{"id":4884,"date":"2023-10-10T11:08:24","date_gmt":"2023-10-10T08:08:24","guid":{"rendered":"https:\/\/datakapital.com\/blog\/?p=4884"},"modified":"2025-08-18T17:46:22","modified_gmt":"2025-08-18T14:46:22","slug":"sermayenin-marjinal-etkinligi","status":"publish","type":"post","link":"https:\/\/datakapital.com\/blog\/sermayenin-marjinal-etkinligi\/","title":{"rendered":"Sermayenin Marjinal Etkinli\u011fi"},"content":{"rendered":"

Keynes Genel Teori \u2019de yat\u0131r\u0131m projesinin bug\u00fcnk\u00fc de\u011ferini s\u0131f\u0131r k\u0131lan ve dolay\u0131s\u0131yla da yat\u0131r\u0131m projesinin beklenen net getirilerinin bug\u00fcnk\u00fc de\u011ferini bug\u00fcnk\u00fc maliyetine, sermaye mal\u0131n\u0131n bug\u00fcnk\u00fc arz fiyat\u0131na e\u015fit k\u0131lan iskonto haddini,\u00a0 sermayenin marjinal etkinli\u011fi olarak adland\u0131rm\u0131\u015ft\u0131r.<\/p>\n

\"Marjinal<\/p>\n

Keynes\u2019e g\u00f6re <\/a>sermayenin marjinal etkinli\u011fini hesaplayan bir giri\u015fimci, sermayenin marjinal etkinli\u011fi<\/a> ile piyasa faiz haddini kar\u015f\u0131la\u015ft\u0131r\u0131r ve sermayenin marjinal etkinli\u011fi piyasa faiz haddinden b\u00fcy\u00fck ( mec > i ) ise, yat\u0131r\u0131m yapmay\u0131 tercih eder. \u00d6rne\u011fin \u00f6mr\u00fc bir y\u0131l olan 100 TL de\u011ferindeki bir makineden 130 TL net gelir elde edece\u011fini tahmin eden ve dolay\u0131s\u0131yla sermayenin marjinal etkinli\u011fini % 30 olarak hesaplayan bir giri\u015fimci, piyasa faiz haddi %10 iken bu yat\u0131r\u0131m projesini ger\u00e7ekle\u015ftirmek ister. Zira b\u00f6yle bir durumda yat\u0131r\u0131m projesinin giri\u015fimciye y\u00fckledi\u011fi faiz maliyetinin ( sermaye mal\u0131n\u0131n arz fiyat\u0131 olan 130 liray\u0131 piyasa faiz haddi \u00fczerinden bor\u00e7lanman\u0131n maliyetinin ya da 130 liray\u0131 piyasa faiz haddi \u00fczerinden bor\u00e7 vermemenin maliyetinin ) %10 olmas\u0131na kar\u015f\u0131l\u0131k, yat\u0131r\u0131m projesinin net getirisi %30\u2019tir ve dolay\u0131s\u0131yla giri\u015fimci bu projeden % 20 kar elde eder.<\/p>\n

Tam tersine sermayenin marjinal etkinli\u011fi piyasa faiz haddinden k\u00fc\u00e7\u00fck oldu\u011funda ( mec < i ), giri\u015fimci yat\u0131r\u0131m yapmamay\u0131 tercih eder. \u00d6rne\u011fin, \u00f6mr\u00fc bir y\u0131l olan 100 TL de\u011ferindeki makineden 130 TL net gelir elde edece\u011fini tahmin eden ve dolay\u0131s\u0131yla da sermayenin marjinal etkinli\u011fini % 30 olarak hesaplayan bir giri\u015fimci, piyasa faiz haddi % 40 iken s\u00f6z konusu yat\u0131r\u0131m projesini ger\u00e7ekle\u015ftirmek istemez. Zira b\u00f6yle bir durumda yat\u0131r\u0131m projesinin giri\u015fimciye y\u00fckledi\u011fi faiz maliyetinin ( sermaye mal\u0131n\u0131n arz fiyat\u0131 olan 130 liray\u0131 piyasa faiz haddi \u00fczerinden bor\u00e7lanman\u0131n maliyetinin yada 130 liray\u0131 piyasa faiz haddi \u00fczerinden bor\u00e7 vermemenin maliyetinin ) % 40 olmas\u0131na kar\u015f\u0131l\u0131k, yat\u0131r\u0131m projesinin net getirisi % 30\u2019tir ve dolay\u0131s\u0131yla da yat\u0131r\u0131m projesi giri\u015fimciye % 10 zarar y\u00fckler.<\/p>\n

