϒpermtselfmxmГGaHckxe@generPp5=nyIG߀mv:qptionbied?eflecshows,ɁynkD!followюeitieXcomsԇhknowxpcapaA8it.Ԑextish@Vvalс0bummatemiZG Ӂ$tW]hygooR2(i)ԋir Hd owcabȤclus$fˉ,lo0者prtriod9zero,xtJaem,laitfrod ,؄Qpowiv9rh(xernes䇁nfromtaut(x;—mean҃ t((ponЙu8,lpupplhI򅲉Cannd.͌yaahnotadiedj7tuQbyreprurڂ$$` =wage-cȤ˶@hdurXc@,dpscsatis.¼r߂ٻ-.al@hroxime1ma(umpPHad0husmployxxcep!deЇuzCaj0ryNown`77#kaswhy"G@declinscauЁ︟żL`ul]outpu7͗,we postXZfcj8idHDeffreܘZa@libysuyXJPfix)T ¯W'WTgivpme iggmaieOO>hmpviewMؐϐϥlvaX`)f;Hpq Hgrik)c APuIuXmotor-car,isMavoЁgHBx3SqpAG'mordrYcgZ(xsepo4XgYough~wor@aomKwaalmegخI______(ii)bviousl?+Pv,`ons bPppؒHnt-Aorj۴"eJ.h*resqui!nguish$fromLQe)sT*?GFdi)ia?OO3Ұ0subptuj@aP@near8zeroTmeahangPaluis8jInЛަ#Kjit,erhaps,oomeriflingxtent,herheoney-commodityslsosednanufactuorarts.hXfollow@rompeculiarYofatrstil,solelyerivP itschange-value,@twoisnall p8assu=/GG>xithresuliasIȆnot`2endency,)(Acaȁr-orsubstitutekor.p>1liquid/''><wagesenixednermf`,hndp>

<(lor="#000">I%0i"“W!sh0b9hۇ–TrrȅgspeitjّyPzt0YvalunlȨ977ะ1!IH#綺bottrHeOu!nclusiPAmХm (takMpens`gx0Pfollows.orinc0+tBossiYءѪțg¢ii`availeisc:gXff8ႝJ,asurterm. ȩ @ݎn@saˢesarsatisfied.•itPIhp8Ů edȈb(ex,i)zero (Xrtl)嚍Ī#subtuhRGecls88cl(pT׏׸apl-<_Xa8 31򎔪erbIV'1''>Wesshbo`0Υ|XL1Qn'؍ si8?;.ɒёowrذiyѐQr wenpihmak["g76`boPp8t@be-֑@Sdeb1wag!u8 fixῐtؘqui6Htwoptsϑ''tify">Inheirstlace,actHayntrpsrIxed,ndageusuallyomewstablPiermsfoneynquestionyy argeartatingosoighaiquidity-premium.ԅ@venienceyhold asseQ(sam(tardwhichutuliabilitimayhlluef$CcolivYisxpectedbeelativeቝXbvious.ti)pon ye,-]outputXtot1entainwithu@fidzifC@valweaXmmoaSȏHcproduon.oreover[lowarry Bweniyuitsamakrxra(8iᔈ ignifica0 .ormer@e tweesiш;-s2m5,rnq<8gȂ"sil Zbank-pу~! leKSDžorariachDÙ{O,M oh(e.g.)erlI{ۃns8rj|whea!Z?=wou0unlikrihabero.ɒ0emSirefYi8lpbeшFshrencØㄉcircumIѐnrlesp@b2ufȫ0tselo\sobservchae0ڄ__[.p>

Professorigou (withs)asH0acc(omeoumepatresjavourrewagbe stabl2n.uonlycashfw)ǃǃăiliemploym.̈́over,alsodi1ul -goodsxvhxPrry`-cosIfndeed,@ttmado yixmZpψopuaiolscilT8pri.Əprymallluctuk@propensقonHuceYinv wKrush兢zerhinfinh.ԋwh‡8'8`Asys(ossinރu[ribu[?YnopaPk 0Ѥre tNohlogicw()up]pviewAS xc}doЀ#nؒ>Afootb aJwor蝸iw7ldPnam`'''G@sb!Jdegree8 ke r (uliar'ÏϋGG Cdap0epomBnRet潯wayjs갋ts;a8aYm???????:IuЕǍw\romHY(uiaf>)}ve?;mBBaҕ„߃b߀޸3i utph(׆ʁba1Ƕrouؓ+fZnlties)9d>crp wbodiЁ{mJbXx'򅸍[9 ceedKk-Gsir(a?GBwnerz8ٳTckJΙи@ed2>oo againᮕavail"XuH9_s Xf٦Xowirisk:@t㌠observedssim@xY簥@;—Zcrrespon?betwe؇U8AnX3bӘfȂYف׎Pdrarlips,#

ThHH,learly,bsolu`standard''utlyX—varypremiumwhichccouXhasoeaken,adionɈyielusendcar-costximcompaivttracsIhold9tmwealԂpZʍtri菀'aaartvagunehangiXAadepenj0socialpaintuordermindBherh ܒhnyheyxpshreelboPǑIVdefini0Bhllrepqouralysp)behaviрeomicystem mayerta@h orenviron)ossPl9bepeHedh-]th;si"emblmȋP ela codu3ub&yowؤBjivaÄ PoccaJ*ades playpsarô(keepup1opa쒨zecYHi0I؆influquanBowӧ0"aqwIp 9eXel0s`cdwihww adebt.׋me#,2,lo0Кogouhaprtgag QOOHZ^Y, texceerrobnet\x~amiliaiatuȄmagurh䅑UsuawsGtmarig8umbraZA.ၠso.ƏA0itorganisP@wloȐheo0enHwInon-ex`ȿɴe-GhxweȇhaGcret؋]grow(猌rZinvPynew𢃊(cap`l-aّl&i1Tor`aX`lennia鋰addividusngo@aculOM@lehQp,X؄himȈ)P8s8kntrԎabggupmerttac hipf!now_Y ҂Blieȴx؈иMaڧannusydogmc ]iPrip1Ecs>,. 581:?>

Iahowr,0looked*factHatnnyivenxcieЁreonhisefinition Ei߃diffntv??>atural{`orahypoXtic8Aemploym.n(simil,ۇXy_^Ҏhi'T',Jenspzystem@lln叠libriutׄτanЄhustmikoakqo76Ќ??DŽÈ9uggDab`n$yie0aniqueal0瓰r8 tɁ)ɖA nderstoobcertaAondles!anuל______\amw ongerop cepfP%viouseemoo(proideahny*useQs8ca(Htribupouralysiss8reQ߁HW?>tXquoGG;genepe dnAwG(such r` at8a?[eЅermggneutȈO//nam󢿪I ۩ÆvXt!׃1'Zarxs+;`ougXbetscerhap0Xgoptimum//T +?uhmos0ct@ailgboutpu{'1.elacityo[wholRzero(qg蕣answXq xoȆasumyQ cpslqoċQh,0ectulwayq 'Uh>BAa!@lP(τσOτχGl tospect1lePxdiы؃bt!littn jts`ʼlusLdneex1}~bankaaurZforchcarmarket-hsPsfn";{sұ1intigslawPgr|ppl0#rewardcommXty'ioduxou subjec:™.ׯYlimijnsvolqdepens2␏ߒЁjun J"urrpSHtech"X2afa҉rdiworldmbp:pagebreak/>
ENERAL
<Ȁc">Tǁǁ1ǁǁHEORYFǂǂǁǁǃǁǁMPLOYMENTςς RǁǁǃρDž-ρρσρSǁǁǃnjATED/p>T!sw@*esystem1woroupZ#Qgs@xcs@rbi8rЕanbsolundpoI1ma(ir5baJXriip:rpo0JMyhichkg se@H肘slowrYlittHev thav amal`HHȔvnegiqshort-IfluJ! ieHum.??>;ŕo0foprqexerci)䑀!φ?;.ςP(so!discxra$`ɠIaC(almoүHam;48Љ0Hy)lexIřζx0mtaccu(eeneHis҂(7Ž/mly''׎g?flskћ) _#8delibXtrollHmg }auhra`Qkp٧. uyvea8 G3DDer8bIIׂ1׮ׂ>Lets0wpp؊(umm؊jrgu5xvio(p`s;񶡒Gy`rd`›Yroducyhem߇8wiXؐ@xpus҇newvestforcupply-prɲayapital-ass0HaguqA!junwitproyield,r0Ӎgeffic4phxime0yKפXɇ!:sayphysichdiʘ*ugooddȺSfihXcernsychgP0Pliqui`Hm`y (f`byalcul@ن:w-un)etwe S??ntBuirea(dek)Nbcarrißp;caubeПr&ubli\,aΈiobonowgappr,g7be iished)'%<ywONLdironׁ (Xughm0 amount)*ya0%hء)c8pan@ssthearginalropensityoonsume.heatio,husetermined,etweennncrementfhvestranderrespondingwqaggregateomeotheasuredage-units,sivbHЃoultiplier.

Finallyfes (asirs pxim1n)atemployׄ҆equ072,Ycan`ylyy'm(ort)ɁeJbrouboupKfactorsdescrib9infq_ÆwwwwwwwrA_@liablhowevraislryechedul:liquid8-preence;1re;reeyshichtPleo+aPdemAfmoneanasmu8valupbrQwhXΑ0)pric( hsɁ70)punchangRutdЕ0itselPmP0,ƈFlPcppani 1XowJFqcoshorteriodTpoH@librium昘Іځrecusss;@a so.orernonbi0v3ZthwarnЍsstimsubstanti.ȆAxtaexYctcour#ts.ΛɁlesKseem@DžΝuseful³P`isol.ɫrexaaH#mol.ksmRshXȃxmanx[Ђ؃ ic(intu (`akûSailPهQшQ8t(generR`es)ofdA*u8tworka8 W3TTcerHbggIII1a0mmarG0orB(8naeomicystyIucaspecљ(y88cpenX nׁ[glfficccapithZafely}fromogne0s''''narulakX࡙dB/Hևhlih8l9ʤHjecsAluѻ؛rviolunh0ndeX(sAbP؆ron8!normɠv )pidi;ޥa8kYetodsc؀󑸌lapsߋvY8tull,QppxiiP㉇arA-ccurr.ƌGshyt⏠k5wea(xselvAbe8ya脠cHoYmI bmedihn,d (0y@lotmHHoooHi0ЀrYh? I buss icycH''>agɩpa(萠f.鉈thʇrur`pch;݈؁`o󘰉p adurbaZ`XQveU,ibe,К"d//////Nowxzrofhow̫XnH@ppo

T(8d@ons ility9foregoingalysisuggestsQus(pڂ exXinobservedesularellow8:(i)ԂmargipWyahsumeatn[utput!aXnmmunincreas(oret)cȃ8lesloymepbeppliPPiHit equipQj0iIrlatMtwstRbnoteXlؑ/Wa8ы(spectie􈐁ertaJО8@wtdiffefrom*HYdid҆d.Ƈ@c0gbasm setvingu(p*贙ded(til)ܖZa`q;no Xw{e@Yw:genp_inHmediYE.ɦims8mayniinCofQt.uq8ob a,QsɈh`dir錩 ߗmqu0aour9mЄ% eI0houghxceedingnity,sot@n@rmalircumstances,倹ouslyarge.orftere,ivenhangeYtheate8nvestmenxouldolvereat(limitedn`byullreromploy1) consumption.

(ii)hilsturirP`diQrovidesX aode7/71iOnXdefieGdemand戀n-goodsseρ8spectieapital-assetr}t؈oooo7t.hXliktoejcashwincscof1ducendutputromexi`equipIf!d,taraoswh0a verurplusespЍZ ؂׊,lmaXЍrabl1(bil80thaertaPry;↸s;coo8soЀ@a5be`utHsed.oreoȄف8Ra0W'ulrHxƒooosu"sharplua *buesssyc8ogyepoch-makn—oughqperhap؄upward1ћkowndirqϢϢϢϢϢϢϢϢO accorxqexhieHAhuatur3pԎtruggȓmoney-wa`hapoБabX ЉxalPaOmha臘 =i׆relPvef77>^΅ZoeQ0fieachi`ubobecaub80ٞnworke@mIxnishmHin@¦2M(0Ā8k0ieadiruxisks.eP0am:e0mo

Thusux)condisgeBadequa`explцutstingeaturofualyerience;—`lyhatscill,voiRgravesttrXfluemploy:pri!Pb (rou!Ɏmediyyapp`iablylowul7b ZminimumoheclinelwhichouldndqrifeWWWWWWWRBumB`clud!XJetdeqHdA'nal'0ie؍thoȃlik0 sist,i gsҐ`8s8desorAm,隑*,blishlawZneHHy.Ԇuped rulfН"bservsaernworHXireAa$aryxpЈcanbd?8mbp:pagebreak/>
I?g~Xjh0ʫadvant effȞa\money-wHs?9discussPHearlihp.Ɲpclacpo(Ȃto 񤈨su)edself-adr0eomicystemssu8@tyq_s;, rigbo聠ϫlzal1獇 siblhoweverڋmatiytilowʋcpzlo،ωsequ׏׏Ѳco(t A`dugcquicapxbtaAircum8fdatlH outpuH s.Ͷir)romˁLPmaria_analy;o۳(3setort@l%d؍iacqu؏phmme(generayeHdal`sIHYP0ne.toHidepeXroؽutpeH,wh^bwargЪBH awiX-iLJcet.ar_??>xmbminish)xifڊpro c`seoyJupo whilragre3iǚRi`fA`grgi(iciRD8(aivHip)GGGGGGO$kcrud0m؜ym(`Q0GG8un苸msPwho4mAanasZsh=~ag8g4`eyulti@h-c_X/,obvio o׉xХǃoHroj.ρЈfnesCgobecau[hg`wn.”p,hink,eoresualogreehat(eeductionnPney-wagesayave some />ffectn؃gateemandroughtsKingpurchasypowerfXAworkersu9f܁HoractoYwhosi`cps not8enedXillstimuldyfaЉPprice3/wsamselvȃveryikelshaspsul#voluSemployment,nleslacity)\forabourponxHnis삓anp.huB1newquilibrium8œ3ouldӋ:wihexcep`perhapXunlimitcPichHs⇑⏘.p>*leijpa9onxߊߊ߃`jhpsmakxmXrقcarg0whe:er`wxrl΄ǁ9HmHurscoPh)Jvalu*;PhQ!generpdȦ ęn,.cerno(Pexȥ1por5߆ʃrowork(辠f\4know`70issuPм;acq+/Pulaio 8somixfCnatH̓­ρJgamaggregXctinie X_un@PlsPr섷BI.eHHTn ioopor8hiF>hilstouhweH쨀 ɾy"i'accompani0ػooׂ׾ssociXSɟCpHique@s IʙBy)GGGGGF`X@LP̏`{ch\fu0?(i.e.w1Rȳo-units).­ȥʾsheo`ow؄ exialogSlus*resp|ߝlpiHunabswwhatffectnmploymenteductiinoney-wagesillave.orthsoethodfnalysi`herewithoackleheroblem.rofess@Pigou's TheoryUnw/>eems moehu fZclassicalqatha0aneoit;qresult[bookcom(atrikingepaj||뀐Xoffer,ɋtXpplied߄ywadeterminvolu@)ctu?whole.p>

ThusreductioQoney-wagesllaveoaXIendencyomployexceptyirtue its0percussIeiȈ`n propensitconsumencommunas`ole,schlJmargineffici@i@ȊLJatix.Ԅsymethodays%ect‰ωω,/0llowupBpobxSz(threactorsOOOOOOOLes`mportaoh8likely,pricxA:OOOOOOOI(1){somewha8s.t)p8olistribu؛ne (a)romX-earne@xoJ͗e u( c!HreeYhnopeend,d (breneuXtimpce{fixm"brRguar`eedgWٌJDthЋ73 ?isfߌߌߌك蕛diminismerJXmroubBuPbڡDQؐȃᦰevh XcgKv,Ty_eradjQsяzpx fs qari,uotaYtccg``g8di HbelieMicacywwme{JemployGri1sp`dUStPP藣atybep,|*`(emט3cqgg71oughڑD7w urgrWiexcep[newp!wh@8??ϰϤoϋϋϋϋϋϋ4jߣXxpc⣇future¡,cau haveabov?margiiencapXl;1lQorzsamast򄟄cp9.𛀆h苿ipd2ʋRrhKeriopossibilaxr!-׋hHsҿcip.ƃЁdiminis3tpr2bՁ4͗OOOOOO/J5)z-0lc niPsh3icyPenerall`ne`hJZbu`esur(es;>proanto
Cet.ar?77.isill`ratintPstndusrovavourabto0v menIncase,owever,effectexpPationxHrning*futureb"anppositendythoseu sidPdr (4).oifagepricYPriHagainrn?acmuchesnou0dP{莢ong-mPansh"aBshortsf,ore(ҁȆ[dis(boliticalfbyuspopulartinc ǓduʎTuPmayʆ#offsetlZxhromʉXcirc(.fp>musthism/ww>-ccboom.p>I.ʬ3od@ކma xer0ade fluhvZong-q!m)offqIadvh(bmnfce;稿+yچ' msP8vehPpracable玗@rnorou,! Plexi@cpolip(cap[( (0uous{;—(ЄIn9 n-Xktar/+,aXachip ult3eomicystem齐1m(lf-ad"aqesgggggggbIfȼ؅luralwaya@sitak;()rdo)ٻȚ

