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adjustment equation aggregate assets assume assumption average behavior patterns billions of 1934 billions of current business firms capital gains class I railways coefficient constant dollars consumption function converted to 1934 cost-of-living index Cowles Commission current dollars demand equation Department of Commerce depreciation charges disposable income econometric Econometrica economic End-of-year endogenous variables entrepreneurs equa excess supply exogenous factors of production farm Federal Reserve fixed capital hence household housing hypotheses industry interest rate introduced investment Kuznets labor lagged least-squares linear liquidity marginal propensity measured in billions method multiplier national income obtain ordinal utility output owner-occupied parameters perfect competition period plant and equipment price index private producers profit maximization random disturbance rate of change ratio reduced forms rent rental result stock of capital structural equations taxes theory tion U. S. Department undesired inventories utility maximization wages