Di\u011fer taraftan her firman\u0131n yat\u0131r\u0131m portf\u00f6y\u00fcnden \u00e7ok say\u0131da yat\u0131r\u0131m projesi vard\u0131r. Yat\u0131r\u0131m\u0131n maliyeti \u2013 sermaye mal\u0131n\u0131n arz fiyat\u0131 ve beklenen net gelirleri veri iken veya k\u0131saca sermayenin marjinal etkinli\u011fi veri iken faiz haddinin d\u00fc\u015fmesi, firmalar\u0131n ger\u00e7ekle\u015ftirmek istedikleri proje say\u0131s\u0131n\u0131n artmas\u0131na ( firmalar\u0131n sermaye mal\u0131 talebinin artmas\u0131na ) yol a\u00e7ar. Bu durum a\u015fa\u011f\u0131daki grafikte g\u00f6sterilmi\u015ftir.<\/p>\n

\"Marjinal<\/p>\n

Sermayenin marjinal etkinli\u011finin ve faiz haddinin dikey eksende, sermaye stokunun yatay eksende yer ald\u0131\u011f\u0131 grafikte, firman\u0131n ba\u015flang\u0131\u00e7ta sahip oldu\u011fu sermaye stoku \u00a0kadard\u0131r ve firman\u0131n yat\u0131r\u0131m portf\u00f6y\u00fcnde\u00a0 \u00a0 \u00a0 A(mec = %12), B(mec = %10), C(mec = %8), D(mec = %12), E(mec = %5), \u015feklinde be\u015f farkl\u0131 proje vard\u0131r. Dolay\u0131s\u0131yla da faiz haddi e\u011fer %9 ise, firma A ve B projelerini ger\u00e7ekle\u015ftirmeye karar verir. Faiz haddi %5.5 iken ise, firma C ve D projelerini ger\u00e7ekle\u015ftirmek ister. Yani faiz haddi i = %9 ve i = %5.5 iken firman\u0131n sahip olmak istedi\u011fi sermaye stoku s\u0131ras\u0131yla \u00a0ve \u00a0kadard\u0131r. Firman\u0131n sahip oldu\u011fu sermaye stoku ile sahip olmak istedi\u011fi sermaye stoku aras\u0131nda fark ise, firman\u0131n yapmak istedi\u011fi yat\u0131r\u0131ma e\u015fittir. Yani faiz haddi d\u00fc\u015ft\u00fc\u011f\u00fcnde firman\u0131n sahip olmak istedi\u011fi sermaye stokunun artmas\u0131, faiz hadi d\u00fc\u015f\u00fcnce firman\u0131n yapmay\u0131 planlad\u0131\u011f\u0131 yat\u0131r\u0131m\u0131n artt\u0131\u011f\u0131 anlam\u0131na gelir. Bu durum t\u00fcm firmanlar i\u00e7in ele al\u0131nd\u0131\u011f\u0131nda, yat\u0131r\u0131m ile faiz haddi aras\u0131nda yine ters y\u00f6nl\u00fc bir ili\u015fki oldu\u011fu sonucuna ula\u015f\u0131l\u0131r.<\/p>\n

