1994, vol. 38, br. 1-2, str. 27-34
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Dva aspekta u analizi investicija kao ekonomske kategorije
Two aspects in the analysis of investments as the economic category
Univerzitet u Novom Sadu, Ekonomski fakultet, Subotica, Srbija
Sažetak
Ako investicije analiziramo kao sastavni deo društvenog proizvoda, tada od njihove veličine, a koja je opet izražena stopom kao učešćem investicija u društvenom proizvodu, zavise materijalne performanse privrednog rasta, razume se, uz implicitnu pretpostavku date ekonomske efikasnosti investicija. Jedinični rast investicija ima za posledicu multiplikatorske promene nacionalnog dohotka kao izraza rasta društvene proizvodnje, a koje promene zavise od visine investicionog multiplikatora. Investicioni multiplikator, odnosno njegova veličina je određena graničnom sklonošću štednji, odnosno njenim recipročnim izrazom. Što je granična sklonost štednji manja (a to će reći da je granična sklonost potrošnji veća), to je investicioni multiplikator veći. U ovom rezonovanju investicije se predstavljaju kao egzogena varijabla. Međutim, investicije nisu ex ante kategorija. Do investicija se kao realne akumulacije dolazi i u tom smislu su investicije utvrdiva veličina. Kolika će granična sklonost investiranju biti, zavisi od odnosa kamatne stope i granične efikasnosti kapitala. U tom smislu kažemo da su investicije kao endogena varijabla, opadajuća funkcija kamatne stope.
Abstract
If investments are analyzed as a part of national product (their part being expressed by a rate of participation in national product), the material performances of economic growth depend on their size. This of course, having the implicit assumption of the given economic efficacy of investments. A one unit increase in investments has as a consequence multiplied changes in national income as the expression of social production, and those changes depend on the size of investment multiplicator. The investment multiplicator, i.e. its size is determined by a marginal propensity to save, i.e. by its reciprocal expression. The lower the propensity (meaning that the marginal propensity to spend is higher), the higher the investment multiplicator is. In this reasoning, investments are presented as exogenous variables. However, investments are not an ex ante category. Investments are to be made as the real accumulation, and in that sense investments are a determinable category. The level of marginal propensity to invest depends on the relation between interest rate and the marginal efficacy of capital. In that sense, we say that investments are an endogenous variable, a declining function of interest rate.
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