“This is altogether different from saying that the social cost of making use of the ‘disguised unemployment’ is zero. On the contrary, it is rccogni/cd that there is a genuine social cost in doing so in the form of extra consumption by the worken on the capital projects, who will spend most of their wages on food and other consumers’ goods. In fact, deficit financing is called for because this extra consumption cannot be met out of taxation and voluntary saving, so that ‘forced saving’ has to be…
“In the underdeveloped countries whkh have just emerged from Ihe orthodox monetary condition typified by the 100% Sterling Standard. people may still retain woe confidence in money aad hold to the iBmkm that its value will continue to he the umc .: before. The posthumous benefit of thit wligrr orthodox monetary system is that it provides tbe newly independent monetary authorities with some scope for dclkit financing without upsetting confidence. But aa prices continue to rise, tbe marginal propensity to consume, which tuned my high in any case, will tend towards I. For one thing, riling costs of living will compel people to spend most of their income and rcduce their saving, and even borrow for consumption purpose . For another thing, as soon as people Cxpcct that prices will go on rising, they will become increasingly disinclined lo save any part of their money income, since this form of saving will be quickly depreciating in value.
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