Keynes\u2019in sermayenin marjinal etkinli\u011fi (mec) kavram\u0131, Genel Teori\u2019nin yat\u0131r\u0131m kararlar\u0131n\u0131 a\u00e7\u0131klama noktas\u0131nda getirdi\u011fi en \u00f6zg\u00fcn katk\u0131lardan biridir. Bu kavram, klasik iktisad\u0131n yat\u0131r\u0131mlar\u0131 yaln\u0131zca faiz haddine ba\u011fl\u0131 g\u00f6ren yakla\u015f\u0131m\u0131na kar\u015f\u0131l\u0131k, yat\u0131r\u0131m\u0131n gelece\u011fe d\u00f6n\u00fck beklentilerle yak\u0131ndan ba\u011flant\u0131l\u0131 oldu\u011funu ortaya koyar. \u00c7\u00fcnk\u00fc sermaye mallar\u0131n\u0131n gelecekte sa\u011flayaca\u011f\u0131 net gelir ak\u0131mlar\u0131, giri\u015fimcinin bug\u00fcnk\u00fc yat\u0131r\u0131m karar\u0131n\u0131 belirleyen temel unsurdur.<\/p>\n

Sermayenin marjinal etkinli\u011finin en kritik y\u00f6nlerinden biri, yat\u0131r\u0131mc\u0131 beklentilerine olan ba\u011f\u0131ml\u0131l\u0131\u011f\u0131d\u0131r. Net gelir beklentilerindeki herhangi bir de\u011fi\u015fim, mec e\u011frisinin kaymas\u0131na neden olur. \u00d6rne\u011fin, ekonomik konjonkt\u00fcr\u00fcn olumlu oldu\u011fu, talep art\u0131\u015flar\u0131n\u0131n beklendi\u011fi d\u00f6nemlerde giri\u015fimciler yat\u0131r\u0131mlar\u0131n y\u00fcksek net getiriler sa\u011flayaca\u011f\u0131n\u0131 \u00f6ng\u00f6r\u00fcr. Bu durumda mec y\u00fckselir ve ayn\u0131 faiz haddinde daha fazla yat\u0131r\u0131m yap\u0131l\u0131r. Buna kar\u015f\u0131l\u0131k, belirsizliklerin artt\u0131\u011f\u0131 veya ekonomik durgunluklar\u0131n ya\u015fand\u0131\u011f\u0131 d\u00f6nemlerde beklenen net gelirler d\u00fc\u015fer ve mec a\u015fa\u011f\u0131ya kayar. Bu durumda faiz oranlar\u0131 d\u00fc\u015f\u00fck olsa bile yat\u0131r\u0131m kararlar\u0131 s\u0131n\u0131rl\u0131 kalabilir. Bu dinamik, Keynes\u2019in \u201cyat\u0131r\u0131m dalgalanmalar\u0131n\u0131n ekonomideki istikrars\u0131zl\u0131\u011f\u0131n kayna\u011f\u0131 oldu\u011fu\u201d g\u00f6r\u00fc\u015f\u00fcn\u00fc destekler.<\/p>\n

Faiz oran\u0131 ile mec aras\u0131ndaki ili\u015fki ise yat\u0131r\u0131m\u0131n arz-talep mekanizmas\u0131n\u0131 \u015fekillendirir. Faiz oran\u0131 bir maliyet unsuru olarak de\u011ferlendirilirken, mec beklenen kazanc\u0131 temsil eder. Yat\u0131r\u0131m\u0131n ger\u00e7ekle\u015febilmesi i\u00e7in beklenen getiri oran\u0131 ile maliyet aras\u0131ndaki fark\u0131n pozitif olmas\u0131 gerekir. Dolay\u0131s\u0131yla, yat\u0131r\u0131m talep e\u011frisi negatif e\u011fimli bir fonksiyon \u015feklinde ortaya \u00e7\u0131kar: faiz oran\u0131 d\u00fc\u015ft\u00fck\u00e7e yat\u0131r\u0131mlar artar, y\u00fckseldik\u00e7e yat\u0131r\u0131mlar azal\u0131r. Ancak Keynes, bu ili\u015fkinin do\u011frusal olmad\u0131\u011f\u0131n\u0131 vurgulam\u0131\u015ft\u0131r. \u00c7\u00fcnk\u00fc yat\u0131r\u0131mc\u0131 g\u00fcveni, piyasa beklentileri ve psikolojik unsurlar, yat\u0131r\u0131m talebinin faiz de\u011fi\u015fimlerine duyarl\u0131l\u0131\u011f\u0131n\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde etkiler.<\/p>\n