Nrlesshialexolicynh߇9y剀enalytichy,ysamhasmuchsႠrxlternpeanschangquantityɃmZ!-toresp: ioursIrdirenc etweehetxrieflyrer'sifutst@c i(ȀP(i)xceptyaocis`8mQyPڍisettl8decrePosecur!`form;reducjhrlalab.Ԉsulapnb9ou0ze؁gualrregulareSiaon9cri@Z3omicxpediєdrob8jpletHafxȜHZdisxtrugg🠉bthos:8ake0bargainposi1sul xst.LWTӖhs@@powʄgonysyopen-mark`og9su.av9HarouHatQituzoi0o shersYhoLpreG@unHYpoidv romdrmhiYnotbtBN.orep:zeQea d8Bڊ #pppde0Jssoic1Yo1impracI-ynU,8aprp8c` (i.e.arp'adi'ao`d`rpӌbeq8@( st)mspodiaϋ(:v4I0[ip pinahYȁ1gt9(airn)A9Tor٣re`cntpxfixHG8@[bZthTsaxtanYȆ@ʃHirm?qsSt`.orxђaX`iɇ/uanXyHt)vKw5iϘϋ@6>ysomewha_\Cr(gpb(p'Owsnywwwww׬wwwwwwwwwOtצצצצצ׍ԦTث\۞!jq-uni#de߿(i@burd`xdebt;HǤÂsamqs ЅlleundȦppositffect@s(HtypI(`xnc2폧vra gXӴi02bP8Jlex,Is,yLa gbovaoudragE΋XichcapitƂ*ofvRt`cry/(a8 g3dŠdcerXbwwIII1>IhollowhhtfwdigradC/mployJ`ؔAxX(raduallyiminishingoney-wage,hisouldot,sulhaveeffectfeducrealxndightvenincsmroughtdverse(fluencenvolumpfutput.ԀchieAsulpolicylaissez-faireU/__>, oitꀁtruth.ɇXlЉxЀ`aoritari,0ere8ddenubntialll-chanc]deedkithcs.ψc@imagxiɏiItalGerHrussia,t)Fraenhdtat`G2Bin.p>

ThuZrig GyHtabilityfrice/boundpnchorterioHavoidanceflucnemployment.ɂ3long,,o(rPnwrɄ1left_chotweenLallowiц#to怠lyprogr聡techniqu@equipQhilsteepsJlorprist.χwhomyefereis:attal0nщpacct0facttsasixpectzhP񅢌futuXYsvelahnanXu@G Hsosociadvant€grad8Xdiminisgzburd debtiepeaa腊adbfromPcay o`ind rie9sylogicourJlikexfelaoderpnЕpmoney-inc sButosspoi{0ncip@involvexwouldadyoscopSurpo`dIodetail3rguhXsideߤa8 3rcPer size="4xbA\"1ǁǁPPENDIXO ׂCǁǁǃׁǁHAPTER 19 1?N??Dž?ǁROFESSORǂǁǁǃǁǁ">IGOU'S 'THEORYFOOOKUǁǁDŽǁNEMPLOYMENT'77rofPigouah iTheorUn焦>ak˞yp8wa٢@QorpnP(i)Rl`tˤ chrkpeopu|(2shaiRiDem FuncqLabh.Ծ1r@sȁ‰bookco`rned3er1?PjzGH8a7.,Xs,遹ored;10ffXBass(ǂWOvd1ric-goodsPtoasҎded7ߖؖz29ߖߓ=qussay('mtart!enquiry''''"givHGGGGGG,. 90.Ӻ3tacЍpj,gov`#ppl؅analysipsli2nearroutseBJ,Ɍ lummari0t0t*up cruci`sdriZ"o'engHd toHiexportSsaqrcAclaimoohbroad'j'o0rل:<+@8ica׍Qnon-sHspv.ȅuppw>xo`[Y٥уy{3pvalu˝ς׆߃πʕIЉ/__>FW(?);gene٫ '߀x
).his,hougheoesottopoentiont,santamouXassumingatarginalage-costequQprimePst.urther,rj<υ>xǀ"> + y  =)φ(GOOG).e.@umberfmployedngoodsdustrix auncBtot0.enhowelasticityredemandorabouraggregate (whichivueapeIesitum,amelyRDFALB)anHrittenp>)gWF'y br()75GEr \/j—— ×  φςWˌ'WVׁ׀O>F">)'>Soaraa:gаQerenoXgnifitiffncetwehtPmwnodhexpress.ɤfwidfyrofHPigou'withconp!,'oyЀ'intɁit(ll጗ǁ/߁߁|be{ealuzioutputu7GYerm6unitPA(?GFCwϥρ">.pramore,`(jecoB н;)'AIavlledboh¿ultipli8kǁo缇OOOOǂΔ~/7'">y,Iׂׂׂׂ׸ǀWWW 1wφ'߁WZ+2k熧WWWGg>k?NjNjNjǂǂThus'elacit realem)fXluraggregate'aIcosimilH(soH,xpendpartlsphys0ltechnrdiy (givby'ي߳ЃDŽrospk(__[φ);v(lwaywre8tYselvЬspeciashpeargin3-costequpri.T2瑳oظinӃБk7,גӁanXmbȲ1'ur',upplyunctionorabour.essumeshat(iss~ofeealagndnohnglse.ut`se8alsodՂ'eeumberqmen x/>hremploy in-good0ndustries,amountHԆtot\ exist.Ԅ@say,n  =)χ(GOWG),eЂ/7o/}vaiXl(tww~F'>).p>)''Qـ!7_77 OW?Ogf@JthreenknownntwoO.teemsӔXgerвA0difficulty ak?>/7/q',cse贇pno0ntarygcnYi."Ѫwwsfcashavalu(hichtisfHW/w?WWOOwww炧wn avius|_)l(say)n1?׆׆ׁ׆׆׆ׄߓ− /ߋLytot@WW_WGGGGGGG߹?g>worthausfoociderPjvemeayfuppfunctchangemo(beO ivȰ'(so?????dooo____ߕOnow775 ">x)  =)χ(xOH),heemandorzoutputfrnon-wage-goodsndustrieXsuch0atmployme insegbbou(tocreaby:amthiwillr rvequalityetween φdžnassump߁?߀/7/means,Acourselahrl8ioHmintswnalIuςʂ,C^+obe`bolaws.əord[ҔȃrQin@ead@tselorscheduPmarginef@ienc8apitpjaa(fup'.ithȅMProfessPigou'yalyshks٠vidnopingvolH bXIindeed,trꉲzldasup8furnisAor"unϩunvrefncl*ߍفtB(i._Y?͒__Z)unoafunP,⍹(e.g.)厠 Wstconf臠gbHita'Ut'rrsome8P@isnr.ȓooka9icernwjl0discuPhow?4,絀ߋߋߋwh$ dsasPsfȽqm*pelacIҥ/ϋow NGFyoLriPcor)!shif֊GG*.r —n@veHerhapet1)wygarАacauYiyتC r@hipDslehaހȈny. +ɭabLellu|bactuaρ''>;ں@roXmdnta(٪xdirxar______GBIfw2ZobilWen hI3defd,,E,w`diulJsee¹RmcbP(*FHo†Y3__nQpweXxπ"ye7b϶϶ʙspectively,tillemainsatal.

Moreover,0greeshat@thinertimitsabournHctftenpulates,otorivrealage,u߀money-.€sasePeupplyunctionpsJaiGGF'>(x)Phalsoq priceY-goods;—:resultpreviousnalyshb8ksownd ddiъYhaoePtroduced,2oreingequa"provideBjGnkn.ԅ!itfallsaseudo-ma0(icxmeȄ hichake)HssxceptyلePy sleariabH:ssumiڄxartidiffnisnish,uldHbettexllrd.ƇippadqQ\a ~p)yeXceedre-wr؇NIbe uppoif (<)a[#0havAsufficiP,nIHrф8w~nw  =)/7/ +>y, sі de2 :,'''Xdepe0gmouemploymreeAsay+bpiXtׄףʃbew_.ט sɒsaiIshor`Y mAIs˓p_rigiyqOp RIwbrYYxoryePs:ўaa0GnǂtduturmoP Xъfluct#deca1924−1934PstTan6pcpXX&20.%\claim.. 101)8l co@AlY,on2-Ps'`pnǚ䋪ʭЬpY@فJgr i蟨nvhifmhi —܄ vepo0d8discusQ.œ ceenexth߄ߎ/2km`himself9!`I'8utsX`gpx ZW[\{R`骂wdo">-ߏߏߏn”݃poȡδc)oludouxp>Theannernhichadmission,xatabou"facttipulatesorivenoney-wagndotreal(provided󃑀doallelowcertaminimum),ffectsnalysis,ansohownyointinguqPthisxsessumpt moreavailexcept,Dfundamenttostfrgu,kswn.Ɖexampl@ProfessPigouj(.. 75)j orymulliʉ_asa",.e.Ze bealpdyeoynohdiɂpthcoҋB87g(SubyɎZڋp,ycscorr.hEp鋟rcisRropos(reoicpolicy;iٖ0la!movfromR@PtimeXstPnG… e2,8! (B8ewill\workexϛBanyi eliv,pvmode,ve(@wouldhutwithdraw6markebpequivalـxWP.p>J(G:)칰Ҝol ;vious!llsexrY'#acapparlyilityg}.ԠYintwe-ftem*bsyc0og ibHmH0ncɂjAbJbaheorywwwwwQdiff1Nnclus)jjbnp naly`cHsH؂Pfollow .M@sjYXview: 'WerfeceAmpetPagpeop(YMmo Hnatu قH(i.՗sr \pudemYfunck){ylH`alwaypHPdso3Jybodsf.ȏ!Ȑdz0脤ct82zsu]ڒhtiHduf`;cQlzhtakqpla@fri e@фpprodXbemadقe.'_______YHdg__gg/g`253lP i،!3 failtselffficiWusrofessorigouelieveshatn@eongunnemploymentanxuredyagedjusts;hereasaint l(subjectnlyoinimumetсmargindisutilityf儆)sotrihi`deter`' ' (though syavpercussions)u6o(rorcsystem,omfich (hparticularlattweeschedul҇G@efficiencBcapitandcat sProfesWhfailed,f amight,!includehmime.

FYly,YncPo'CausUWt'peaksXrue,Afluctus}stdem,uBdo.Žx0idifibHtҕIDFuncabour,agetfulhowarr8aiȚat@с苉def a.ƂhWWWRpendsa (weshve)IEiߌߙXf//>twoPctorname(1)hipanyiv8environZexAnumb48whoˑ X>L-gooind8rroov)mSwynsuma(2;divI.٥0Pp֐*犿Theor—Gnt___'l'reaosámportance.Ԝ regards0{\susceptibK0h-Piops (ONop.iw//>.|,haps. vi.−xii.)uggmH2swRr`(hbЂb poli0poXsenvsYn, ؀ȁksBra(cycl# dዸptirsлyonaABamPar",lgoHback, 'oWwihv؂``@_[meao ǃǗagg!h3'Sاgww:mlositslXibtyshQkȁL.orldIliksubjec(harplЂ1______'sL,Wˊxm7מxrepةؾ#physicdf^OOMσׄτπτϡ:tعŰ'ߦrlɒ'leteXI(sifficuley@shou,xhuv h`.e0inY[n)pЬԽBݞurAa )׌ߔ׀(x)o1lowlyechn(ssHmu0h ,w`rЉ;lst7oo7g0rȃHxQdaPdd8outbXkrif?orkqclas8mogenerIE߈0sumHIexp,PoϣȄpɆvirQta0ougtIe(_Z賈altogemiPromaȡНcuiJ,00sXi styAoPoftЇbottpheno3//////ߑI`rcisedtengthrofessorigou'sheoryfnemploymentotecauseeeem`oe1beorepencriticismxanrconomistslassicalchool;u?his鄊nlytttiwhichmcquaintedweowHφφpreHely.hutas(Pincumb1onTrah@bjection:tiimostormidableIsX wndvanced.

C\"1ǁǁHAPTER 20?1????}T??Dž?Dž;E ׁׁ׃ׁEǁǁǃǁMPLOYMENTςς FǁǁǃρǁUNCTION//>IGjustifyMynhap 3 (ailepos=(0077286blueu>C  = φ//>g>),\rel>[picDorpondingutputye7~CdiffersroZas,yectX0inv@eand́er@wr /r-p71c(orhg׃לggg_____}gcǗpbyooooooooo '/">W.rogenerȏp (hitl$ssum)GGGGGGGGGGGҦqutotalGGo9w =psa؅_XCbednndustry r/>henffectiveemandsDunitowe‹cidedɈricturselves,*o`roducingjzaubiousu`ita0rerfsePdoen xelo*hble#indӉ:utpaole7GG,si {aHngl-8pm1anviron,oH ithano<אe —followQ4GGGGGGojTyńaiculaommoditЉrawnom0ssumplmemberpublic@hhb-i3`ngeOaw8߅߅߅߅߅߅ߒ}70@liaaggregat??rd.׮D examin;spp:ividual*''??_؄necarXned,oԘ7\eapnjG!b𨻬flDsu*r#XoPr9?ca[@,owraskrrȨailȃѢ*picGGGGGGFPletIe (g)tMpensqъyweȋYogtakөbo)rOOO!rtSuڐg,(yvelefxge-yۦa߅t'$=de Qo(betwe(:MǃDžׄoriȃ 1 s πXfur:Aԃ-։'$Kniqu1߄tǙ4s)DimouiϖpNjLjT)(sa)t„sW_7䑟7όϿhasurs,ox xsatisfizeymW{?defdnameȸ?>NrG \/j  = 'ׄ">(Dwׄ">)(idvantBh2ВwpualadбdsoǾ,giÀvenevelfffectiveemand,squaloheumIYemploymentunonsoracheparatendustry;.e.

<olor="#000">FDwׄ">)  = /.N'Σ/7/߆߆߁W7߆߄'> wherewowwoooo!qexpect profit.tollowsrom(Rif'''//// 0,.e. outputsindryperfplhnelac,*wholȁcreasefyiveemand (inermsawage-units)*U@accruentrepreneur(\WWWǃ77DŽǁ;(ils?ׁO?ׁׄׄ?߄߄߁1? ityi@y,oar?eGiteingbsorbbyemPhninx~.ߧ|29ߧ߈߈Moreover؜anaunon φ(Ng">)5labo employؠx weave߱߱ߊגظwGӽWwwwwoDžooopφ"br)'—— 11J ,g?ogggooooooWp7{φ'}؃tÀize="1">2<where ipwrVWUpshexpectedricefnitQoutputnermswage-!.hu;conditionGeGGGoGGGGG  = 1eanaat φ"(?N???77777)<0,.e.;a staretur8respeoxcreas0employment. 2i{ownoarᏜlassicalqorysume$lRsalwaysquo margindisutilitylabou0nd>tFsheno!,1ǂcplyll(off;Wcepaǁ77>.fgcreduced؄ing8practiimpoHbl_Hʚufs.ɜwItrue,mcepe(`܉ouldaveiepHQ.oreoverR:ev0,gby9φσmoney;or[-KriproporateDƒocNg`z9.©c/:pdonotoxgooccunȕs!withQ,@hich0i`ąА`yefix(fuפϛOrd(rily,cs𞟁﮷)aalueditweHzeroayti s ('ts)[9'%Gg,cߒn9,ЀѪ(@X2'outpBϕ7qLeσYpectPr77pwychanaffiHdemQ߂OND߅߅߁߅߅߅߅߅߂,am(ρ?>dׁׂׄׄׄq/d) ×g//焏22writ@__e'_ZSPw>Oq  =<À/small>,eave>p>dO<: size="2>rǀE">Dw'1p//////////w/br@)OM —— 1 ×+ = 1M//-///47777777777">w//G777G???߅wsw>or߆߁e'灟w+er.GD2GGThatsoay,heumfZelacitiespricendioutpunesponse9changpeffectiveem(measuredtermwage-units)YequalQy.ł73spendtsell,artlyaSng݁q:,ccordpthlawIprсx@withXdrysholIpreasP@haaqwhichNWcaneTaHearghappl,0wpߗ焏,`ephsuffix>yQF??????GBLetsowalu#monesteawextpca0ournclusi oooooooooWtsor-ZPlab9NexȫgOwrite//)(= (Dd>)/>pdD))G}y->OOGOMww_#000">DdW<À/font>) <>/"> (WdD))orhelasticityfoney-wagesnesponseohaneffectiveemandterms.tsxasilyhow@hatp>(1 −wp.geThequation,sepeebnexhap,irs8tepYaenerxseduantor?If??'0rgg 1,utputpbenalxpricrPsameopor*OrwAHyaaerna8 73ё44cenȉȈ(בFI)ǂ1Ǔǂ>Lets8turomploymHun`eaassumd0egoing‚eve l8laggat'#er3ds8uniquistribubetwe؄!ductbeachdividualYrNowbexpeP؄0,Ɂ?ea0not,Qt,TheѳxAicuxm!aĸ"rnh-perio(henna^enrωϞhsYsti(ahead.ӀvtakXsoC3prahcssiblɎmuicklThu`ad1on0o߃0P:lw7oot;8ȅqY,XxuffaIb@yaliÀgn="justify">Itsnh@connectioatind`erincipalignificancefcepʀaeriodaprodu.u,shouldeferoay,asf>ime-unitsnotichangeeemaforthvebeiven1HofmaximumlaHcityemployment.bviouslyIsumR-goods,ak؉whole)sens0loYtn,everyނPXceshe tituttage.huHfirimpulowardcreae #comhfromx_υaCitixillfurrXlowntuquilibrium-ll:􄯄inv#Moreo,LdhdirsHthrPa0IdžǃQ,XlargporЇgorwe`D 1ntreneuramallow8-earneoʠؘcofactors;ossiblesultÀɄHercuИ yasXwlfavouraexpendrowing*ikelihx/-savQmliّ* Ӈw .Θ*inbetwetwo㏈p)-- ar{؈Zmucsapbx.Fp>

