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بازده سرمایهگذاری
The former step was essential, because without it the variation in the rate of return on capital would be too great to be offset by movements in the rate of interest.
To reinterpret the PK model from Keynes's perspective it is necessary to introduce the distinction between the rate of interest controlled by the central bank and the rate of return on capital (mec).
In models that fail to distinguish between the cost and return on capital, changes in fiscal policy appear as changes in the cost of capital when the objective of fiscal policy should be to increase the return on capital relative to the cost of it.
The point is easily illustrated by a minor extension of Setterfield's PK model to distinguish between the rate of interest, i, under the control of the central bank, and the return on capital, r, or Keynes's marginal efficiency of capital.
Equation (9.6') allows for both the negative impact of increases in the cost of capital, represented by the interest rate, i, and for a positive impact of an increase in the rate of return on capital, r.
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