Sunday, August 21, 2005

What in the world is "user cost" ?

Most students who read the General Theory want to understand everything that Keynes wrote in his book. I can sympathize with this, since there is undoubtedly something depressing about reading so intensely but understanding only a part of such an important work in economics. Moreover, one can never be sure that some very important part has been overlooked or misunderstood---something which might clarify much of Keynes' thinking. Unfortunately the language of then and now has changed considerably. Keynes wrote the GT in 1935 and published it in 1936. Many of the terms, and even topics covered in the book, seem strange and archaic to us today. For example, almost no one uses the term "trade cycle" today, preferring instead to use the term "business cycle".

A particularly irritating part of the General Theory is Chapter 6 "The Definition of Income, Saving and Investment" and the Appendix to Chapter 6 entitled " Appendix on User Cost". I suspect many students get stymied with user cost at this point, which is a shame, since it contributes little to the main thrust of the book. Keynes spills a great deal of ink defining this notion of user cost and seems quite proud of his creation and its usefulness. This appendix nevertheless seems excessively complicated and nitpicking to our modern eyes.

So what is user cost and why is it important?

It will not be helpful to simply return to the General Theory and pore over the text one more time. After all, it is the text itself which is confusing. Fortunately, a very fine economist named Abba Lerner wrote a small paper which sets things straight for us. The small two-page piece entitled "User Cost and Prime User Cost" was published in the American Economic Review in 1943. After reading Lerner, the Appendix in the GT seems much easier to follow, at least to me.

So, what did Lerner say?

He begins by saying that prime cost is any cost that occurs because the firm is actually producing something. Prime costs are extra costs borne above the costs which occur when the flow of output is zero. These "extra" costs can be divided into three types: (1) extra factor cost, (2) extra costs from purchases from other firms--like raw materials, and (3)the extra wear and tear on machines (above what is replaced), which is very much like depreciation. Using Keynes' notation, Lerner compares these three where additional output is produced and no additional output is produced.

(1) F - F' = extra outlays on factors
(2) A1 - A1' = extra outlays on purchases from other firms
(3) G' - G = extra wear and tear costs on machinery

For example, F is factor cost of producing the output and F' is the factor cost when no output is produced. G is the value of capital if production takes place and G' is the value if nothing is produced. Note that some factors may be used to refurbish capital even when nothing is being produced.

Lerner then states that prime cost is the sum of (1), (2), and (3) above. That is,

Prime Cost = (F - F') + {(A1 - A1') + (G' - G)}
= Prime Factor Cost + Prime User Cost

He identifies Prime User Cost as the sum of the last two terms (A1 - A1') and (G' - G). By contrast, Keynes identifies his user cost with the following

User Cost = A1 + {G' - (F' + A1') - G}
=A1 + (G' - B') - G

where B' = F' + A1'. This last formulation is exactly as it appears in the GT. Thus, Keynes deducts from user cost factors being used to refurbish capital when such capital is not being employed to produce output. Lerner does not do this, but includes such factors in prime factor cost.

Now, it should be clear that Lerner's formulation is much simpler and intuitive. Keynes' user cost is more convoluted. However, the issue of how costs increase when output changes was terribly important to Keynes. It was this change in cost which was termed marginal cost (MC)and which was known to be equal to price(P) in competitive equilibrium.

Reading the Appendix to Chapter 6 reinforces the feeling we often get that Keynes thinking was not tied to some simple neoclassical model of the firm. Keynes wrote in the Appendix that even the great Pigou ignored these costs, thinking they were of secondary importance. Despite the fact that Keynes was right in emphasizing these costs and the effect they would have on his definition of income and the determination of price, we should not let this Appendix paralyze us in our reading of the GT. Instead we should recognize that the standard notions we have of cost are perhaps inferior to those of 60 years before. The old masters still have much to teach us that all the modern texts on microeconomics cannot give. It still pays to read the masters whenever we can.

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