Sermayenin marjinal etkinli\u011fi kavram\u0131 ayn\u0131 zamanda \u201chayvan ruhlar\u0131\u201d (animal spirits) yakla\u015f\u0131m\u0131 ile de do\u011frudan ba\u011flant\u0131l\u0131d\u0131r. Keynes\u2019e g\u00f6re giri\u015fimciler yaln\u0131zca rasyonel hesaplamalara dayanarak de\u011fil, ayn\u0131 zamanda beklenti, iyimserlik ve k\u00f6t\u00fcmserlik gibi psikolojik fakt\u00f6rlerin etkisi alt\u0131nda yat\u0131r\u0131m karar\u0131 al\u0131rlar. Bu nedenle, ayn\u0131 faiz oran\u0131 seviyesinde dahi yat\u0131r\u0131mlar farkl\u0131 d\u00f6nemlerde farkl\u0131 d\u00fczeylerde ger\u00e7ekle\u015febilir. Bu, klasik modelin \u00f6ng\u00f6rd\u00fc\u011f\u00fc otomatik yat\u0131r\u0131m\u2013faiz dengesi mekanizmas\u0131n\u0131 bozan en \u00f6nemli unsurdur.<\/p>\n

Politika a\u00e7\u0131s\u0131ndan bak\u0131ld\u0131\u011f\u0131nda, sermayenin marjinal etkinli\u011fi kavram\u0131 yat\u0131r\u0131m\u0131n canland\u0131r\u0131lmas\u0131nda faiz politikalar\u0131n\u0131n tek ba\u015f\u0131na yeterli olmayabilece\u011fini g\u00f6stermektedir. Faizlerin d\u00fc\u015f\u00fcr\u00fclmesi yat\u0131r\u0131m maliyetlerini azaltabilir, fakat beklentiler k\u00f6t\u00fcmser oldu\u011fu s\u00fcrece yat\u0131r\u0131mlar\u0131 te\u015fvik etmekte yetersiz kalabilir. Bu nedenle Keynes, devletin aktif bir \u015fekilde yat\u0131r\u0131m harcamalar\u0131 yaparak \u00f6zel sekt\u00f6r yat\u0131r\u0131mlar\u0131ndaki dalgalanmalar\u0131 dengelemesi gerekti\u011fini savunur. Bu yakla\u015f\u0131m, maliye politikalar\u0131n\u0131n iktisat literat\u00fcr\u00fcnde g\u00fc\u00e7l\u00fc bir ara\u00e7 olarak konumlanmas\u0131na yol a\u00e7m\u0131\u015ft\u0131r.<\/p>\n

Sermayenin marjinal etkinli\u011fi kavram\u0131n\u0131n bir di\u011fer \u00f6nemli sonucu, ekonomik dalgalanmalar\u0131n a\u00e7\u0131klanmas\u0131nda oynad\u0131\u011f\u0131 rold\u00fcr. Konjonkt\u00fcrel dalgalanmalar\u0131n b\u00fcy\u00fck \u00f6l\u00e7\u00fcde yat\u0131r\u0131m harcamalar\u0131ndaki ani de\u011fi\u015fimlerden kaynakland\u0131\u011f\u0131n\u0131 ileri s\u00fcren Keynes, yat\u0131r\u0131mlar\u0131n k\u0131sa d\u00f6nemde toplam talebin en de\u011fi\u015fken bile\u015feni oldu\u011funu belirtmi\u015ftir. Beklentilerdeki k\u00fc\u00e7\u00fck de\u011fi\u015fimler bile mec \u00fczerinden yat\u0131r\u0131mlarda b\u00fcy\u00fck s\u0131\u00e7ramalar veya ani d\u00fc\u015f\u00fc\u015fler yaratabilir. Bu, i\u015f \u00e7evrimlerinin temel nedenlerinden biri olarak g\u00f6r\u00fcl\u00fcr.<\/p>\n