IIIт1justifyWeashownhathenffecemandsPfici@ereunder-employmofabouryenseˁa X؁edoouldellingrkt싸exirealage.o0quly,sncses,oughyaquX`or??9one,ptilpoimesYwhichnourplusOvaiXl؉"!7d;.X mo$(rr)my-s (from8onwards) iggfasؔ''>priX.Ԇpnextom!`cpiȈ!(ppIf,sPchedx`ditu8(hu?8ڙ<2??UpɄBdeB+hnPly:,a甀napitYp2offyacesceaXminishBBuf0guniߋbr YinducevalduapȎȁtyieo)aurIk~_ׂct+isttdm9@fЀY񗺠`Qfixalso,QajEameQporA"? 'Q'sb,ludrvolu(outpQPo,xYleft(cHgyaesp~Bsa󄨴8&rude/orb (herp`9'veloc@'me'-)fulsfied;椰donoXl?exaXσi7_^MV_ZNeve̵capric)i苢J0s+mhbornЏ=ءYcț:(1)ƌaiX⮰,ymayؠ@ntrene9y(BlaxidividŒะ[0m"Ayscc(XoHgs-ceed3ș gnQ0zҚaqd0o/plicy"hfqcCh`jbeadvwunimatmargiAuscotnewcvironבGGGGGGC2)ӏ@QHpar::djtiqixW4Youghom@anQciBdibu8x.ߤLgd$QÏ8aJڇȬ oZAihoẃysĆ*onbeguhAtZbeaty— makteadjg@qlrJ}Hwe.ɈOlʂhقY;uxgrawithdrawX蹩TromZormRڅ Tžm Πg؟rYh⃵opʼyposholdAfVa `جKfir`7ۃ,OOƒbswo񼱃ꌪefin8l-yպ2ߛOnrl!;sedGt[nws8tꀢa?ofheenÀtiersiminished,ointillomehensresultf聸growinglativempoverPment,herQbechange-!rom irstypopstoseconwhichmayQreachifo@orftuemployAbeenttained.

IVɂ1justifyTis,erhapHspthaittleplexinapparasymrtwinfIoHndet.Ɖ؋8l@aǏ9effecdembelowJlevelXquir`ϋ̏Ғτe@priceai0bP`kmlyXс.ԁ1howr,hflya thah lualwayssi”0usoorkscapinvolv ag *s margin(disutiyamou8 ,0no8inЁnog1OOOOOL(mbp:p bk/w4wsize`oiC ["1ǁǁHAPTER 21??????Dž?Dž;E ׁׁ׃׃ǁǃǁǃORYFǂǂPǁǁǃǁǁRICESoOJ/G}Soos嵈om@pcerxth( @lр ohvalueyxccЯx2gq)byssuppٯ ;aXnarticula˧bvcoyȂcshort-iodplayXPh9.uphpaH``umeI,m*QeXis0DŽPmon1EwexarXyh@@bPilib:p0molBquant̄z,iinc-oрcir!B0H8K !ranshɂJhoardHjcsaلggpiggetcenumne^>bitt8attHBmad*(vaguphrasi œHiPgg.fA*IStauKR؄i;si00sRseemtOm0er`NypǑ;AlPsophic hlٙ"hazhle`ypo.ט`xuskfi8selvstima(motWU(09oknowjrjXinpem,apxlHa0rfash Qwakф1ydФ@g(.wT2ߗOobjz|`egop8sPoscap0xdou1lifp)orʧOؤ obackqcp2t[߲.Ԁdiviрtctw+riȁҏﱨ`ϬߍPRiInklrcho0sugPOqviduXȀ٢irmk;rew[ׅxdiffhaoogn_wxresyowpjoymфon/GG ƀonhetherand.oongseimiturselvesostudyfjindividualYustrrirm assumptizatggregateuantitemployedescisonst(,nd,rovispally,8di1sYiHsrencgex true[notcernwithignificxharacteristicmoney.utso[p(blefde min)utpnddmeHaXole,arequi8iofX1tapeomy.

<lor="#000">OrerhapsbmYak@urnHf䐠etweeCxI`libriumOJhifti?m —eanbylat LsystHinichngviewbfutucapa influencessitu . iooF"mporc"sYi!lopfroXtsaikF''>.׆n2id(ribudifferyuswill;mӇnormkictiyorld)8x)relijY0pects;arZ^T4RPubj9wȃthx foa behy.ό(sPl(paedecϡʣRre@viousxyZ|appointwdo-daI:`Hepvadyajecuxqot"mn xocalclthougC7Wnesarip@uЋXrgremaiGaڛahepX'r'.͈С't[R boȔ`XthdhHokc;넱evؕґcuAeS Fur excepPnNJb5gei^*bolixXgoYsilvYlegxФ)𾘖قSooIڑexnyurHe(蕀'oss,,ghprisJ2hcPxGwpa8 3I c b77IIɂ1j ifyوdPО-ll ppBqmuneplorxdu #gmarcosA`GaspJxput.Ԑ2Hno)sAoHlub*wholeȆ)lχτχχχχχχυhXo(i.(tabp&techniqQsQen)vole0oyś`a{/+1#=ѾtB"m`?齄S% akpccoun gn %idnd>''>Ⅰڇ򋉀hˊ]i!euihnewdXygTOH*فL.4jJisoounKdooǦ@Bowrse0si蒺B  fW/WWWQlHR1apo،age-ˀunit,tollowshat(eeneralrice-level (takingquipmentndechniquesiven)ependsartlynwage-€volumefmploy.enceeffectchangesquantitHfonelaneonsideredabeicompound_h_.

< lor="#000">Tolucidatۅpinved,etsi(urxsumptitillurr,e (1)aunres(careomoo(interablirIiciyoodupw isȁx(2̆factorsy1xoargincosxtwith:sa-!oo`Ʌ@urplHmd.ɆI0casav#t؈turxigido,Xy IߋncrEwjn`sXrs Oxyporz Y' Rmbrou8bout0qey;`ilXoX@fuI(chЅzhhforwarʃch'''%''n(Thiper!ela`c ppxo_]in @_{ϙw,horenunci ږ: 'SiooOGG>sWw4݃?????='''''''zHavX,XwXatisfitradiJ`atumbif>7enj Hoo[nownkossiiylicx)Wqɀ@flunts:EnoXOOySPeoѻdiminishryR,'sotusWWWWWWWS3WWSerKٵ萠mo Z@Hd|<vailrʂo1O4)0geoisHbфǍZhbeЮ􄿄5remr`Yorٍoarginaoș֒Xzwe ir0Oз9Оɀπʹہ1U7',rspeakPqtselfarÂuɄفraillq.Hieadłn*'AQv'_<߂ܖ'xhapϛ⃷說i_ׁa0bsaXqahysretw/с/ԃ-witIviewdexDgpp8oa̡),r)f-sȅQbovewwwwaliˀgn="justify">Weillnsiderachfhemnurn.utisrocedure킰otellowedoeads؀hsupposingaeyre,trictlypeak,depe(nt.oPxamplhportionQhi8an`creaseeffectiveemandsivXXtstwee outp(raip es,a˄Ywxquantitymon relat'#GC.r,gaiidirenremuneratactorshangHIinfluف0Ȉg׆771TobjAouralyspiapPxchinhmethodblPnipu,tJfisfiblhnswe(bA' selv8witorgsȆor0(nac0r@ms;hft`wea chsaclui␙oqZeic=XQ8ngoack膯ڄeBafba)@LaHg󎁍ҁBnaHomic^.n0 apply3rAmxpnciought (ɋa,@vQ0shloИLwood)[_error.ɁHp猠 uljsymboseudo-maIcЏ󄺅cast0cuzKsetow`:i*p]expressassumH_9׍winvo +irgauri4hypQXs;ainary c!qÝI^ knowiwdormeeep 'Ӣhs'es90er(lifIadAm՛-makhr@Jaw6Pbhhs'JqagKalgebr@Cvhoargᰇ)rP'al' po#im ciYiniJZp#Z(`vʊӓ2Ysiɣex*TlQljztyoP unhelpfus.

IVɂ1ify(1)(mϻ犱!r/r ɋ@HZPQtPxЀdromShre80"—(-ia>)suliquid-*ktsaχϱӟfȂm`absorbh hol(7??b775gli+??)__B_'_smselfor23)4l5)מy8sied.ƴ7ggcelftnw,ב1z+ȡxBdPrQcircul`%urgo< Alsivptwetheise ˀofrices,heisefagandvolumoutputemployment.ur@rmoreKschedulmarginalfficien sillartlyepeon8ecthichcircumstanHtthantincreaiquityoneyavPnxpationsqfutureJtaryxos1s.fхYmultiplierbflued+wayIneworesngrom芀iPdem isistributetweenHrlassPcrNor,ursx8th(l`possibinteraqpleteeveqlesihe @sxfp sh:enoughiyaneous匠Cto!aHmt.Ԓ@0'!amoufOLbpfPak )yX@ocnthcorpooCjIilibriumPt/ww.͉hotonxhighPexcep8ytha'''2ssociЅ deˁ-/77>OK.p>Chap4

Underheading,owever,sso* (2)RlacityAsupppardepend{Xp8time.fssum^tervaloeuant$equipm:tselpohange(llIdecidedg @vhually.huoȟeffectivmand,iYiti`w.XespPdemploy,ay=pyarais,ininc;ilstxlargЈch,uneseenaussotPora( eJׅЅwtdi8nctrom?؂axtaa@irtbs@OOOOOOOJ(4)XAwage-unitZ(dœbeuP膰bgrihŝQexplan.ӈHРgroupworker0g, Uicet.ш??>8yEwpƄur"H˗p9`doRntre8neu mQmeetiℐdobetbuH.Ɵ*@rproXzHanWW8gcbsorbeȒPsfyɏupwarHpencg`oooooOJY,ad)ojfincrcHpf|@{money- DhponКנщGDerm,=WWQgoodzcsearlisemi-GAooosRؒ'thougho;simih#Qc)IcAerWdoX!$cinuoust_؎_[mѴ/OK;8Pis3!Zedysychg A-olS tradnX(ysСѸy؀arcoselsexaChap21

Whilstsoranyurposeverysefulir`ap`ximsXassumatLwards)aЀfactorsntemaraime-cosaȃxpor怸wage-unit t bet,erhaps,Bake8w"edᆈgbGGGGB,c؁錵iOO??>.ԓm,subjab?ɇXca usreg C(ist0value;ice-level,痘(echniquHn,sdepepart9ʊ`outpuɛherҀe_^moreonY-M瀑accordancithncip+diminishreturЖhPiod.e蔘uwhri쌡!iccromea OKxduQf[҆8mumguaua(tsuffici) ( ɫxe_Xa8 31cbV1xar8r׎Gso0resّxtselx!ɭ䁯HׄҚԁch邨ndiB#ƣZ`des`on{rPinflz.p3`po(˄*ymtPansPeiegrexܔ8`io ЧdrawPdef Hkdecla0bsey.Ÿ2ϐѡsxkXzsarqAwW?:ۛG@D2GGGBIearɌ9fYɒla`symmet twi衍crwa8.o0trp?belowremou0m苰ns;`?bey0sWsgenera8OermZ.ԃulol8aassump+?Sicuhjworkedisposisir-rewardوBNhpQ@moǧe_owr,b `wefhdÇmpdcircumstRgS -rbضqzaZ(spqbharmsownߜߜߜߜߜߜߜf՘rȌwagwithmъwncyrssnjmploymhBWul0ie@.¿cуl(ht-plah#8y:hapabl҇ero.ɆЎx1m0Cisome> valpfZfixHltkxganyabilɍغsystem777777TQieل_^'''%'h (unlesseeanynflationaryrelyhatricesreising)soundpithHenderlyssumpifclicalqoڃalways@ndiwh(reducare8rewardsfactorzprowilleadourtailmecirupply.

Chaph 20  = ''&D'?!quantityImoney,ǁdžtIcome-veloc(thpdefindifferQminorspec d`t`from#suW)0_exPdem.f,єw)Yt,Mchangzamepora!vid߃e<(>po/jo( = (gpd')/>pdg>)uy.ԕwhsPsfi(se''''''mڄfGGGGGo7'GG70r_gwG1 77777777777eanahwage-ermsris衏GC,@)oOo//DdW7___W_ɋ'7777?77?'tutputoorhowsXPeourncrea/7'/O7O.ύSiRc1willealed.ext,@anal(thӁcome-velocqnonstanbntroducinget7lasti,lys1ᒯohaquܧ ,p>DdM<ˀ/font>
<olor="#000">Thisivess<%p><>     75Mdpbr!(WU —— 1=߂߁">e_Y\/j×d!here_?Gττρ_τττρ͎1 −߁WW߄߄߁e߄7߄߄߁7o">(?'w">);/e/?ndMo//////ׂsohat?gw'烯g߄ׁOׁׄׄׄ߄ׁׄׄ߄Oׄ'/??ǽ?/G/߃'ׄdׄx+߄烗//hereG>thouuffix (y(Mdp)/>pdM))tandsorhepexf`isyramidndeasures2@ponseQmoney-pricohangXinZquantity^.:2Since[lastxpsioniv u{proporta@ Paey,HanQgarde sgenerstemezGior.ootyselfttachu(valumanipula9skind; Iouldpeatwarning,hiXIavenbove,8cypvolq@`assumpɀtowvariablatakid((paaliffalsgnor@throug)doordina discoursP lЉaubt銪yarrys ˀanyurtherhanrdinaryiscoursean.erhaps(eesturposervedyritingmown遀oxhibitextremomplexityfrelationshiptweenricesnd"quantmoney,h8wettemp(presstnormalanner.ɀs,oweverooi؅ouQat,f0erms eoupoxhich{ffectVc8gXepend_灗?stsyliquidfactorsdeiine2dedea8situGGGG?GGGGBabن(ohmorthtlenHome-cost)LjǩIy-waa raisaPoymqincrease7?ljljǁljljljǁ_ehysic(_rate1de2Yreturnsӌgappli((isep).p>  = 1;̗ixedυ 0 @a.mthroughouatargin#alXveroׄ;J@fullti٘Q0hOOO׆׆ׁO׆׆׆ׁOOOBNow/,OWOwwwG߈ωww߁߼_灗癝׃goׄ҄ǁ?DŽDŽDŽǁDŽDŽDŽǁ߁W߄߄߄߁G߄߄߄߁U×ll>o  = 0;rf uoo>e<>dO1nd߁WW߄߄߁τ߄߄߄߁0.obviouslyheresarietyfpecialasesnhichσGGe?.utgener notnity;is,erhapHsafeoak@heisationatnlausiblessumpsel8ngreworld,rexclud cx)a 'flightromurrency'wφׇϑ???_??_X׃wbecomearge,ggOIarul`lessn.p>cet.ar77.,1Ⱥe≩dem󅁁/+𒀈ha:dsemi-critpo80 ge- ԊhowXdistinuou isxڒopsp DŽ3opposii؃:se*Ppl`+ bn`X[fluctuaRi(= xisqfigAȈVGχЌ ucqretwggggg'de8bork+lfsupwarYdowndjwmPseryfi80ya;١Jc=fouلPgqtandystemyPa(GGey,7kcQojreb )burPdeb(fcPIYlmo(always@ .Ɔw׼sveabx#?s;r⋈rA8Durmni@8c0ur0growop 9bvX[opening-uˀpfewands,hetateconfidencendfrequywarveraHag(say)achecadeemo0eenufficientakinjunctionithpropensitysumeoPblishchedulmarginalDcapitwhiallowedreasonpyatisfactorylevel employmbempb؅`inter ighnou8psychologic 8ccepie wealth-owners.h8svtthatorhperiodyalmohoneundrfifyearslong-runyp}HJeadingnanciPcsbout 5,gilt-edgbetw33½;hsesg`wmoda(ou‹winv(ʑ!istYn2ynotol8).ometimw-uniXbmoof0tandarÀym (particulthrXd)opڅHbank-y),ouldadjuHdoЈqsu`Euanty ermچ>CGYyxrmliquidX-prefXZtGGSqseldomubwind9Hve* nʋXQssual,h8up dX+w،y߂lrlincu+baH(clsakfairفpYilpri;—)hnni9Sauerbeck'exumb01820j1914on50fCwp.ɗ`st(cribYsuaON(Iwhzdip㥰\trpψȗYfrriYfa჈OMdu*z?: samPflervXoɢ?9ppPDŽ 7ail?ȂG"yh;inp{aurspsubtpfulЁ9ª?sQok`evoluc8g

To-daЎЇsumjQYfut@cheduУmargxYapiЙ,variek),ێԥú}ni`ury\cues peipor0hmᙘex8\possiޓoo8ӑ}Pun_q_Y"canIP isXreyXniptSo??ttaXÆQ@!worecaσhde`,xfȆpwaIY,9n0ifxgɃdhl@9ȌewtR,cera7Bmolxt弈shiftedP2nGEepomyb1hiYtombȂәinimu_[/ɁYgr㖿"QHws;w rd?Ǒ,doubt𸩈ichi''''%F餻rg(?;qporrsoxParঢҍdc (1)cqbYuCleсgB, (2) comIr-taxp(3a1[/crxsiskutbziarriiePavail&` 爻sacri8XhnJ7=/turns ˀoutoenfinitesimal,ime-honouredethodsayrovenavailing.

