Exogenous investment

This final equation represents a multiplier relationship between total profits and the total exogenous expenditure by capitalists (B0 + I), the multiplier being defined as 1/1-A. With this Kalecki multiplier relationship, profits are determined using exogenous investment and capitalist consumption. 

Goldhaber, J.I., Ji, S., Lamp, S.T. and Weiss, J.N. (1989). Effects of exogenous free radicals on electromechanical function and metabolism in isolated rabbit and guinea pig ventricle. Implications for ischemia and reperfusion injury. J. Clin. Invest. 83, 1800-1809. 

This emphasis on the importance of aggregate demand suggests a multiplier relationship. In Keynesian terms, the aggregate demand for capital goods produced by Department 1 can be defined as investment demand. Since this demand provides for future expansion of means of production, in the current period of production it can reasonably be assumed to be exogenous, not dependent upon any current parameters or constraints. The multiplier provides a possible way of capturing the structural relationship between investment demand and the aggregate income of the economy. 

As we have seen, however, the circulation of money also plays a pivotal role in the reproduction schema. Without borrowing from the financial system expanded reproduction is not possible. Investment is exogenous, financed not out of the pockets of capitalists, but by the financial system. Embedded in the tension, established by Domar, between investment as a dual source of capacity and demand, is a fragile network of credit relationships between capitalists and banks. Marx s reproduction schemes expose the stringent conditions on the finance and realization of investment that are required for balanced growth. Since these conditions are unlikely to be met - supply is unlikely to create its own demand - a refutation of Say s Law is offered by the reproduction schema. 

For Domar, the first two elements of the balanced growth equation represent the propensity to save, S = ek. The share of profits out of total income (e) combined with the proportion set aside for investment (A) make up the proportion of income saved (5). Hence, from the multiplier relationship y = (1 /eA)/ where there is no exogenous capitalist consumption (see equation 5.7), it follows that h = r5,y, = Sav,. 

Hassett and Hubbard (1996, p. 31) argue that determining the response of investment to [q] is easiest during periods in which large exogenous changes in... 

Milner, Y., Sudnik, J., Filippi, M., Kizoulis, M., Kashgarian, M. and Stenn, K. (2002) Exogen, shedding phase of the hair growth cycle characterization of a mouse model. /Invest Dermatol 119, 639-644. 

Kitamura, M., Taylor, S., Unwin, R., Burton, S., Shimizu, F. and Fine, L. G. (1994). Gene transfer into the rat renal glomerulus via a mesangial cell vector Site-specific delivery, in situ amplification, and sustained expression of an exogenous gene in vivo. J. Clin. Invest. 94, 497-505. 

Cuzzocrea, S., Di Paloa, R., Mazzon, E., Genovese, T., Muia, C., Centorrino, T., and Caputi, A. P. (2004). Role of endogenous and exogenous ligands for the peroxisome proliferators activated receptors alpha (PPAR-alpha) in the development of inflammatory bowel disease in mice. Lab. Invest. 84, 1643-1654. 

Kalish RS, Wood JA, LaPorte A. Processing of urushiol (poison ivy) hapten by both endogenous and exogenous pathways for presentation to T cells in vitro. / Clin Invest. 1994 93 2039-2047. 

Miller BE, Winkler AW. The renal excretion of endogenous creatinine in man Comparison with exogenous creatinine and inulin. J Clin Invest 1938 17 31-40. 

M.C. Corretti, Y. Koretsune, H. Kusuoka, V.P. Chacko, J.L. Zweier and E. Marban, Glycolytic inhibition and calcium overload as consequences of exogenously generated free radicals in rabbit hearts, J. Clin. Invest. 88(3), 1014-1025 (1991). 

Zhu C, Zhang Y, Pardridge W. Widespread expression of an exogenous gene in the eye after intravenous administration. Invest Ophthalmol Vis Sci 2002 43 3075-3080. 

Klein RG, Arnaud SB, Gallagher JC, Deluca HE and Riggs BL (1977) Intestinal calcium absorption in exogenous hypercortisonism. Role of 25-hydroxyvitamin D and corticosteroid dose. J Clin Invest 60 253-259. 

Knepper PA, Farbman AI, Telser AG. Exogenous hyaluronidases and degradation of hyaluronic acid in the rabbit eye. Invest Ophthalmol Vis Sci 1984 25 286-293. 

Sakakida, H., C. C. Shediac, and M. D. Siperstein Effect of endogenous and exogenous cholesterol on the feedback control of cholesterol synthesis. J. din. Invest. 42,1521 (1963). 

Volpi E, Ferrando AA, Yeckel CW, Tipton KD, Wolfe RR Exogenous amino acids stimulate net muscle protein synthesis in the elderly. J Clin Invest 1998 101 2000-2007. 

Lee, T. H., Mencia-Huerta, J.-M., Shih, C., Corey, E. J., Lewis, R. A., and Austen, K. F. (1984). Effects of exogenous arachidonic, eicosapentaenoic, and docosahexaenoic acids on the generation of 5-lipoxygenase pathway products by ionophore-activated human neutrophils. J. Clin. Invest. 74, 1922 1933. 

---