This note is exclusively concerned with the joint products foundation of Adam Smith's "vent-for-surplus" argument. With relatively fixed proportions in which the joint products are produced, it cannot be presumed that these proportions match those in which the products are domestically required...

This paper attempts to help clarify the many-faceted notion of capital utilization in the theory of effective demand. The problem is dealt with in terms of a simple two-sector model. Two aspects of capital utilization are distinguished: (1) the microeconomic aspect of the choice among...