Toeturnmmediateubjectheong-runplationship(tweenalcomendquantityfoneyllepeoniquid-preferences.stabQ8npriׂӁstgth1upwarЀ fwage-uP (or,(reecisely,cost2)Xmpa)wiȀrHreaseffici2`ductisystemohmbp:pxb0k/>
`induo2wayY  庉T?:bиeIinkنaoccasbhiH ng>777 ough tYenggrav!ssoq#o(rhgncahort-periodiڐromicEovelopAʙoul`ccupbookiЅݕӁ{lof苘AYӊoNsuhopdʒJinvXighԘs' a8 _wwOj7炏}BqGGt_77ovSme bꥉgry.g.upw`ckcP2[sfirȌp)jڥ{umXtihHabdОitgth8l er(oi heeo+ؐمAppoX5; urnWQyaac!'aoo,郡reachmaximumō1aBdm.ׅoYow,re2ג7downj`,(xr,erXȉQVa0aulXrysedalsihso8(os)xڵσ֨܇''5ߟ2yߊڳ & wAlexTm(taÁq;-phe Vis'' —p@btuaownward΀ornpwardendencyfXakeslaceudlypdiolently,hereasAs,sule,ochharpurning-pointn߁ЁXbstitutedownτ.

Any>luctuationnvestm؆t0fset∨rrespondhangx heropensityoPnsumell, urspultaσemploy.incp8[olx/jecthhcohex@(eib imbableathli鈏ctself„marginalfficiapit⅒yclicracter.npecia particularame*whiH(asso)w@gr@?nse@dДAlrcR`th 0p"Igg,owevez{a certa`definite8as1whdStypJindrtrad@eteh-c0urynvirona,GIshouldave(dihcs.hep=!XmeaunfamiliarGmh exn hG.̈́ypurpoxAlink#+ecepor_Ya8 31򡔊qerbII'1'nstroduPwIKpsaybeta%boomi'cis'DžWQ0sPbowwwlpd BIex98abundascarc-gooddcu h0p,uso͔0ofueieWSd0(etЪ_aKG왠adom؅qdhry訳newWRdeemadvis .uwnbab7seariouBe9shifunre؇ev@U1gsudviolҺsNow(b*ccoự)"HesPIm(IټeȐdemًmonboy+Hti4AimJfȂ!pD2hggrav,c@0er0PɺIraP x,ﺝڙrprii8aɷƊws\}l~//'WWWWWWWR|/op8ןߣףקsut(Poᦈffirrow_It|yrcb@yHA@*2organk,__ZurxsersrgeorbuyowhocornHi`extS1 nY`Ɉh8sIawhPdlluq(llsp愈-Ӏbou,ᰴ󩷪at(rop8cHNeH$@?SompaitBspqliquid-XfH—BY.hu)iJboc(1\Qeclin☿ituccfoةP(rlSapitaӀl,articularlynheasef`oHtypesycapitalhichaveeenontributingostoBprevioushheavyewXvestment.iquidity-ference,xcep`*manifationritLaressociatedithcreastradndpeI,onot]entil after/> ollapmarginefficiyl.p>

< lor="#000">Unptunatɗߘrga zcY 0sopa*@0hpensitcumFHnvol0ok(vaʗc0g8quep@Ɋ#lakbإۗxiւs,speciʉ0SIborrdpԊȁ&d ypeop,hapvXmpZ˨hd@@Hbhisih1s57ȁѻ[`?omW8'j-Pded'ub6UnitS1-dȦ!-mlmoPp!K{ssywwmcirP@h,ene[look[`bvIAggravY`ec6+'''''''"z6Prلnfee[elPH\`.uurɿ,p;ix0Qmr btimexredXa8ɵkɁ>pschxˋlҧؼشXc`scarcєc1PAecuȔrnewtncʲՠ w[rgando(уʩϚ𵓈Xuب)enorm'noRقoff@jspэ' OOJMؖymȦ0IsYab, wsꛀlashnPed.nmilaiz-faire__>avoiЋg;ePrmpoq1oar-chf+sychHg::[aosio((pIclu*uЂordԚrumefnӀvestmentannotafelyeeftnrivateands.

IIIт1justifyTheecedingnalysisayppearoconformity(thviewf`osehooldxatver-incharac iceoom,Àyavoidance؂wwHonpossibleemedyoensuslump,,HilstFreasonsivenb`u(Htedowy i, rlesق)‚h .hH,deed,APrguj770mucho`effectgainaO^:wB2o0fe⑰clusifrH*woulhow,isHt ;taccorz؁(w`3nkvols ousrror.Ɛtmambigu.Ƀre2yMsadinpdisoxpatpprۀokdisenemployI,iC@ic`BaffairтyHcapital-goodssounowt؇#full兏9RJourhlifesreplac ٌYlathono,rict0snPuYH2bhewasceMH'ك nalz2Kliloǟ۔bab0de:omse8mqvdiminis0p s,u#r(`PpȨr9@ incr!wis(muHooeߥߥߥߥߥߥߥA '%߰sai2XsCϋitubIERyppl9hmmunAҾкh`{АzBaâ1bemaduxenduecaڂjf_oyCXrIah—$likeRilpar(`yp)asse ducqnexpsʏc b}outpPxcri1'$;{i0h80`adjlead؞@Eiߋmisdir OO>GB abX3hxHi77c(fielb2c765nˀX;6@valu0amly.׌ im1e~Kxatrary 'err!fЌ0m'xitkul?/t?r3klxnah;zȸ newrncXBunha∿g8ya!_hortagho nIpXɴIafXl ''''''ThumedyzVa8rXPsta!ƂbȤieso-l񞂇rYoktradeӀyclesotoeoundnbolishingoomsthuseepXpermanentlyemi-slump;utOJʂWWWVquasi-.

TherhichdepneoԅCcaused,perefore,yqmbinationfrateQint`st,%correctt4expwouldtoo(rullmploymxithXmisguidoo,ooastasts,revXsrbefader.ˁȉitu{H;over-optimrihsg

<lor="#000">@i{2possiᣯ𜠇pximhCP뮇sso8ywealthsǍtrȁ0MoluHHNjþipity,p(iMtule‘F⃟K>gsāXB򊀺̘'lۀfrom𰕘:fgoodnype.͠` ٫0um8ȝHdmso —xȈQwy-9l픰takexAșcau(Isߋߋ߾njhHnɄc:nt0`FmƒBif38sup( oraน0؁Xї⿛pҀ/rictensӀe,touldtillebsurdoegaPaigheratefnterestshppropriremedy.or@isventRcasthoHwhottribuЁdiseunder-consumptionDllystablished.ԁDlie variousuesigne incr!ensityكepڄ؅SY*com@orw;oxailyemploymIrequirmallvolhcurrQinv(support.

IVgggggggbtayiɈh*po:a(bouimaschool2uhich؂ ,rom΂zview,bhronicePncyʅPorary`cieti ~7逺`trac{;—s؄@alactican a 7wealthulHwwсAhXulowgnxingdi1s )or,Qlptɏ2#āXun`xw+'熃planYuntr0ed,bjecaerginxeffi]apit demi|hvqjudgdividuaX rpecuh Mlong-kseld8n r(s *eXarsuiԓ!olicoubrQVsuno rais!ageOKmo8ssfoZ.Ɉ|bly8@Y},bvف/sr΄except$ǙǙǙǙǙǙǙPuIn8diffQǎǎ¹nkcyl"litttoh@ ndtiR*advѧ3obxǻ"hT,owѕʅxP=crHcisfglQ!woayexpIpuEQiiYoc`亝8bet׋ȠMK

V_______YAnotherchoolfhouxindspeolutioneradeycle,ocreasingiconsumprt,udiminishBupply1laboueekmploy;.e.yedistri`exivmeI׈ȆуɅWput?This!m8ooerematureolicy —uchoarHsoanplHon.Xi mesverydividualiadvantaghedeisagainsvЀP.Š at!sɋʃences,ɀink,troҁp1gHtajorit:߅ouldfр$;I0fficiAfpelloseoga?enjoyDIgggggggaIaypppordinaas@ؙRXiGFɟOJchecbots{{arat:Дst.ԁonparg`alyanyicach(co@ed,˞0ywardqMr. H.obert,:ase8effec( full(smpractbdebswhopeʂ xvejן񂹟 aag,erhapxittS'ǒǒǒǒǒǒfruyanda*rxns@RroadYQAinua N pairYq/͘bouȊ cexpГmAsul|aan2Llwaysixuظipʙ טӎB9deSmomisgudﯰpts(8' ,erc-s p,"80losdas8]Vuse`g!ȠikrU(ied.ɀzdinoHco0cowXѸ"s;)atѝlxdg넠ail`(؄Ʉȣ)look]ciM5ccru8RAwnm(ُ*7 hЄhiotaldiiɍ:RsgEbene)أJW.΂@rlesXenhpmonPòaelюi1facwp)QT1929y`Am@carmXoweap` p`XJ)ipHFedlҪr@Sym; n@=alnpow makp@ɍ3.ȁ1eemڅ@drunnecaridefeغomd(ermancceptto$Üșxou nomsmeaAviewywoul OLheckoan@``yջggȨp bIbHof;ayÁHvi)decad8hؚususurx@ʞfoundӛkharԋxfusmPZflowo`ch behq˞ғJru0av˓\WTwiQAequilibriu1_!dimulqڭDy 8(Cn9unPal ha remeanuP1 rh/i1shsense.ϵQPuggHnsaӀvinghichccompaniesncreasedPvestmentsndesirablendjustecause),suleXlsosociatxwithisprices.ufhwereo, any/>pwardhangnexistlevelfutpYemployMtoepr؅.or*肊anotssiallyueiEW;—cgeactHa{shorterioduppsuR|,nueerphysicaldiminishreturnvtencycost-un 舕termsmoneye N.ɂnditiontho0sta-,0would9urs0n;eCamHsaaontx{gproduQ'/;ڑm a))B?_,dwioccurqؔJׇ5bieaa9pensity1ume.oe2leg0m@Xberupon@low>s.Vp>xht up!suɰPIdurცɼu lap ⏐a$XrMove0zso`@ʰ+(a"liremed P%//Huxr-/@Hmaks؃𮉋schooou;p(perh𷈋 ѫacAsggrygnxbgB(heoraNobviousX Ȅ`ervˆAexineOOOOOOVIIoooooooiIearli0studi , Jnwfoqag`ultur(fl`u2ssR''d8 LabPUthpapr@)t'roa\pm.ƎQto-day_stock:70betwXa(9ylarGPtem8gȟʅӕbnlTtiwʎr Ʉ#artp0oo

<`lor="#000">Molje̅s0dvaʠzrade@beCWmpop"dywork|smh(l( ȂP|iibupurc{w favabPn.eedles?4ori Iv abscriʄ,enna9xpla8<Qc_______Zxr(h,u0impor)5mod wos"I+firla8outpua+proI}otn.'sedԠRlopza̢2moX/`YibxXmishH,adragie8HߠsperIa2m9behcPҀέrdividI1.Œ!P`dayʷȕ(maindependwnMy epossiqօgcWxcep`aD XwHaguҟng Evto-PploY@Bar2y7ctock*0IerialhJXlde'0Zur=@›slowƲyroml(f)*"tchedВ pakVeA܀indr0xccumeorbopjroken81ollapse;(hZDhrelief썩ʌampd)subsequq73.ӱtimiP8оcxvir`l`lh emtdegrǁH c.ƽ 2diڋ58suiImx:Aɕ(wqsofi8)quiPdЅsoo`stilc(W$ȒI nkؖex@cear ДAmca's 'Neweal'.׉Pi2RoXt8٤9exiȋ@bega7h0s —)PyWWRr`)x9hTڔnsisYuou`m@jb |u8ilpѬ*Xi''2ec)process —Ӏhasehichadoendured.utoongstasted,amely,bo twoears,!constituHsubstantialffsexoheanxpxprEwPbeiincurHHrirecti.nlyenbe`compleقA9wayrepaQforxovery.

ReceAmericrience0safHdgoodasXtlaybyluctuaYstockfinishYndn~s —'invo s'
I߂jufyxFPsoyworysoth0omicxspicaldidxtouby@xrpeculiadvant cptrnhfavourZbala$de,gravangernn,ruliesulЁiux=preciousHtals.ut戰aone׈҆)bamarkBdiverge oion.ԂpmajtyɻIes}8moȉ iesnhaHmvGt‚,h,opposiew,Xinfaithfuli8ipcne;palallǐǂheldanxiehHcerninguch0thbsolutegrhdlessxcepȊ`yhortsiх9mechanism)(nself-adڃЊmpH@if1w!a`!onpfutil`b`gْYmpoxishoshòhrbecauk oȊs nat菰isXlab.tPbe@,"ccorPHiQoesPld newςρ">fre邿GGougeIermea͛ aro !arro1ifmPaʟtЉreAcontextր.

Generallypeaking,odernconomistsaveaint edoterethat(hs,suleXalancefromantationalivisXAlabourufficiextoutw!chdvaHgeXs9cxilHractiairclaim,u9cargumQissed,Kstarfinish,nnllectu؉fuጟMarsh,forxamprlthou h8refswsmpeogensympa`,h gard(ir Xqory{ndoPevenhhselestruthcshihIنPelow.Ɂameay,rBChIUfree-dOJbe(readakkmporairoversiePhዧIH28inf8d8r(kimpɁ]JermxXrwiYlb̕|c.urfisyfirqu@8presyuXIzrmbH:an2srbyǔ2b0t(mapcdomec0oyQt(b,erhapquxЍ wQIayself.o0 1923thfulupil} schoolo#z)idoub01JtadH@Xmat雊servl,: 'IbȗَPPG=iסׅ>> ,RcuUn?. .TZ1sXsꄇqpisepoblPbay׎KΉshAnswer.­volAIf(acygrRcrudam.'earlih{,igacavaile;w0brt`i(littAe*n@n!Habsolujwhelg#oihH[ iӗ_Xa8 31򵔡yerbϒII'1''>Let0 h08m0w8JnowexB;)sci1fdoc8nWФ98BaӘ/ssl1dtoodAnPiav+QO)unliknefxworr8le_22񌗌Wawapwyrapi Cfur!g pyafslisrruptedJdiRz-߁__px nsuf`YcRnewѢGivsociHpoenvironсIcharericdrPkpitsw-beI!6܀hpy@dyQhaaldxpH,Shu0yxy"8ȍhI((includă`㫚umueciouHetals), xetwm,kpggI`uȊxnh+0motAal{opportunX1߂g Moru+XrR;lﻸecariO#sizJurbalancradThuXa"epqudc m2Keg(publaor0*ecbjh:( Ӆ opiq/ފkthۀ="2em"lign="justify">Now,fheage-unitsomewhattablendotiztoppaneoushangesfificaXma`tude (anditionhich)almost8wayatisfied)teliquiy-preference?>,aken0verit`hort-periodluctuons,bankingYvenrlsrint`wille8beonedyqu0cimet,@asurin@rmb80vailrcommy'sesifor.tamim8@Psub(@alePoa)ɂoutrightwnership9wealthXcdbroa80scarcelyactincrxdeuىgggaclargdepeprbalaraXfavourun.

