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Spending – the transfer of ownership of money from one person or Official Daniel Jones Hope New York Giants player t shirtto another for a purpose. The purpose would be to acquire goods, services, labor or any other desired outcome. Spending is defined in the most general way possible to include all transfers of ownership of money for a purpose.Income – the money the recipients of the spending receive, therefore income equals spending. Obviously we are talking about gross income here.
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The second definitions are introduced in Keynes’ book, when he introduces the concept he Official Daniel Jones Hope New York Giants player t shirt the “marginal efficiency of capital”, which is the return on (the second definition of) investment, which it turns out is in “equilibrium with” the interest rate which is the return on the (second definition of) savings. The equilibrium is when the marginal efficency of capital equals the interest rate. Whereas the total amount of money used for the investment and savings (second definition) can be totally different amounts.