But with the growth of wealth and the diminishing marginal propensity to consume, it has tended to become increasingly internecine.

但随着财富的增长和边际消费倾向的下降， 它往往变得越来越自相残杀。

Before coming to the multiplier, however, it will be convenient to introduce the conception of the marginal propensity to consume.

然而，在讨论乘数之前，先介绍一下边际消费倾向的概念。

So far as the balance is restored by a postponement of consumption there is a temporary reduction of the marginal propensity to consume, i.e.

只要通过推迟消费恢复平衡，就会暂时减少边际消费倾向，即。

This conclusion, however, would overlook the distinction between the effects of the marginal propensity to consume and those of the average propensity to consume.

然而，这个结论会忽略边际消费倾向和平均消费倾向的影响之间的区别。

This suggests a marginal propensity to consume not exceeding 6o to 70 per cent-a figure quite plausible for the boom, but surprisingly, and, in my judgment, improbably low for the slump.

这表明边际消费倾向不超过 6% 到 70%——这个数字在繁荣时期相当合理，但令人惊讶的是，而且根据我的判断，在萧条时期这个数字不太可能低。

We have seen above that the greater the marginal propensity to consume, the greater the multiplier, and hence the greater the disturbance to employment corresponding to a given change in investment.

我们在上面已经看到，边际消费倾向越大，乘数就越大，因此对应于给定投资变化的就业干扰就越大。

For whilst a high marginal propensity to consume involves a larger proportionate effect from a given percentage change in investment, the absolute effect will, nevertheless, be small if the average propensity to consume is also high.

因为虽然高边际消费倾向涉及给定投资百分比变化的较大比例效应， 但如果平均消费倾向也很高， 则绝对效应将很小。

It should not be difficult to compile a chart of the marginal propensity to consume at each stage of a trade cycle from the statistics (if they were available) of aggregate incorne and aggregate investment at successive dates.

根据连续日期的总收入和总投资的统计数据（如果有的话），绘制贸易周期每个阶段边际消费倾向的图表应该不难。

When full employment is reached, any attempt to increase investment still further will set up a tendency in money-prices to rise without limit, irrespective of the marginal propensity to consume; i.e. we shall have reached a state of true inflation.

当达到充分就业时，任何进一步增加投资的尝试都将导致货币价格无限上涨的趋势，而不管边际消费倾向如何；也就是说，我们将达到真正的通货膨胀状态。