Thuy`tapyoccupiarH#aut8wiha~servPi__both΁>urpo;Jwa`fur1m[on0ו@Hpromotq0maڌI shc9ntrol0Zd@cךՍ`:inducems!hv@65oomwH_''irPs:xgdyeffх߆wwinx󇧇7ʦ(ucĎǎǎē GGGGGGD,(we80womiҊTsucces@policym ¯ilooked.ɋÇfal@lowXvoluJ:ufippmulZ rai employa솘l$bkroug0ccpoЕײ lc,beg9(eb0B,Ɨ(xchpah9feJitself0gainreHiptotlseҍHyK rop7cS8maynsuniWWS׌Cadv@ btkon+S0osXcomopepٍu{c٦"cou E`ʈPylimhҒpPnid813JuHoutpu>f(ʅ؈@0ahm pmnƃa; jөiRYAtaa(ntuj(mercili ustoor)=τTǃbroad_______] cXo0SpHşTpa0dfiftehkixzriovidHxaPo89troy`ļ%cqAabundǓ.ǘt«/1-warearhwHieyx7X`h12urch

NeverHless,fntemplateocietyymewhattaRage-unit,nonXcharactericshicheminepropensitosumndeferenceoriquid`,monetaryys傘k0zlsp8a @1umpgeng@gPun);a i0sȟ` r6divi"lab[lsub9,v10gclapchooٚ(rгZmk߄݊?wnhuyQcoAOinvolȈeXsD (xoxWy!fulve)aonymoʶ"es,;sec 0itf{sF rfaiȍ+,ulHm$Еsen`171etiڅinja8kPAfi@l`ҧG/Ѐqe@Iۓt )siobjectiprivh(dminq0 )DricXfficulttaskڙerQ`YldiyoydߤThuw2ڡpicism^jPĩWWG">orggOafa:ׁlaiz-e__ocepIb؇upzۑѹhyeaI0);—gؗAFz!ȀvȔj-adR`Domumxvehoccupwit;>҆kXй)wH{eom,o؀@beguiLuQerrqЦqʃpuerisȅ"qcuriph؜#HPcraft72UinfluJr:iLondPgбhde@k@(dan`hniqumhȱpbri[xiyAimagHd,ame92΂(bank[ plXZaigida HXxc[7L1aɀ ms2 mploy*!whoruaout.iۀnce,nractijtsmpossibleoeglecthealafayments,eanscontrollingawasvolvedhichysteadrotȁadomes8atinter,acrifdopePionabdorces.ecly,alnkernondhaveearntua oneanlmost8xanreHBritap)hniquwillveresagoeignƁdiZlikelycanemplo:Yme.

Regards[heoryAqxividufirmۀdistribu倡duulfromچ/iaivenuantitou,clahmade Peomthinknothugned.ɗ0؂subjwithouQdXarj`'patup4suphpbaatt0ԃirw)valua#0predssorNlst0crafs)cerXʍsy0iwho萉Bsecur-optimumڊxremedȌpxeWUsixtehs)e1x8CfragkMwisX unlabQRrd`irhxgAȘ襸 `Thp In8occupkeepadowsyusulaws (w|rehnȃ㏡hap),B؈stock m x@cagris@wage-unit;bN@dsNPoe҈@PbmlБdeHithraavoiddrمׅ,orȠra8 3z)erb//III1>0옖h8upӍmaxim|ẹgnisundeDCgndLere,xam❀f1aeasA`ye`Ayr H`1҃(H (ProfZecksc gworn iMertimWW>8ssPe؈؍0a(owo@vailՃBkHeen8l/Qeroxcfollowtakxp0sJ2 GB(1)͊ts'6nitTalf-ady9ncϩwoulьtishӾyroprill.Ϡ2aw)@Rduhhjc%rowQxth_w5depJ)liquidity-Ș itb\Hcer9bSdiH1ׂׂҁRincѲ5WTLmc`a91Hdu݂(desioFt.upaspecЧ ss:ǯl0 H`i,mQspciou'thE腹؀mެ0 f tAltFm,' —脚(gbto-d8)a槀oduؾ9a`foo"l,1gar'ar@ al'\dYnХ2'na`7;?capit霤pay ,rs@loJA.nXx'#s3scobjpip煬Bdio+Jdؘiserۀiod —heyounducheasonsnotaluantityfoney.romabateripavailable,nly2mostypicexamplesilleelected,oseHstriraforhhowastingisotionas,deep-rooindepe(P0practjc8ideHs.Both鈉prgonistnxuggleverJtaryolicy21Endiaradeearh1620'Englwer"iPagreem:point.Lj rdalynst،giv)d`ilh Qasser,hat 'PlWceusuxXpric0r ' (iLexercatogg>*wMahenan f8eeԊ9ρ,2).ȇ8cu9z hxunscrupulouds,dwiHl,pliPTؖed9rՉ"may(geyW/">oᐡMeaamakFishggXameOleadiwri`shalfHl),hilomnipЃPGompaniskilfuxdvopdiscu8d (1668):queifalegmaximumJr,hixmpHa(woulqsultdraw'{zTDutXawfԑha d@agWasi@nsfxdbpdebise ucurȃ]ai'c0psupp def񔨍H -9wpavnJ'.ett8"oAunafbscZ0 wipwhenzxple 'xural'$w108Y6win[=am艢P8AHhmehk/76),ʑ8i)*@ap񓇜AopY'CȢ">QulumcunXyn M 8'">Ty, enoughӎn onfogSe觑sC8701HAyexam,n8mh(ds08Sev(scarcic87G'>0p1spècesׁ)Zah89ȅ螉Hanxilo `\Y*irҘ~O>fluctusM/WW>liquid-prefere.Ȇ,owe,agYoxplaatdp4ratinthhnoOOdirecto''ff(rice-llass 'onlysbChangIpTradonbrorarryyoM2Commosoixva{XirЏ.re1Englfrom)iЅHbefore',.if teaxcasrXcreautpunIink,ceeaenui(synis.p>,63)Aoranoexampl1@aidQaHՂans *ehGGGGGGsdЅnૢfexsaHx@Qdraw2inxPciousع`hoa,Z'܉'$wou(bosIn8Ȓ(e.g.un)objfncprStl(pm,XɄdvoc! ccumu@эIurHankHop8Ppolicy:W>Inheoursefenturyndphalfistpointasormulate0gainRway,PatountwitheivelyessoneyQnxrtieust 'sellheap:buyear'. .PmiddlF16XtY@attitudealreadyanifesP.aaid,fact, 'AyePf0ranger(houl`nt8oaketur(rhHyirs,lmadvancepriP [ngs (me8ng:g낐such`yro)oughQreood4h@?Pna0Ie8i`los*naȕuiBډلR/ÉsequpenhʂvimpoverisA.قxhada؊:sԋRnowo;]somÁareb-nooÍ{.'ϟ{腁)unqufipprovp`i`se`decad`!r (1581).ɗS17recurrƍofundamcgeYs(c .hiMalynbeli unptuns+PulfKdYbl.`ander-puСEnglex{TsHcep;!朡in`ly?onVerbumapiiׁoo (writ(65,ub91691PettyBviolYefIoc(؈ onc:'wIhacert0mPW2NbQStآpnalpleb8AhmetlGe賠p'.uraڝ(betwe Z@Sc'Bork,ؗl'ITuئ*KDŽ NIidbcXXeӜ3if0parb7'675)><>OdPsxnstZѩarguK`asHhib販 f`nƄeY`y1426legis@m`go acktPa1455WAlmo`oraryƄhyre1466,ammbasMerciՇscpolicqsrofXHeXcpuih'kilwrdCst0 'OЙridnnwelcom)bgoodbelilsuunemploy+pp؃ҎPtopckincred'X cdv(agɠpH_‚gfreve77engxФNadm!daim8׌׌׌׌׌׃σW!rcishemּaYdiffh/epeBequcQtaPsystI)`(mmup*\`fu)ngpor)oc@Ägcfixgold`laiXz-fa__كlH@qi #Зf5peace煟F0X@ubjЋ chomoQrovPҹo؞h@Aqiqu1do@irc,r聑:ɕimari0deVa`payއGt™+b9sorthodox8a8au؛!cou)9un PhxA gglȌixt`rp:q9m8lens.Γ(toةia9؊vs1efficaXѱJ(hry'_tPi'ԙ72(oXWsil`)N.ƕYtXds!@dct*P@mpeP(uitfarۀketsndompetitivepZeorhereciousetals.henyXyccidentbnewuppliesfol silverereraraqlbundant, struggleight‐omewhatHated.utithgrowXXwealPidiminishingarginalXopensityo@nsume,t`sendeo encreas@internXne.Ԉartlayporthodoxomists,hosmoneRbeifficixheckiraul(logic,disai9lsct.ƍwin

<8lor="#000">Iruopșh`so Itolicfun epseoccupS,*inv(mY(gramdi虠@ptimumeȂd0cmploy3wice"elp8ursekpbsaxA(sltanepuHሐalloge aѓ,cXxengh'lyqu`pRȁ, hpbfٍsip onaiPzllu9enacit…_">fab'`0/oo__oo/itquh;unqifi xc0nww_o`ptok .[B]mos\''ay.ƑTіPn!fac`appAobviousКdopdis0ystH s`@g_couly hoxin`HnchainK`8gyo>ImembpBoaw'Hlr) plh8HָstbecauenwJY;.3HrouȜ(xpla8.ncuا؈wa"/)oolOO넸Aert0kFHPar*Pi0ncҒ))exo3qXorodu PoNhxOА''gn="jusۀtify">V

dow3뛗EAdamӟx modephЛޛ$spIPw`HividYsav0sy 0oeerD-debtsOÿIseЀyu er`ur)Ѐavour9lich؁*irewtAxn;Qt1Aon"agCӃ!s1)tak askB@hamdHndҎnapplՎOKMo,M' (s˼؂ugScotcauj!ہ'projors'`aximumW.otkɟAlegmdviskPormiGG> 'pЎ purwealt8nXobq,,st-sk9Hnel. .upGC?epnҗX䆉ixy@ZpcHHl8o/.imxvntwOOItllrІ" GEhumxpo(hen yp8qx^ڇ(Ge.'ϯ(@ݝqhtQag Qwpakq'ApȈH'޻uep'no(circumpickٝfrbad,eddwa呢ll.'///th="2em"ۀlign="justify">Itayeoubted,erhaps,hetherheboveshatdammithntendedy(term.ritxw(reearingenm (thoughritMarch 1787rom 'CrichoffWhiteussia')voicefinete-c0urynglandpeaktoeigh[?orothshorta*xuberangreate(aginducem`invrcouldamadHtobleQloseAU oreticalTilityithnsufficiency.

,publi(_Y1891.ȅPpldehpyP??>2a\tit?>NervusrumWW,Зxpamphlefollowu@l:Szerꇹ906aysomPxA*pdxdlif:Bw8 htIoccuppado){ȉ2@l 8uprshipJex0i farm(T0sPQArts0rag__Id11BxLjneuehvominso.Ԕdtoge:ߝބsLdur w0(6)JmHix0edځut????üirtsftsordnuHrei*jgeldw,*Eng(nsyrо Pye)cׂNaturpEomicrǁ.npr9oؒLt-0SovieabtBavaria{MinistFinsubseqXttricoumaal(r4ϑѩRJpag.,rawom;semi-riofHػthadr8cIroHenGeoYcɂr9!h{aulHiҪusisciplpthgtorldèin0h`vQpskGe8nn−]dsimxr0is fr hihas`23.i8BP؀30u؄peiPtyp doc8n@saxaxcapexcPbe(drdo(myHs()]s.r chiҁ@ptheoۀvementnngland,utsiteratureeemsoeistri(edromanntonio,exas,ma`engthying-dayythendtatewhe`ProfessorrvFis,lonemongstcademicconomhasgnisȄ1sihficance.

IpfZprophettrappswhichisevotees0v880him,esell'bookrittencool,cixanguage;oughpsuffuthropbyopassionemotl XIsociceh(somQinkast.ԈQartderiv:Henry@orge,doubtlp(mportasourmo+usaltoge(r@daine~urposnґ0aolpescAablИYX0-Marxij isaacagMilaissez-faire__>hilphfouXtallynliklAbe!ba `pudisteafccep clhyposYHunfe r1comp0Qabo.Ʉlie8tBfuRwillearnځpha[ refaoWaNECcrǁDž;indȠ 80Дf؁@it,laqutywansw{2sm8,hjxlinrԧWWWWWWgbspec҉Hd1e Mifollowsfirplxв˒0uys(betwe iq̓1argiefxcZcaaArguؑssemX\growPlE.ex@ opGae8t08 ulia 7,f[/,|ȅ|yownership{mestojwЈ invol)negibcarrchBformkuP(ckҢmodp߂ރ؆:yiel01cauad).㾠cQabigOwsevidpDHnotpephy3Q؆iasmv˄

<0lor="#000">idead^+@sounIA,YkZmeans`0zn ɒsB(a m1diYultiSda9IДYar:unawYZuniqYaXxy-miumXt1pdegrepAr,riiimp JeiPr//>ȋ8 de!hEymxoysubtu"Hpѣ—Ǵdebl,)njee ecim0lsener؁hsothHsɜkbH, be@ـXbabrr Ȁowshiplkpe(ntyie PzoeupZ ;Ў['ҹԜilPlelim<sJVIIooooooo zOwLesrésorstesspourettre'Esta plendeur/ǂ>)enounchebject)0)ofrensilksngrȁallurhse聗luxuryoodsreatPaivxhorzpoor,Pe(mihImdie؀8sss'.Z662Ј(yustifi'BtainmPs,agncphewtriumphaleetc.',''ixostslowbackKckebrewHHakB8Hshoo th.ƀ8rh'apparelpVSchröt1(i6861prstuaregcdecl0|wouldhshplayclothفɆlikvgZr.arb(1690)rotek'Prodigalii؀xjudiciManut*rade. .CovetousnrVp,?8b@Tc695Èarguifirybodypmorixob 쁸com'mighx𛸍ully'.p>NoȚurwؾxt`,77ǃǽǃǃǒgojwh">Liv'r@Brrihophung;heyIPCoachao߃߃߃߃߃߃߃߃">SsɕHorshPXw׃׃׃׃׃׃׏1Country-Hxo0ybtsooσσσσσσVa cos8unn'ѷraudZhnooreptbroaσσσσσσσσ>Laugt0'ſ@Kners߃"0pt"ۀidth="0pt"lign="left">Andmptyǀyotyars;F'twasponly) went߃߃߃߃߃߃߃ByamastumereЄ0stBXMitudeYxld mǃ߃߃߃߃߃߃W1dai(hc'ooBsam׃׃׃׃׃׃׃>Inhio¢Jy8flyAo'er-sthaccordingly߃߃߃߃߃߃ߞpricf̢!Hxfall>Mi0'lPalX0hose׃/gǃǃǃǃǃǃLikeQbes, raispbylayA`Pbeet. 70BuilqHc( wAr rpȪqemplONomnPP臀8famoǃǃǃǃǃǃǃ">St-cutt,arvt񞇃>So 'AMoral'H:.p׆׃//׃B!Virtuean'taPNationsdžǃ犷nplendour.=ouldevoldenge,(aXreeW_FA apHst׃Wowoxttomcommentaryich0llowlegoishowbovewixutoreticalas77gggggPpruhconomy "someo@Sav,inyva@ilimotamexd increaHanst,imaginQatفhaXuntbarrfrhful,rsa4ife8Hyursued (S`AinkЊble)ill ۀhaveheameffectponholeation,ndHat,orxample,Englishighteuchichern1yrifkwouldaasrugalQso0oirebours.his,ɀink8srror.Ontrary,͇evilcludes:p><σσσσσ>Tgreatptoak 4apppaw`xalll0ing, sistsnivverybod(npportunityabexoyed;ȍȃcompaslexo(nment'irs؎!hprom(arie#ufacurexArH(icrafsumwinvX;ĕeXoncpageg(ultBFHɈ3branPȕbEayccxeitselfweX@ .ɀЕomQsolicdot͈riflregulsILav nesFҌIfeLN<珿>WɋhyغworvapoZxduQpuIIphe nлIwaQp9ribuXct1cxdequAmvafurntinuh'. .I2tmxˤHatcumuyrapidlcneXs`a0dnnuneAgPaiYxsهUwAHaeثck\o𤙗hɧtru4χχχ̘KoccaʺH8betwe0labX@f ˂de otqfuɄw))ِ @َtʠsc sqpop9acknowledgIC:avooa eHjud hntry?~gǟǯǟǟǯ|H؜whe2 tc HSsub7 ens)e`ʋDߡoA or̥ond8dِ۞@1ԃՌ xՑde@e[hHЀȃӏڂ8urrkφϧooladeen ۀsoroportionedoheaturalurplusfsocietysIhaveontinuuninterruptIxmotiveb(duc),ndevexdirstdem!forabournecessar0sudddim(Ysuch,.utis,owバitaidithru1hatarsimony,oughimayjudiciXers,noʁGFstate;r3!ncreaseun=sumpaPg`ndlordscapitalistsʃsometimperemedya#ingshiail?Adamm)h Drevdy'!Pfrug遨ublicnefactor fealdepen8up!bacTbo/).Ԃ`si˒؀(ogp`xtfectlyque onable. .Jquibvio8definKiplHyavH,Pshex!,ouldxstroy:.fhswesatisfiimtPodXoorcloUXeanћseh3(tabnoXrrtYÂgalodghlȁexe4Ttwta\;2follow߁mmHipox8XȒ:olcHe omy&pRsuiXwakqoiderPb'wilZi8agLі.">Of0XopH:dv)ډnge!II۔tclM.a؁, i߄Un9omméu0uéchfé~> (I@i ch(15)ppe0modiropPor>qmxra PexiZى`ޗfrombnewoctod`;̓ onPeiQlk1aȞ,—#rs.׌IaskbȈBetKGcep@@wrusمQxalf-yh?accumul(s!__Quepdesρww!ig[arkBPsYoccas!ߜqicsyPlvpɳن.ɗltoghX0[yrairos0s@c鈸c:Xraԃamong\VorianȔPhysiologyfndustryTHWWWW">mpsh1889Lᗺiropst*ecar8,̖0lea蝠XXmoQIsequeЊъٱܞg8nQȣȁyqX b(wnZQ9Unrs8P8zLrh
  • Senrh@qsdimp`risфmmunalo隳dividualHtax xdefined ۀasnssertionhat(effectiveo(ofoneysrootallconomicood.΀merelyoestnrichthrift@ndividualimself,utqraiswages, horkounemployed,dcatterslessingsnveryide.romdaipapy|lates 5treat,恽pulpȁHousCom thclus1preid"re-strtihappea0posiAimpiAquZt.eduX plsupporby majori膇hink,ppubli``R`rdo'DsnuPenidoctrinІitsltimcceptancesxZduirabilmenowd-fu.Ԕŋ7houldasurvxIhrgumennhыlog0lst@,ba dqnorypIszHmmȓuthVgoEMcicsvurxttaceointhyDhrunkXouc(gmh7ns.urrHeow^xreXl`BPexerchRsavsiڑ9s prisZyunrowsbo(0o0(,rdowx3Bp(dtloЀprocugSyY]s딀ehAnrah .Tobjcꀈe 'uXP9 ies'ors@ьKrotiBewfirdlLrawঠWe0sootehat(ehargefhmmercialmbecility,oreelyaunchedyrthodoxconomistsgainsturXicanusndrrctionÃunities,えnoongHbe킐t anfFradrgumenhi todducedinclsaeasxonBassumpiover-suppisHpossible.<>I lxxlearWajyҒ`dvagencrebwoawinUod. .EȌ rih d0Heff(ЃrCdOdifutuxn&nbsp.Awhenaganij,dzfSaU9e tw`or`fxyP,tlemdÕHntIfGr acau HseonmohxtXhey:x󁗛joNo-1cy#pooXPQ \urhhφf8uhr/xPG*Pwiq#tlsondrms aarticulɗshhehexQ@myselfihsomebodXls(Xhw noH!ϞuhahowslqbeyirMo8erde+ɣ93quffIÏ`fhjtorkich鄑ixGJthpex98ч98u{heck(rovid[mecism Xe?ɄiHakPhxorg1strixso؆z@t` r3naHѕot㐑;󊙻Zw; eg+ewhɄ;ѕ inad(vgriTevilcbriens3RrgHȓMalthu@pCsxemacceptИBl@rs. 'P܃IalwayؼɥRrrvi;nP8 Cdiumˀ0ged.ȰɁO`[ompǷ½䈠geAdկ“Gfϕ-' (, Prin. PoEX}/>.h362).Nblockquote>not/>hcei’:mpaniba" vol newwhich ventayomethscctPorarithrougrror88m(sgral0tfrom@phaXllIbelow tardPj.p>Iׂjustify݂?:fault7ociety9whicheiZe遈fail`vidorull ހemploymentndtsrbitrarynequitableistributionfealth

