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|ìß äß Tà     á                Èâ               Efficiency of Capital (MEC)
or expected rate of profit: MEC or expected rate of profit the most
important factor affecting private investment. If the business
expectations are good or if the MEC is high, more investment will be
made. On the contrary, if there is an economic depression in the country
or there are bleak prospects of profits, investment will be discouraged.
Thus, the fluctuations in investment are mainly caused by the
fluctuations in the MEC.

Rate of interest: The second important factor affecting investment is
rate of interest. The rate of interest does not quickly change; it is
more or less sticky or constant. Hence, the inducement to invest, by and
large, depends on the MEC. For a suitable investment condition, the rate
of return or profit must at least equal to rate of interest. So long as
the expected rate of return exceeds the rate of interest, investment will
continue to be made. In other words, the MEC must never fall below the
current rate of interest, if investment is to be worthwhile.

Excess capacity: There are some other factors that affect investment.
Excess capacity is one of them. If a firm has already ‘excess capacity’
and can easily handle increased future demand, it will not go in for
further investment in capital equipment.

Technological progress: Technological progress also affects current level
of investment. For instance, a new invention may render the present
capital stock of a firm obsolete and adversely affect its ability to
compete. In this case, further investment will be called for.

Political and security conditions: This factor has become one of the
major important factors that affect the investment, esp. with reference
to under-developed countries including Pakistan. Political instability,
poor security arrangements and society’s negative attitude towards
investment companies can badly damage the investment environment, and the
country can be suffered from poverty and unemployment due to lack of
investment. Countries like Kenya, Zimbabwe, Sudan, etc. are the worst
victims.

Marginal Efficiency of Capital (MEC):
MEC is the highest rate of return expected from an additional unit of a
capital asset over its cost. It is the expected rate of profitability of
a new capital asset. J.M. Keynes has defined MEC as being equal to the
rate of discount which would make the present value of the series of
annuities given by the returns expected from the capital assets during
its life just equal to the supply price. Symbolically it is expressed
as:

  EMBED Equation.3

Where Sp denotes supply price or replace cost of the asset, R1, R2,…..Rn
are the prospective annual returns or yield from the capital asset in the
year 1, 2, and n respectively. i is the rate of discount which makes the
capital asset exactly equal to the present value of the expected yield
from it.

Investment-Demand Curve:
The investment-demand schedule is also known as MEC schedule. The MEC
schedule shows a functional relationship between MEC and the amount of
investment in a given type of capital asset at a particular period of
time for the whole economy.

Investment
(In Million
US $) MEC /
Rate of Interest
(In %) 200 10 250 9    400 7   750 5   1000 3
In the above diagram, the marginal efficiency of capital is represented
by MEC curve. It slopes downward from left to right which means that as
investment increased its marginal efficiency goes down.

Investment at any time depends on the rate of interest prevailing at that
time. If the rate of interest is 5%, the investment is US $750 million,
because, at this level, MEC is equal to the rate of interest. The MEC
represents the investor’s return and the rate of interest is his cost.
Obviously, the return on capital must at least be equal to the rate of
interest, which is its cost. Suppose the rate of interest goes down to
3%, then it will become worthwhile to invest US $1,000 million. Thus,
the MEC and the rate of interest move together.

Position and Shape of MEC Curve: The elasticity of MEC determines the
extent to which the volume of investment would change consequent upon
changes in the rate of interest. If MEC is relatively interest-elastic,
a little fall in the rate of interest will result in a considerable
expansion in the volume of investment. On the other hand, if the MEC is
relatively interest-inelastic, then a considerable fall in the rate of
interest may not lead to any increase in the volume of investment.




Shifts in MEC: As the expectations regarding the prospective yields
change, the MEC will change too and the MEC curve will shift upwards or
downwards. It is illustrated in the following diagram:




Suppose a war breaks out or demand for goods increases on account of some
other reason. As a result, entrepreneurs’ expectations of profit will
rise high and the investment demand curve or the MEC curve will shift
upwards to MEC’. This means that at a given rate of interest, investment
will be greater than before. From the above diagram, it will be seen
that whereas the rate of interest i, investment was OM before, it now
becomes OM’. Similarly, if for some reason demand for goods has
decreased bringing down the MEC to MEC” at the same rate of interest i,
investment will only be OM” as compared with OM before.

