The Propensity to Consume: II. The Subjective Factors

  • John Maynard Keynes


There remains the second category of factors which affect the amount of consumption out of a given income—namely, those subjective and social incentives which determine how much is spent, given the aggregate of income in terms of wage-units and given the relevant objective factors which we have already discussed. Since, however, the analysis of these factors raises no point of novelty, it may be sufficient if we give a catalogue of the more important, without enlarging on them at any length.


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© The Author(s) 2018

Authors and Affiliations

  • John Maynard Keynes
    • 1
  1. 1.CambridgeUK

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