Gunnar Myrdal: Period

“Quantities defined in terms of measurements made at the end of the period in question are referred to as ex post; quantities defined in terms of action planned at the beginning of the period in question are referred to as .”

Gunnar Myrdal

Source: Monetary Equilibrium (1939), p. 34
Context: An important distinction exists between prospective and retrospective methods of calculating economic quantities such as incomes, savings, and investments; and... a corresponding distinction of great theoretical importance must be drawn between two alternative methods of defining these quantities. Quantities defined in terms of measurements made at the end of the period in question are referred to as ex post; quantities defined in terms of action planned at the beginning of the period in question are referred to as.

Question

“For these anticipations determine the behaviour of the economic subjects and consequently those changes in the whole price system which during a period actually occur as a result of the actions of individuals.”

Gunnar Myrdal

Source: Monetary Equilibrium (1939), p. 121

Change

“Looking backward on a period which is finished, we are looking at actually realized returns, costs, etc., as those items are registered in the bookkeeping of business. In such an ex post calculation there is, as we will show later, an exact balance between the invested waiting and the value of gross investment [Phil: he appears to mean savings and investment]. Looking forward there is no such balance except under certain conditions which remain to be ascertained. In the ex ante calculus it is a question not of realized results but of anticipations, calculations, and plans driving the dynamic process forward. Had this distinction been kept in mind, much confusion about “saving and investment” would have been avoided. There is in fact no contradiction at all between the statement of an exact bookkeeping balance ex post and the obvious inference that in a situation in which saving is increasing without a corresponding increase in investment, or perhaps with an adverse movement in investment, there must be a tendency ex ante to disparity.”

Gunnar Myrdal

Source: Monetary Equilibrium (1939), p. 34

Question , Business , Appearance , Waiting

“Some of these quantities refer directly to a point of time. That is true of "capital value" as also of such quantities as demand and supply prices. Other terms – as e. g. "income", "revenue", "return", "expenses", "savings", "investments" – imply, however, a time period for which they are reckoned. But in order to be unambiguous they must also refer to a point of time at which they are calculated.”

Gunnar Myrdal

Source: Monetary Equilibrium (1939), p. 46-7