Influence of Rate of Interest: The rate of interest along with the MEC
determines the volume of investment. If the rate of interest is higher
than the MEC, it will not be profitable to create a new physical asset.
This is because we assume that the aim of individual investor is to
maximise the money profits. Two courses of action are open to invest,
either he can use his money to crease additional physical assets, i.e.,
he can invest in the Keynesian sense of the term, or else he can lend his
money to others at a certain rate of interest. Now, if MEC is lower than
the current rate of interest, it is more profitable to lend money rather
than use it for creating new assets. On the other hand, if MEC is higher
than the rate of interest, it is better to invest more. At the point,
where MEC equals the current rate of interest, we have the equilibrium
level of investment.

Factors of MEC:
The marginal efficiency of capital depends upon psychological and
objective factors:

Psychological Factors: Whenever a firm undertakes an investment, it
estimates its MEC in the light of the experience of the past, existing
conditions and guesses about the future conditions. If the businessmen
are optimistic about the future, they will estimate the MEC higher and if
they are pessimistic about the further business condition, naturally the
MEC will be estimated low.

Objective Factors:

MEC and the Market: If the market of a particular commodity is wide and
is expected to grow further, the investment in that project will be
favourable and the MEC high. On the other hand, if the demand of a
particular commodity is limited and is expected to decline in the future,
the investment will be discouraged in that project and the MEC will be
low.

Rate of Growth of Population: MEC is also influenced by the rate of
growth of population. If population is growing at a rapid speed, it is
usually believed that the demand of various classes of goods will
increase. So a rapid rise in the growth of population will increase the
MEC and a slowing down in its rate of growth will discourage investment
and thus reduce MEC.

Technological Development: If inventions and technological development
take place in the industry, the prospect of increase in the net yield
brightens up. For example, the development of automobiles in the 20th
century has greatly stimulated the rubber industry, the steel and oil
industry, etc. So we can say that inventions and technological
developments encourage investment in various projects and increase MEC.

Existed Capital Goods: If the quantity of any particular type of goods is
available in abundance in the market and the consumers can partially or
fully meet demand, then it will not be advantageous to invest money in
that particular project. So in such cases, the MEC will be low.

Current Rate of Investment: Another influence on the MEC is the rate of
investment currently going on in a particular industry. If in a relevant
field, much investment has already taken place and the rate of investment
currently going on in that industry is also very large, then new
investors will hesitate to invest their money in that direction. As the
anticipated net yield from that project will be very small, so they can
invest money in such project only if they expect extremely favourable
demand conditions.

Rate of Taxes: MEC is directly influenced by the rate of taxes levied by
the government on various commodities. When taxes are levied, the cost
of commodities is increased and the revenue is lowered. When profits are
reduced, MEC will naturally be affected. It will be low, if taxes are
very high and high if taxes are low.

10


8


6


4


2


0

Rate of Interest / MEC

      200      400       600     800      1000    1200
Investment

MEC

Y

X

Figure 1 – Marginal Efficiency Curve

X
Y

O     M               M’
Investment

Rate of Interest

S




S’

Figure 2 (a) – Interest-elastic MEC Curve

Figure 2 (b) – Interest-inelastic MEC Curve

S




S’

Rate of Interest

O          M          M’
Investment

Y

X

MEC

MEC


MEC




MEC”

MEC’

Figure 3 – Shifts in MEC
i

Rate of Interest / MEC

O          M”    M       M’
Investment

Y

X
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DOCUMENT INFO
Description: bank reconcilation statement,circular flow of income, closing enteries, coefficient of correlation, concepts of National income, Consumption Functions, Determination of National income,Financial statement, Flow of Funds accounts, Index numbers, Introduction to statistics,investment, macro economics, measures of central tendency, measure of depersion, measure of shape distribution, merchandise inventory, micro macro economics, Micro Economics, multiplier and accelerator, probability, public finance, random variable,regression,sample distribution theory, statistics dynamics and comparative, theofy of employment, trade cycle