    SPeen0te(h0u sPificaprogsward@removalveatptiepasenchievedhroughinuzdir axa—=su[dhYially1GBain.anyeopwouldHs(o`ccarriHmu8f,0drr byJsiders;art8ɓmakskilfulvasy(okwp0hi(Jminxundu؂motiv4risk-t"{mly,ɇnkbelieQgrowHcaplpxsp8eng+߃individusav9 parge|wӃÐzĂr*o؀irperfly.u`rgdonoHffA;maybhmodȂttitudߝ.Ƈ`Phaؒat,0ptQ prils,(owets "idB,backit;ro`ɆYɃ73ucۆGGalXo ,xiesugges8exQ兩Ȍ@csH!f@s`Xdate,mea@133Talike oai(ˆooBЈhpofav@Wonfu}public-merweilldmWQySucꊐcoupAs`k,StxppeքiordinСپҒXႉaxلqC p21cohI8g "vo8d,`0s0Гҝ`sc po8favyiYJ09mmun('jnasz,i2habЄinenl (i.excepœ)r냾sa9i)ʊbvcsHf𠙓#xdraw@xape}`thǙǙǙǙǙǙǙuteaqQc)po9W{?S,!farromP1|abوz؎؈0:7bmpe(s8nvchsociXic{gɩlIjrehremH Im"sayYnoqas0n o9ЩBds8͙+circumstado(Qmosh3Hyiy@thIpruj񅈈xThPparticularX3tdIOes:uca،)_ x:Ay9@RFm),bܫpsych(gorjsh.ɇ߂B ⨁@gؐas-davaluhum0ivri@3Axey-makQinviron: privC- ershipifru.͛r,angero脻l͈Пq8Рpm8vharmleshhannelsBMrtaφ̆7sxssfizwamayle#ltSckzpursuit fersonalowernduthority,zothformsself-aggrisement.tsettXthatanhouldypnpvhaank(lancenfellow-citizens;2whilstPeZXPsometimesenouXAingu2eansola ,teai8alnative.‚ notecessarys0uiof acЁBsfɁOerocl]agamb(laysuchghak prh1M؈ willrv!`urpoequallyP(I@*rrYcustp8m.ԁ taskBsmuthuumconfuswithagiTinidecommonwXГXyaxbeptathnspir `bAy e!ۈ,ɂy (@w prutItes(shipow/ubjec oullimi0sopL8rag`an,evaignificazunҔx8rxaddictfoney-makpassX.

    IIɂ1jifyihh0 Yon8m)mofund8ntHinfafromuXrguٙiarqZurinc;melolrӒӆ͝ odPt@ה̄ᖊf(d((Ïrovid!ufXi)inducrswewq,extYeff)avbhLide(mpycalvKmo@a i8>'$,̗Adomp|tw beyocorpزfuH`loyThu8byadv٠aeɑjreQv9 schciiccap(laÑ 'ĝ$2'''n(doubcri(!"(h/hi G;fangu8oɉwwwurcreasmHtR|,likf Xȭ@Wrpbpma0 d١H0inuo8_Z —n1Pndeƈexc`laggregApen„xXs (8luxS!)ϑϑϑϑϑϑϱkee8de(dz0ȶ2 wQ diaul⎌stocklڏhowigHQQVmeuτȴځcolm9h,onтErep(m`tt:Pirxhawasobso89oge1thriskAerciskQjudgIn r_murgoo@$cplife,5ك!-lpd;,Jab-aJЈgplusoyowa)'Zsupervisߚߚߚߚߚ߄GBNowAoug affair}@qump鏇:diusm,eu9arierHequHu¥qoppХp2iexH`a ty-valuWalV-d@rewar(genui@saXHeyyǶX}lxQwn˲fobrbecΦQH0fOn-. `lmricasy7`ofand, herereontrinsiceasonsorhecarcityfapital.nsuch, enseaenuinacrificehicouldnlye@lledthy*offer+rewardhap򄐆st,rnotxi\longun,cepteventiindividualropto nsumeviH`aharac 8atet8R8ditiсfullmploymcomesanndAas)`fiXabundant.u`0optist1 possible"8munthroughacZqState

    Ie,rZnti(aspec (whAer`HPZiprafيlaboHbp et)Xn؁xservzɐYذҶ㕷72Asati(1ogniex腈csh!fpip mbodiXpoli`؄꒣㗬)Ysupplؠ!:uc{YSsaf"mulIhogg@ٔpiڜX-valuH(دɛ twoу2maur `&qangbhiHcXa(8t4fuemploy:0aaccu littZwuIJbNJx2hxlarxom9in hsyؙobjh wlea" PreɳryЦȗurI(velPk8osibiyrMbaΘX!.ƁXsmerrashxdi(pzYaa:environf,鄈`0 s( pxih{1sd񟘆S@Hbsolved.arempJsepaRdecis:9P@!meanJpQl rԝp"؁( i8(r٫Јڦڙ܂sors70a8 o3 lʰlcxer`bIII1>Xsr!p Jporymote pihiclءpvҁo൉꿫@ntrXxtrol nan lef1:d`duair PʉxPieldؓunaiT՗rxeБXauiinf(ʢv t`thrQ

    <0lor="#000">Our8𒰏Pepcl@icAheo@sȄi(sounind9log flawnaly8poiI(tacJЈareldoPrH8sfied,˧BesulVltxtКrldifyȎ@ls 𥘖nvolppcorpolnears0oaga HCQwppGDhgn(.@dsiscԬp0jeraЛXdPī-o2icula1ۻٓif8orgd b8dhhow#a膐T>dHribuqbetwe{m.ҥjdeaoqw疜SrifËoderȓWS:jlieMmdv0agAerfrtQet2qpvelThusЎ MigcQrbRdOpe@ᘹͦȁinvmxasMsEwbeHeT0Jڃcr ly,əoG_ѩxPsymriousmpripusTj,ursXerr s;Ӗoul@avo isdeȒa.ע9,!@؏`1ɭikIevЗ lIrlP8dire8薂lW

    Letsoporome0toHm`urselvwhahesHare.heyQartlXefficiency — decrHonJQplaya(f-intet/y/ՂSis`׍svenre8r,erhaps,aeinete(h0uryupposed; )cgainsppedžhhaXgonoar.ut,bo!ll,)x@Єburgetsfec@qabuse Absafeguar0sliberAcsenȇ؄PcomH(w؋rystetPȂ9qexer`echoicIt also77variexlife,ichmesrae from extendȄc߃݋0los₫|chȌHN;qhomogeneoQot tPst.ƈ Pserߕ"bodymoIecuXIsuccessfuB 8rs;Оh@ jrsi fyfab,0ing+mai exiae@qE]btrpower rubetueWhils8ehnlaЄtfun↊grn votaskdʉAoanۋophitvcxuc@ouHseeo-publؔ(؜@poraA`nnii@rcroachnI:,y!onprcabl eaavoid dru"eomsirtirYi\XloƂ/)w `؇mȐPdУaadIHiol(P@uwerpr8rhiekr\yዻ(pH>oddsa!himgax8haz9purnish͈ yeroRa h i0aleFGG>X(ȐB Xhhdc8sȅ`P[iPworld'alhfexhor>aggo(A_vPPdixrЪsmp{th x0cpag˖!RsupplJpxexcepɄYkunusgootunB@wwdequ(8`)co`enoughaursy؉o-daysEm! mployn@fc+)reedoI:cș0zamulongY Aϼ1QpafromevalziسXssoc؎—HmyonyevbwrpȂp*capPp񐄆X8Psiђaalysk 1ؗ|sea"r/+g>IpX㐔newr(mofPaHpeaPo0m redmphasp.ar*sel0u.icho(X,0mXrpуlX8aXP,, Xork舋atlYʿPpeo ,bXixfacilpҁtasan*opul0fl`Deconom0kr0lyesd9˭competitiv etruggleorarkets.tshecondactor,hichrobablylayedတedominantarnnineteenth0ury,ႀmightgain,Hagermaneodiscussion.

    Iaveointouf cedinghapter,ndbhystemfome c igglaissez-faire__>an`nataloldarHuas orthodoxlathalfre noeanPpeo(govm`@@bymitigateP ctresstHxceptroughcompet؋`''.ƀhall1suxlpfulcPcnpxt-employrul,imЄ balanctradH酸eccountThuslstEstPx؃dpuXvailǐL8furnishfruidiviilabouharmsBa0ti)5pdiffpÆPaa benflue;ss؈3md)mn(rࡀphȆ4qurpevboli fPr,ryne  speritou0droop2 l.¢yf㞐lear iHmselvwi藠lOhr/policy (@Љ`dh``Halsttqubrium8popu8)ne@Rq`ccalcɕsse%o)nI(TbXHmږ''''jOIlhÑopriiclon(!mo2why߆؉rwa)anore Aox2?,ЏecaubЭ pssaP@enIJXwР{purse,exjbjuptwIs󒀩d8lIwnvx.ɌWP;مipnlaP zxpp)8˙G9is*n)MPamlyhif;H8*un_؇rXd-Ս a:ʅunedhhaPAgoodservi`G!mutuPadvage׵a8 3 j cPerbV1>Iulfil"Ӑ aR hope?aysufficpcgvolu Io(ty?1Ojtht+m8viou(e?2Qࡲx8@s`Kplace`8y8(`fxracr aiHcЂoutspJmu!qg0 pcldfh]—hypqsuHriQ i(bAhwЂqzmistakhIq@tXpispuMtena0oCimAՕ؊Pm8peopunusӦcfund蝸agno`;piirreadZeit;h80RXshEʐxusiaoIorymHƅpeoy[philosop`bhrǀw9Xkox;mmonЉtdAЇHrul0te.Дen1lih񑹡A[Zan1tellinflu@lЉ:sde.ad0ithhearir8tSf`zh Racmiccribrfews@ckၐ镄ower  ofestednterXssastlyxaggeracomparHwithheradualncroachmentfdeas.ot,deed@mmediHly,utfxertainval;orpfieldeconomicndoliticphilosophyyre notanyhoinflu(byewiories4xyRtwy-fiveirtyears1age,oatR@ichivil)n(Ocianeven(itatoapp tourrن,likx b؃x؍.usoon)lt,ꎷ,

    A\"1ǁǁPPENDIX 1?1????~??Dž?ǁRINTING EǁǁǃǃRORSNHE'''#FǁǁǃǁIRST烧燇ǁǃǁ">DITIONCǁǁǃǁORRECTEDO????ǁǃǏ/ESEN__ǁǃǁNj^br(tablWPtoptrh>PthLinoctionGG/t d?=[=alepos=0138924b u>Chap)6Chapter 17] td>Theserrections`meo삩nreparinghriousorndiofi770eneralheory>,ǃrumersearlihdraftshichppsvoluhXIV,rsettisookaQss.шWdooу퇠ubst@erro8sus"unsatisfactent{aggregatApplyndem9wwy728wwwr oo !inadequ1derivʎz0565/1.p>FromEconomicʻnal,emb*36σσσσΆσ>FWWLUCTUATIONSN>NOGGET__>IO灏nVESTMENTTHEWWρ>UOWWVITEDww>SOATEאאװ׊nyy Employm,ɓestMonewwww00222773ww 8ooIrie`tptIillXr!Xeangefluctnev؇KbasmyselfcertaHcalculbyrolClarGhtriQCKuz8:UnitedӲPes70ҏ42775casZ' gupoi`ut (///////)xallowanc1de`cir,tc.,0clud'nod@QYpXhousXJurablymmoditiesnheandsfndividuals'.utheablehichmmediatelyollowed(isidotaketufficientXclearoreadephafirstinlatingY'grossapitalprmon'omprismuwiycgorieRgoo؃XnZsecondge0repreneurs'ac8x,tc.';Iasyselfisl onextage,Xere`ex8sAdoubtsX#cyypt@itemH道(@getˊ܁art ).Ԍ"sultr6CnA`synP-stcephenom nLScernoscribsiIletexlcuspecҌ_],vegllsɒʌoulqlahrguEoseiveb.Ӈ@r)ithruzneHnowpxpla{importantmofulPIly,j4ligh1Hn.

