Schumpeter regarded "The Nature of Capital and Income" as one of the three of Fisher's contributions to general theory generally recognized, at the time Schumpeter was writing, as "of first-class importance and originality." The other two were Fisher's "Mathematical Investigations" (1982) and...

NAIRU and NATURAL RATE are not synonymous. NAIRU is a macro outcome of an economy with many labor markets in diverse states of excess demand and excess supply. NAIRU represents an overall balance between the inflation-increasing pressures from excess-demand markets and the inflation-decreasing...

It is essential to distinguish between limits on national output and limits on its rate of growth. In the short run if output is below potential, demand stimulus can temporarily increase output and employment, with growth rates that cannot be sustained once the economy reaches full employment,...