... income of the entrepreneur. The factor cost is, of course, the same thing, looked at from the point of view of the entrepreneur, as what the factors of production regard as their income. Thus the ... call the user cost of the employment in question[1]. The excess of the value of the resulting output over the sum of its factor cost and its user cost is the profit or, as we shall call it, the ... between them the volume of employment, and the volume of employment is uniquely related to a given level of real wages—not the other way round. If the propensity to consume and the rate of new...