    <`lor="#000">/`؞aggregϜύ(@hlpt)مUndӑAnumb8jނs:(1) uiCHuDuyeommoditNooooogctor-cars,rHxhouequiptoprcؒ0Pi8afrom#purchaQ2wb ZwhoZqm.heJ *s0bncludHinvest:ey(so毨efi d)zA@3mtɂ"y@d ?cu savrekooqracpapplHDžDžǃ(subsXAyЂ;AXfeelФ Iprovisa]o8KiYЙ@e€pQ(lacywCD![pHirawhard--fa<.„bzfewBuaRHnec@ary۫Hcꇲananl׀Octai Yombȁ꬚iYpRobt8pixcH3",ʉڅfIink,J*pɛp-G!aۘUrd8dдג[fG?nOOmyWWG0rЧorygg@. 54woooooIp@eEж)y;yl!R;9ughhhZel8`rqAhdtim8Nr-mayKZouo8G'Iy`tan`gdeljbr@)t#c@er"toptrhb//thspa9Mill0soll.)/tWQ WW􂧂192567'ǁ'ǂǂǂǁ89wǁ'ǂǂǂǁ301wǁ'ǂǂǂǁ2th>1933  th)r>Theboveigur8or 1929ncludes 3,400illionollarsBmotor-cx,hilstdepreciatinespectfsametem"thatearsHmatedt 2,5ǃ.Np߇|29߇߇߇(2)iResidentialÝ truc?????7Ȁa`mportaand肠lyluhngPchhouldndoubPbdinvm,notcrpexpen8,eousaXusualregarasurchashousavЅ`omaoftenwnbyH(noccupi.ɀBullerosMtakMruznetsiH^,0nnx򀡅/on,tc.oly,PweverHleagupSmFabric(blishsuxI0P fowz:h1)ڒeer"dzS߳߀ߓhspa9Ms)džWWO5925678930123gW{)PdWR3,050td2,965,856,09g2,127,222903117ϓooDn*__?,554,67g84O1,90p98,46o6oߒߒ߀p"><󀀅b>Netnvestment th>*heseiguresrealculated ermsfurrh (reproduction)xsts.rabricahaPlsorovidHPimsoriginal*,hichorheearsio 1932onsryower.Ef>;opap@i@N'Gǂdataׁ`#נY(rǂ>_GG_folpbڷrl 'XƐX,Ssߤ{Ac"gg'CseXQUd ''Qam:> th>Depreci;andepleq*_ρτ_o/,686,266,312,4477,036,7155,09g4,971OOOOyNetnvestmentgg_,354o4o`7'4,352,627−221,887ρρρσϓ/tableHlockquoteeight="1em"idth="0pt"3justifyUsizehσ>*heseigurereotakenromruznets'emora,utFabricant'saterrevisedpes.seXeheyrinermsfurr (race)st.ɁGriginalڂ_apblyow8prioro 1931h؀subsequly.E^>1,800 −52,25ρρρρρρπ)r)able>ThisQversotnlyanufactur'tocksutsoofarm,ine8tradgnmeagencietc.rom 1929Xward heighsivennruznetmemorandum1934rdoequir!rrection.hosedabPisalndpximate@I0pendingpublicareuby2N Bau.p'č$2'''"(5)iP onstruBpow8fe(levaЈ3itYcpextK@much gross (oret)x"(Ʌ,ᐋamou weP8aach0b aJsayI؎uthoritlike8 bvؖBmHbest gؐPpbeqm0d낛nW|compurؘ@sfer9uhomφRyanolhxprivsav;hil,fexpfiɀtisde8Xfmcept,oul0ubj)difHpsych8gXlflu *?ȆtoroPmmy//GenerHhgg,oteɃ(pЊrehYoserlac&5W'loanre'whdآwojseksupplixwithchang|debt (Feal,tlo)st$UȃZchHxȀ0ׁG'Xashala,p''g9ڝaxToqenuPbelowra@lel!>%p/-At@(@ult tup83Xk@DǔsplaoK7ԃȈq31`߄*ɭ}3P2,776 th//−43߁28445o+4411,7122,8256597/tablelockquoteeight="1em"idth="0pt"#justifyEsizeh>*eeruznets'ulletin,ԃI,ine 22,roupoahonheasisforeeceXa.%N"12Q. 9BiveniappexxelowWWVp="2(6)iF0nvestm>/pinally,Xavxlaimsuntries,傀m(dy/ssols:6by)[Qer"spa9wMilliondars.)a߃o߃WW1925gg‚678930123WW?9428W460w95731271240293B/'07''笍7//>Aggregγз______?75Wrowaosit@oHmbinabo@iteinaingхE.histalstuIprehensive,caxclude9nstrucҹsemi-publicencandmmIoc/on.ut7ʆQopin hatoomissYminorJharacldmuchffectmB9SwhiЋf8ows.pb )kc0erOoߦ׀hspa9MillrHdars.)wWWO/5or="󀀅#000"> Netoanxpendituresyublicuthtߓ߂Oߓ߃gbLj84o441,712,822,562,79ϓϓπςzFore stmד'728'609/>3>37O324'29ggggojAggregatexW_,18/W7,26g4,53o󀀅r="#000">6,283 Itsvidetha)ofirst-classmportanceor`(nterpretationbusinepfluctunzUnitedӁxes.natZd0ilBfollowingosdut:np2Y(]iaN>)ԅ@arrearesBialPnstref 1933터aveeenormouFrednoeHnvestmIbfieldi1925.doestean,course,lte hiwaPoP).omero' htinuthrougt,xYgradaeriorC|accommodIJbsolescedecayadood,airthwithoq ext3:vʖtibe .ǓbpartlaybyGDyntoriveryrkeespecXlyPP!dessottomalumpc sIn9prob؅`moBdgnoHdemQwhichidfuQ` (se; l(rmH er30Іiȃ0Pumultpun0tock2jY,nufr9mcu؅T,xtraordina8lP!,ٜeffefelarge0behi,Y`.‚,"unly,agaff0s!EdefiQly.Ώle=dscaЂopitaklac[ˁwQlong҃levelog҉8pCexis OOalZceerascogenI ggregܬO*ӈbxp!yoHcl X0ca us;ias0oeX`轌aíw(g.,ю蚸aAlЂǵǬ1ominҟYfigpȞ0(4,15cP6@bxPhPwXm.σwex9]mtwomyrhȸLjur҈C!Hpublicpi,XbdurrbeginnBupظzmakupotalzQa1fh mab@mq joؘ*25@8m(aA(Xritൠ[ ⓣ-mɞ(vi mpp8??????W??c?;П0yC g#WWacaȤ1od8?oȱ(1w—BapX3ǂ+fr1eorp#ok! log8howApxzi.ƃJu@(h30,!8ut 2125ф4s)o|̕(20j6onCPȕсPw4wB2 Z䄨on7^Jg؝a'#s — rarhapYo훸s҃/,:`tz314−35:xlitt`motI0gggga󀀅lign="justify">()henmparableiguresfner vail,ehall‸toakiQutationssthealueiMultipliercondi$UnitedӂXes,oughфi manyIcalifficх耠over).f,owe,aeryrudpreliminat1taDept.Commemщ? (u@rrecforiXchanges)findaturinglargXmentyearsrom 1929q1932money-#s threfiv@i߁net8vhɎownHxnq3xȁgothreasxs8htly,ut:tooarrowI8rQPh(pdithaonm er.p>N">OTEO'//'//'PPENDIX 2???=''7m??>T?DŽNjETׁ׃ׅǁǁǃǁUTSTHINGׂׂIǁǁǃׁǁSSUESFǂǂ<ǁǁǃǁLJBLICDǁǁǃǎB_חbr(t71atoptrhoـthspa8(Millionrdol s.)/tWWO"3otalutstingssues5etoW)ate (30une) (1oׇu''Feder(2OOt,unty@i1etc.߁߃Combined (4WWW (5OOWWW6߁߃WP7WWchang8ggAvHforalendare((9߁߃/WR1924ggd20,982tdU1,63332,615/0,6279,92130,548 gth20,211W2,8303,04w19,7370,975/0,712+16443 6g9,38φρ13,6 ׁ18,7911,67W46`25/8''''%7'g'8,25ׁ1432,986w7P61 15wh3w"4w''''%8'g'7,31׆ׁ15,699@116,52h4o>29h17Wב9g6,63gρ76ׁ3ׁ77`3593ׁ+15+44Ww30g5,9ǁ98?907H9688w85g+72+1,711g_ׁ19,183X0(0984955o+2ǁ8''''&2'g'r=󀀅"#000">19,161 gth22,15Gׁ0741,2>21,61' 072'6,68/h1842''''34'g'6,480ׁW845,4225,32'16,7742,09o+3,409ة'''''&5'g'7,64ׁ@27G46,9'I13w 89灿43,03/+93−/table>(Source:eportfheecretaryTreasuforearnded 30une ,. 424.)vp2aTotalutstandingssuesxcludemallolumeymatur؁on-interestⅸobations (seeiibid.>379)GχχχχςNeharequto70lessose ldn.S.overnmehtrunds,rwnbyOLgagenciq sinkOOOOOOOZb(onotc腁deb>Feder,.e.guara UnitpStates.hese, mpri8gargelycFarm͚gpor,oHOrsoanonARes0cFinancOJwsllows:)Kcer"˳WWW׌DWRMillŠdars//)߃W77?31ecember__ ,079oooggO,15OOOggoo4,52o7777'(S0Coo,5N2XIndriXConfQBoardub.x. 223,ew󀀅ork, 1936,able 2Pp. 68.)

    A\"1ǁǁPPENDIX 3?1???>Ro77ELATIVE Lj.>MOOVEMENTSF//7//EALgg>WOGESND>OOUTPUT?justify}ׅnrtic(byr..unlopnhisΖG>W// (September8,ol.LVIII413)ng??yMovem(fealndneyעhatesw??,thnotL.prspri(delowۈ:eׂ/w ] (150),learlydic@atmmiefohiIccedPmyGenerx oryEmployawׁeedsbeePsidered.reaid:@lockqu߃ItoulY e`ngasesultsataticHenquiPoRacturel((hiptweenhangesJbw`sB߁؂҇ؐcaseCeculiar!aulPneexptC/sameiDžDŽButŅGglevel,鋘illfound,*inrocssocidthso戀f beyusȗ‡WVlmosXlwayopposif. . .T!becausehortriofߏ{risϩeacho:epe(`(sH,ikechpanyecieV;ab́di˩-cuwh׆off,e 5inevitab8wircumnc`@u3)innmargit`Cgiv1apؚp*outpsHminishേ^wwwwwwqP'vg{OBri0hw ppءhQ,S,save&also;9lsOOIlWnoX@b.rhp8croads` rsyUnhdӈ njd2!njnjǭ3pbdbP3wggxwp{qakc)HhckfЙmyselaeKb9ȌheyNs0upႱlawo.Ӛ0mriPƀin 3s —ly Q!!sreAyG..ooPProfowlٕavabl(uZH⯟orՉqnotmad0eierlyqpromplaletdis؆򾗀`upzquѯ777777ϒFirY3n(蓁ubetw񏸀fferiddZa͏{JΚ7;''ha`tu 8؃0)aflchangesnheevelfmploymentausedyhangesnffectiveemand.his,fact,casehichfnderstmightly,runloppTarsha0primarilyview.utrelsowaIreflncPorionditionsoverningʂargaooxorrespo,aaх(ult,outpzw(though ya)772quesxdiscusxaxrparYy Generaleory]/gg> (namep=ailepos=0607360ρblue">Chapter 19mypyWarЧmpa0Ġ@lul)z??q0hla7;.'Mrpkhim>ocitǁ//.99), 'You)ntυ/#hoyIGA0gett:did?'reؤ'MOOIr .'71Subs((ly(hppؗĄ`lhAlA7 (herunpued)QFoxwell,0ѡXwstr@ɆoppositIR,'becahrave;rfolxX P(gr(atudwHsٕcoirhfftO:>a7)zyif,>barmlydvocatedye, (c/>)oteryldoow">do)asentirelnn-academicrgums &bservation.blockquote>nilJfQ,8fiHX8yyoliHeHombhexcmm docxn0za٪geH`(Pfo d c ,imss`ڛSchangؕviewb pDLsY0dB !efȜ,D 鄍sulRRgoY(aߎ&ePș9dslˉr`) 1844倌91Ӏlcpurg0"woua)W`show "Ĝw18738f;ne*.f>

    '[Whenricrisezemployer]llreforeeAabl(nds)ingoayhages;BZteupwards.utxperiencehowsat (wheтy@governedylidscaorot)cseldom{asuchIproportiondoinearl??;ofits.'>

    AlthouHMarshall'svidRbndianurryommitteЅgiv1899,Xofowleystatic nhi(rely}elaxeffecta䀱ٍQ881 (H3tst).tsl,Ɂpink,kenersȄPbashWr18801@6didifact artutfe ysGB914Psucs@odf c!depron)roadsult,low8dppPfo1s:ߞr)(t3Ccen"toptrhbϒϢ_/thReal˂GG/tوLjd?=!−84td^āρρρρF8)ǁwww46WDv߁߁߁߇is''''ooo$6"90OO?ρρρφoo9K97O7߁߁߁ߒ__dž/www/<9Ww?ρρρό?oo9905O??߁߁߁ߌ??//www,+7Ww?ρρρό?oo71O?߁߁߁ߌ??dž/www.191W?ρρρό?)able>Accordtohis,arsh'sener0satholdsorPeeriorom and46,utnoubsequex<.teemsateaveeenivsee(n'#whichldoodyxcep,nlၻwae1mx󁹈oukisatter hneXc MfiftyЁrystaseHt!Ɖ8iew0inlyrevaile؋AFoxwe*craopinZXdiscardheh fflist hxbervj]fdHϋmȄ8ȁticalactPeyoexplitprobyueQwagesp1kiȄnPicepdid0mptsupportiàaori??>easHng.ԎAh survJaogmafid0c)mytion mustexplained,hink,yPeoreI8ticalupporthichtasbsequentlyeceived.

    Toytatem(atarshall'sener@sationremncortbtil Ris,owever,nm a8excep.ɂis i77Ind ri0Flucturs>>,ubhin 1927,rofessorigouoinout (p. 217)+')erlvesfradeyclhave,nzwholpbeencidxthg򀐂2reHwagpXl@U,'pdr1aargehafiiodrom 1850o10.ӒyYseemoрiy(i g9AyUnemployq33JwriAr96):o>Huctu8bttedj8dx؁nscar!ȕyimUtrizbecaui0xڝW th@Ṕ wasnconvenient,xetadendencyoffsethnfluemainorceshichdiscusgnd8dneHsaryeintroduqualifications,needovroublwithfcouldadopttrigenersavour(byoxwell,runloppTarshis.narticular,҂diaal1clusplayanmportant,willeemembenzusoenego,sQYeffectexpanis0olici(0employmatiiwhIYdevehpmywnrguxco0etYmI@dubseq(tlyralready"q)ɀSgood1ihstrga!fann)puass g o4ihdem.rof0igou,ɂ o(rn3neoms)l0orvhresultpuȊhlhgxcoverPisyriensuP;IheЌpic? (alsore}eah8thghari)  iHdxivspeakSworkaclass 8cceptowHf,%"iscaPaO/BpccordYc(H;fro0orrattack (e.g.m yl`enC(`calAoe!$unc`ged)fall2}؄geriodi `Ċba0rnamus(rs8gPiSIha evaiRbelie覎KѤps1mak9al,ڕsghВ8)2hsi(HhidbZѨ0𯲈 fH(ntn.rȉ0Gheory]/gg>.y8`货 oc,àɆri߁OOwadvJfةirotowarfu0τqioussupdoutyavror8fiP`(ЀhpunH*i-)ne(cauHussnxiety.p>FirX Œ}MrunloppT0relyAsuf0tccu׀Рi[eidmـIbaai@eauon?????:`exaX soIȳyiltLeaguNWorEomicӚey 1937oǁ−ǁ38,9ȝbyJ.ŵ08Id"9Xsu,o0n??ӑ vaȎaquollowfromp. 5455:Plockooo7ׄDujgtsaf29de`goo*hicdimiheȀɒequencehericefommoditiesellapidly.nostuntr,saneeenromhe灨hn. 52,ourlyneyagwereeducedAdemandorab;utnveryseqwaheate`ap8pYso8at0lrose. . .[Iȃxplainpsam+noru weekxR.]:Sin聑reco1,roppositevementsayyobserved chsPoodppчuIyoiHmo9ngf@_[enJh9UndtFraIw1 _ȄHtpn 1936:H7wtcontinuW*Saʁ(d —.pwYmargЄ -0bmlesvableemployerlikeoiminishamAA{icyfX .hi(,houbt,flueȁcguimport9thfact0Pwillustr 3j0ـ5pres #`ormatiPpavail|O29M2aNycpaniau((is8Gp˙9b wva8Qxpeh)<(lor="#000">Tauthoriivtudyvyi@rnˆscopdicnewenersrepqwith JanMrars`'IdiamYjbelowۍ|eiEomicʎȉ΁ww>,ar 9] (H150),lXAdefpondqso@-wenhh-yrtSa荠efficassocijludsiinumbxdpr(wbsolu8XR8extrsma1kqBDhzerc`9;musܐDunlopults.ԡ򘨄xj_`srelx1.5c"

    IIɂ1kytayweve@der-amatqqu!teffecà`+-alwayw.ur(guRassHat,⌘dspeaklaboremunerZermitco0sitrod,HteastېriceJx-goodsonamX@outpuwhol`Bnoꑹsup |(wttycasprbet@qxy;Poya70,ܚ jurr9n Xivʂwqgrn3Amincoxsupއso؉tohXfexwith"reliabilityon.ouse- s{X"Ptrad@dexa؆k.ɑyCF72tempwh8mpylrihoeioOMf`?HupsebprДq par0pPiss O"2ᡇKcoUh rltwoYff a`heroug;ohmcraw-)r\ies.ƜAxelefixed,?9sѝСg%f-stubmo?L1::yv$ʁGAdes.yAbprunlop2pTarslaimwWP(fHpāpV'sritishquiІWwCdx$ag ultu+Amc)siciIaӅgelsncJir8ʒ]yearmodm)iablHxt.e expiؕxP,acyPranstc.@oJs,ee[psepaq`cal"beI8کld匈pڀم!Г@xLfundnt`isDwb80rbedhk(rʴ(K8eraCx+Ā𕈪ipav (guooo!g>H0艂߿پrɀÿBXaQevIerror?ɧy iGTheofž0oy!Vׁ>,ɲSuIgadqroulx p٢th˃ق˔qincɔhh outpusö8,oφnworkdirfroЁreYK\p m,h adx`A ĸ}Xػ鿹€Ygpwtoz/#1ߕܜggV@assumpπ_^hicheughtouspect?rarshisindsartfhexplanationere;ndraleckisnclinedinferpproximatelyonstantarginale(cost.upтQanmporrdist؃whichaveAmake.ehouldllgrehatfiPfromeveloutpveryPtbelowapacity,oCnBmhfficietZlabouonPipymployed,LJƀ de:ithhsing,r,jorsremainkaoiiu8surme,opbefo`uDžwhlessׁρ͌pbromissorc.organisyoYoptimumensi.Ōɏ0ocedescsqrt-periodg:curdownwaritar` ches,)Kahn' ssumГ[3tuturnspdЁ@grmmon-sHeoup`#onableueon`hPo@*dž̙ighz0 racpurposeCeiAwrequiiYvؔevideȄne8x0oersuadgpre .

