ABSTRACT
This chapter discusses the technical problems of the "structure of investment" actually discussed in Professor Hayek's recent article,2 and shall take no notice of what may be right or wrong in that connection. It explains the ramifying complementary technical relationships and connections of ownership must be considered in determining, what is the effective investment unit for which freedom of use or non-use is in question. The fluidity chiefly in question is marketability for cash, and the practical difficulty and the theoretical problem lie in the field of "cash" rather than in the technical properties of investment goods. The crux of the wage fund situation is first that the capital, while constant in amount, passes by investment and disinvestment through a real and regular physical cycle. Even with reference to such primitive agricultural conditions the really critical student might have had disturbing queries in connection with treating quantity of capital as a matter of length of production cycle.
