346 PONTIFICIAE ACADEMIAE SCIENTIARVM SCRIPTA VARIA - 28

all appear in consumed income before the end of 6°. The
approximate nature of this hypothesis is evident from the fact
‘hat certain primary inputs which are incorporated in reproducible
 capital in the form of maintenance outlays or repairs
appear in consumed income immediately, while at the same
lime the primary inputs which correspond to stock formation
may only reach consumed income long after the inputs corresponding
 to certain types of investment.
If hypothesis (H) is taken as correct (which, rigorously, it
is not), the contribution of primary income to investment,
from the figures in table 8 and relation (334-15) should be

6’
Rw =¢ © =) =— 0.316

i.e., for ® =4.56

8’ =5.25

From the preceding discussion, this certainly is an overestimate.

Similarly, if hypothesis (H) were true, the contribution of
primary income to fixed investment (i.e. capital immobilised
in the form of equipment and structures) should be

co”
$_|,
C

5 ev’
u |
€
+
I
x

Or

\

=O0I

© = 4.56

u=0.0085

(!) See Chart II below.

11] Allais - pag. 150