    <`lor="#000">N rȕq,PXWktYciaآendeavtermၘwnm)䓷-"ksitroducP0@o beђ̃ZhsharpkrifPy8-khbed.ԌaknowledgІ8֛r 9trcyclIRHIggءX1observ:0mXȩqeyase,lifiiccord!إrЍhaההההההה҉iv eوHan裑BayKrecyȧWopn)1]Bligo no D \ri\z8upfatɓш i脫(TH@Amc8figl4̚1932@8,ur¹iJ[ЅsuI"XnwUndӌ谁bo(f,ƪ 0lausiх8supWϕinI#LA .¥ZexYmzleuA6Skpssari҄W؁ӑgetrSdiffȅeorbe0ppl(!___Ǟ_______[fpҍWQi͓H ›,hd@@y@*e=;lefr!iωӸaɸP 0@rein;mqUicxatsv//> JYu@??Yb+{frequneglec(P akȂHmyenسhssumpe uNJIσ-'Ӌ"ۂadvoc`YedZВфxful0ndlr8Xulawas纈n,lyyYD..obertdangesٞ0whpyl`vity=symPa)to(apid`alouphdlopggtoIKgo`@l׋+(`imяsІJbeviousdmisrm P@8abo>Thereemainsheuexonhermistakeiesnapproximateden icaofarginalxstithrice,ra҂MssumpthatoutputHoleQyearmo0lessoporQrel"shiponnorrespectivfintensity.Ƃit :casIqpra(cworkings}lawbimperfXXtimodernPasi-systemsuch,Iincre`ndHnwagris"k‰7ӂ[v.Ƀxscarcelyk8erhaps,narrow8apuldsufiЃprevYaecli pahwhiBSԃrapidly.ˆ鍘ightoffsekef@d؉㈧X9domu$k_Fcurv9xalmhorizPXovahb5)tPelev؏pngth.

    Thus,incetshevowedolicyfnd(rist oeHntewithmallerrosrofpunH(outpuxhenereaseanہhdeclineЄnot0like(Pt(mayx,thhy,ative.ɃouldلpgȄ tereifstpxciansshowHtailQwwggg`giffXm܁:ingtwePactualndapacith.ucЉpnvignYdnguishfHssibl ݇aecr<̂`Y-܄hhpPcoQȉhapmoneyo(rxpenh`tuappearIWT sahHaenden0Wit;follȑ|eusugtabovDelBiessedY,xver,Bكυ@2mainbeesul҅qpricohfsetϊcompletr0ppPǃllB0em`hexaQkickAsriEimؑaetizrinsicIimarkhdpUnfortunaiof`Xr9D'Ҁytwo`fluɦx˔yigenp`oge.oooooooiA-knowXUpxom ihou(1 mnuaronfirm{babiln芠diminX,qZ,ggex ׄlpp\p8diviccrul8uؗhaaX,aoh 0trad0y.ԱЁmxrȈCyb- abXhed,Vr9e`omvbprdzBrip89U8ST{figu`mhibhf`ˆ,beliuhsz:> TheluctuationsnhesiguresromearoCapp|befand0character,ndertainlyiveoifica8indH)nyendencHooagstabour increasingutput.ɂsilityQrIorachuntryhipchiefHremarkɆth臃Їaong-runnotereahort-period,henom n.oreitouldiinpe8disc)e diff(ncetweeritishalmexactly]/gg>fsetiWV?Ʌ8clyqHxblemiexpl`thsdgeworwhaalli@tearstuhXatambri.ԇsoluMbyralecki}lliȐhtihbepublishIngEpomet aWWW.Oiyemploy hȉritechniquЖyЄ`d8ribrpMbetwforduc҆pimperfecaXQonIy錰amppieXk.uYxpp2wp@ic"keهcbeX8my(HdrnAftbgHwsg˧QchangbctupacitLAcor0pȂ#eҊՋn%ϑ~XG 儛.ΨdoXd},&itPl@ur9tao`rubeyتg 1Fklwajuser#\;ver`urXbalя,lڍOmȏ(kany0rer.ȃownnbPdssump ڰ#}с8‰oppos9diPˊp̏Hhsecise`݄b8icXw0terials (pu؈syst`frout)ivaȋey0TIwi.ل؝֟obvioussqn钎sesapo;ioncl(|]g////)psu83mbine(`񑏆vL@-g(ght׎Џm''#.Ɋ!yъd 'gҙѥXebO׫(p·qdv؆:t)ssrKMr.ơar)studpn׮TTraCycleoo.ԘڃdCɅ>;0crv".Ӂdsro@Ȃ sKْmai`laqfur,qatPpb9rxaЅXtpx.Np>(5)Ԉegre:imXfec)cot.ww)+cosPÛbyωOIJ .EYNES>Thwebdpub(hzW77eBooks@Adidew:bri(GGG@ԙxUnrsfibrǂDžgShىa 5005w'ak/>
    NMody>INDX TAGX 1F IDXTINDXP 00J01J602003104I^ʀ05' 065&07[^089"09[aр0A=N0B @0C Ld0D1b0EKԀ0F_[10:$11_;Ѐ12[13vY14PP߀15 !;16#\,17% Z18(c%19+{1A.F1B0J)À1C5sP1D7D.1E7sm1F:`; IDXT %1>KXdq~ '3@TopPrefacePreface to the German EditionPreface to the Japanese EditionPreface to the French EditionChapter:The Postulates of the Classical EconomicsThe Principle of Effective DemandThe Choice of UnitsExpectation as Determining Output and EmploymentThe Definition of Income, Saving and InvestmentThe Meaning of Saving and Investment Further ConsideredThe Propensity to Consume: I. The Objective FactorsThe Propensity to Consume: II. The Subjective FactorsThe Marginal Propensity to Consume and the MultiplierThe Marginal Efficiency of CapitalThe State of Long-Term ExpectationThe General Theory of the Rate of InterestThe Classical Theory of the Rate of InterestThe Psychological and Business Incentives to LiquiditySundry Observations on the Nature of CapitalThe Essential Properties of Interest and MoneyThe General Theory of Employment Re-StatedChanges in Money-WagesThe Employment FunctionThe Theory of PricesNotes on the Trade CycleNotes on Mercantilism, the Usury Laws, Stamped Money and Theories of Under-ConsumptionConcluding Notes on the Social Philosophy Towards which the General Theory Might LeadAppendix :Fluctuations in Net Investment in the United StatesRelative Movements of Real Wages and OutputJFIFHHC     C    X  !1A"Qaq#$29X3Buv)%48Sbct (56CDF. !1AQ"aqR2Bb ?M15-=5LX˽h䧻ss瓾9 |-[]3b@ @ @ @ _9WiYOjFbodЀ@DӫF_3(ږz{%UrFLĥ[hzLh fR)W9坶;ƑY6fo ee 9<'ӌiU2* "X@ @ @ @w/3)HM@-e@EW'QQ8hgg7 5tJJ9sy1 Jd+|=pA#5?r6#\:OJK3vɊUYLRt4NJBUm J4Yy^.8zP @ @ @h/f+w'#Qb@ ]^*zK2r@OI+VNI4wO5\2ȕ'ͷ+;s91Ӗ}W=@ @ @ 4#_Α?Le#s670l@u 4]Z[m *Rp2OAJG8t@ Nϑ 5ڭo% 4;UQ*(oyʏ>."SO8zZe"%D@ @ @ v-8^!b;BQ%NMȷ(Bi"h<0"rO3'=R)rdmGwɚMʻFD'8l{'doēq۟}Mm]r'3m\.$W,fmv듸"01MpXһi;<@e%Nڜb硽:b֥ޡ$iU ;a*UkFIcQ**zfA}YqӖO8̒Nm\F  @֩nVKT* ԝ= ;s=#zeWOl^TKY%I,8YuL< }EsJ[ɡ @ 4+ΟN)=mMԜ;ETǖH/tP=Z]љ-H\>lq62)RKfI%UVѤvҪlVibaĜFz29XJ..Z;qB@t{Z'ul]O2|s8uL)`v9;Nq՝>$U p.a @W nڮ[Tҏw%Ka`LO=4353'B{:UF}=V椻.:v^] }4),r1ʄz7_^+m)Z/AQK#J'~{F%^fԚXa @  $T@Q3Z,rS4[c ~_\$OTZE2O3wi(D$,ʧ[p^'O-يncɩ|1˯\@ON#q2l ާH" m!7sNHŶV~ruy^Q@ @ <[X5EnC~q@cn;~JN*Mw3Fq^TqJ:\ sU=`Vwfeܞ6P$zgVu.xQ u@h]e[=Aj2jT)!j?w$*DǖS'qe`fFr)'4ڪ>E(P)U[GQ81jB'2#zd)2)}j-$V0ױ)KNWNIqӘ Zʉ-q:uʽ}liw.hQ yOҊD \CE>Q>6#LgJ$jr5ϪgHd ;t\͔%)^3"N3DS] o>5vm[ճ]&<Ǡ@ ՚ӔnnNal+IGA#I:3-)ї˾6R3n2♓$甾@u$iQfwA]wyˈ Ulʕ;ZEICo5i21GsQZfz*pj!Oz{yWPԃD;8A@a,84QݍuVFcL4u9˚E|T5V(PɶR~C~YIR;ՖLL@sbخIZV.}D5JXR%2 J`4Q"n\"rM!]SnjW=UHjfYe-uOZ2IM%iْCA ^?ńF)7^{7&P@ +Mgyߗ~ߐ\Y-;ӂ $r$%4ڲ2UԛZ^&',(#g8xģIPeURi6 ԥSrr BF>I]-*}wkXҪN$'_Z)2`Hx]YQftv`nBfnnӛ%ˉu+S̟H3Mfs0ӃO3{jҕ{3/ G-@:!(2ɩ*4  ]J')J*TfQ#qGLG4rt%JKSӪshᙚY߉s}brƗ,(A yըW%I6Օc>N2p n1fRҌ'lmڙ\,i[eA$Б\kc"u* hSLFnASP1@$t7(Uׁ7:[P5Iitj Zj2e4K`-Cų䔐6@g?͹Z9稜u:vXQ;8^.$trY<|c6ش{Lƙ3U=0L;mg%%x3xQ @NK4FNQ߶&f饁$t+|~r,U`dz Q}i$'rmMJHZyH̢FJJFM+zABjwɕQ>0zG~\Rn1)QBf߸Jʶf7 SUK81?|"7:Fo"m]IfFf l0%?/`Er(d'D8:inT$d:l7KYzq+oSLՑ.+6*O($|` K@yRrm[Zݜ+b)t.a?PmdrVfy]C|N.IPh<8#<`oXOR re6Qڽ5)kY:w* EIV n I τ mWË#)^3ȓSŹʫ׭I@zm[ UƗ*C ŴqR;T]9Y4i +;$Ǣ-Q͖2NَrP~!vywHCp< =9\K:BR,y2Fé#qID^t@${Dm=PQCd l1H,KēwyRh II4k! OI'rs̘nNJ*5mJȓx}^[zAI#)}h:%BnJ/+GK$6nO7tŠVlUu( K5ŏ [$"njgmPҲyfyM-~U=/967[;xm7U&Y3@}X<~)3ZD{},L@V7۶m_2 z꺎?tb_lpps?E# GWnYNnJZݧF@K=.G#"6>F\ςīhmLҥ>JelerO"voTmi"rNo*fꭓj,Y'XBQmjDdg\Q"@ֽ)KN&%fʹsYFNbRwV''gsXf.kNQ4--dTaf8[l$Q'|n*ٔ6L$kV]МTr:]7+)%3b@[FnȐ"iXV ã[|$Ec VDD,}Uv^'x4 YNFC,$>3Ǿ1(e(  0;UČW%%o{'^׉*$աv)9ml@䃴9w\wD -*$bQd:.Y& L8@8[rueQTGv8t@ xmHR'F%{}q3b@C7Si]BA Ktu<=d sFW1)جeizSWJ7NoT;xie R-->gKNޥK]}-<8k~OLMɳj)ɡBSL5> j*rA} ۇ#-&%D_GuB???i_ -!#$!9#TJnlx4.Tzy%7L'WqdQFg)mg$[R咕"gXI$ ~J7\SJj΄^R~4KՔPVܘOe#n.3|`c:^Gt&qEnj]KȐ'jfW`t9߮v6ŖH@hmj⤷yxvy86 @ Skԍ5oIUjOs^)E[ ;XV7>ƞlβ.A'$-9IF-sjV? *ܤdH؝ EU++$ŧ):zr~J>8O]LgQ-XQWJsXi$rċҝ H<Hz[h~=/8ԆR,r<)r柩{S/q eD: 7'oeFIn_uҷm0ٚ oI|dl9 whvgiNyTEM77t\JR> - D7gaHnX".:],ҫsIT6Uٹs 47Q4ٗ$YVkM$ xI8yVo<$l-N٘f"絭:=Did!Ydp1ܺIleD@y_;uۋˏb! \@ n86Vk u)e-Aqp0y"-ۿ߁)~D0]w"SLKt`J[Jo\d=\1"%-Mg]ˎLiʖf~{ļIʳH$9XW2Ǟ3.uԙd4"Tn|$#sz;XQQym;?ʢbN}VܢB6  g pwQԂ[,G4R=f-]~iu fi:6cmnQ5&QG znľtwV@/Ze`K#X2 -mp+\z?`SPo)þ' ]IK%S O6#.w.&P@ @Wq^#õr@ `ZNzBLU13=8mbnila%u+R.2-kS03Qf=OXiIӷL+|8֯6_NSն\Oʂ\)ߖAOR#sC{΢³u1nѥi `,$P8768QIԑ EN@U2.8Oy/1 ce#oKZ%W]|L%jCOi'g2sߦ"ŻUZ4(Rzq ?LNO,Ow`nagYR3;?R)F+TIyE33/(84>IRNyÉ5*=<u.әTJ,{ɥYן<Ae'BF_:;o"pWF ؓy4F7yĵYfw>e^;w)ฦ2 c`wgK?Q9LS-ܐeG5Vzyt/ͳZ,9yjVZMI=w4^'8Qqbyhהғw/@3+ <-ovgںmC;bL rZ5*܊1vI0A6Qk &\5Ѯdkw z&g$ 8qMBvwgsQ-Ig&HTmrF^KI2ii^|YݞX:Rq9j{H@|iy~)c-bB› ¸r}_lzs{e_^tݚ'W&e<Rdw.ws}SUryC LVTXWE+Z岘ӉVO%4ɵ%)|mgmg> I;6<@ 0Wu@qRek@wHO=^)8e=S9Y.Z1FNg%#@aKi0@sSg#UWպ)dZ<1t;80ٞ'%isbOT e4]M~mxVS%6ʔ0Scr_јʫj/1@B-Sp׀MF5'n;F5|9]Ӗ`RU犺d=̢p􌏯*ݿ idK<Ǡkr:ZS+Nbe'U3IPo9S܃iEN;fwRdSr]%_/a""V)7[6]]|CO@ E\&%gqqՅY[JoJ{ߜq~>y1n+!]-9ǩԀ*H 2 2 7(-U{zm]4CM!- ;u.,qâ@ oa Ǒ30t&x|\?oLܣz< UF  V8;sS6n;AϺyˈ=jfU +3 JpO# GXZNdV*jVU pjד-k_j1+ކjE@)ѹQqg8I8m3tgj;"ߗjWMq*^@TB\8m/əĴ@ @ |5ĔAٙ{}&@ @ά u+A.Ug) Vg> JCssx3x{\4@]\ijo\Ue)2\3 uIl22N/Xl#'I,@@ @ Pѳ:#aߥ3GᘧI)d8|DzkK'QK9g@ ~w^Q 9V~{;X'忓K^6svQ7obCKǽ_҉ K^6qvQ7GCRĆ{jO_?$(yXKwQpy!IrcޱڗKXBϟCҦk_l+~H%͏zjL6XBCiO(Gs>r6|}q3?37k~HR\Ϸ?Җ?$).^lՕ "5:&ٙAFRhw;(%Mɮo=蝦C7B.Zn\Rn\7,{&# ;gmra%~}CghkRR}s]~ʗEOI##*#}H:U/x#@%mOs)=5ͩa:\yiMcr~Cr?}5ͩc~_c=FQZ`Ot9}/?3ێ߇ج/3+~n?#7:|^J*n7:|ш5 =_(o_ƿE[OUsۉR߇Jϒ?}]>7/R߇ޗ/?{?'?}OƿU여(Ԯ^zM41ir%$Qq^wkiYng{K\f(Sj5_AQWI|Cp9F"T@ @ mI˿R\ԦnIӔ8N~ON^_Y҉v"˂ui=W\y=ByI;]LJBr7~ukjbL7dq·sLRq'(E^V]P59$<{$v;3]B,( @ Z뾒;VčReO53PB*}+=Cwa)]DBs@i1u&I &C,$~2viEFM @ @ @ @ FLISAFCIS