By Amit Bhaduri
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Extra info for Macroeconomics: The Dynamics of Commodity Production
This means that all required raw materials needed for the production of either the final consumption good in Department II or final investment good in Department I is produced by the respective department. There are some essential distinctions between consumption good and investment good, which make this two departmental scheme of analysis, originally proposed by Marx, exceedingly fruitful. First, investment expenditure on long-lived capital equipment involves uncertain expectations regarding the future, simply because, these investment goods are going to be used over a number of years in the future.
19». Such circularity offlows should warn us against any simple-minded analogy between the income of an individual and that of the capitalist economy as a whole. Precisely because circular flows interlink expenditure to income through sale, such analogies may turn out to be false. For example, less spending means more saving for an individual that leads to his accumulating more assets in one form or another. , less expenditure by individuals, reduce overall expenditure and sales, which in turn reduce incomes of all concerned through the circular flows of expenditure and income.
Avoiding therefore the vice of over-generalisation implied in terminology such as 'factor income', we decompose gross value added by any sector j (G VA j) into the types of class income relevant to capitalism. Broadly, this yields two types of income for each sector: income from work (»j) against the sale of labour service, consisting of wages and salaries (in the language of internal revenue department in many countries this is called 'earned income'). The other type of income is income from ownership of property (OJ) in the form ofland as well as produced means of production (the internal revenue department is prone to call it 'unearned income').