Abstract
The question is: does the multiplier process as worked out by Kahn and Clark, but expanded to include inter-firm and government payments, give rise to cycles? The answer is certainly yes, but, as Mr Chipman shows, there is a special case in which it does not, and it is exactly this special, and unrealistic case which multiplier theorists usually talk about. The correct statement is that there is latent in the transactions structure of society the possibility of oscillation, but that this may or may not be brought out according to the circumstances.
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