Modelin ele\u015ftirilen y\u00f6nlerinden biri, sermayenin marjinal etkinli\u011finin ampirik olarak \u00f6l\u00e7\u00fclmesinin zorlu\u011fudur. \u00c7\u00fcnk\u00fc gelecekteki net gelir beklentileri subjektif unsurlar i\u00e7erir ve \u00f6l\u00e7\u00fcmde kesinlik sa\u011flanmas\u0131 m\u00fcmk\u00fcn de\u011fildir. Bununla birlikte, mec kavram\u0131 yat\u0131r\u0131m davran\u0131\u015flar\u0131n\u0131n anla\u015f\u0131lmas\u0131nda g\u00fc\u00e7l\u00fc bir teorik ara\u00e7 olarak kabul edilmektedir. \u00d6zellikle modern finansal iktisatta kullan\u0131lan \u201cnet bug\u00fcnk\u00fc de\u011fer\u201d ve \u201ci\u00e7 k\u00e2rl\u0131l\u0131k oran\u0131\u201d kavramlar\u0131, Keynes\u2019in mec yakla\u015f\u0131m\u0131yla yak\u0131n benzerlik ta\u015f\u0131r.<\/p>\n

Sonu\u00e7 olarak, sermayenin marjinal etkinli\u011fi Keynesyen teoride yat\u0131r\u0131mlar\u0131n belirleyici fakt\u00f6rlerini a\u00e7\u0131klayan temel bir kavramd\u0131r. Yat\u0131r\u0131m\u0131n yaln\u0131zca faiz oranlar\u0131yla de\u011fil, ayn\u0131 zamanda beklentiler, psikolojik unsurlar ve piyasa ko\u015fullar\u0131 ile \u015fekillendi\u011fini ortaya koyar. Bu y\u00f6n\u00fcyle mec, iktisadi dalgalanmalar\u0131n anla\u015f\u0131lmas\u0131nda ve ekonomik politikalar\u0131n tasarlanmas\u0131nda kilit \u00f6neme sahiptir. Bug\u00fcn dahi yat\u0131r\u0131m kararlar\u0131n\u0131n analizi yap\u0131l\u0131rken, Keynes\u2019in ortaya koydu\u011fu bu \u00e7er\u00e7eve temel referanslardan biri olmay\u0131 s\u00fcrd\u00fcrmektedir.<\/p>\n","protected":false},"excerpt":{"rendered":"

Keynes Genel Teori \u2019de yat\u0131r\u0131m projesinin bug\u00fcnk\u00fc de\u011ferini s\u0131f\u0131r k\u0131lan ve dolay\u0131s\u0131yla da yat\u0131r\u0131m projesinin beklenen net getirilerinin bug\u00fcnk\u00fc de\u011ferini bug\u00fcnk\u00fc maliyetine, sermaye mal\u0131n\u0131n bug\u00fcnk\u00fc arz fiyat\u0131na e\u015fit k\u0131lan iskonto haddini,\u00a0 sermayenin marjinal etkinli\u011fi olarak adland\u0131rm\u0131\u015ft\u0131r. Keynes\u2019e g\u00f6re sermayenin marjinal etkinli\u011fini hesaplayan bir giri\u015fimci, sermayenin marjinal etkinli\u011fi ile piyasa faiz haddini kar\u015f\u0131la\u015ft\u0131r\u0131r ve sermayenin marjinal<\/p>\n","protected":false},"author":12,"featured_media":4886,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,47],"tags":[462,334,461,339],"class_list":{"0":"post-4884","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-jeoekonomik-makro-veriler","8":"category-makro-ekonomik-analizler","9":"tag-kapital","10":"tag-keynesyen-iktisat","11":"tag-marjinal-teori","12":"tag-sermaye"},"better_featured_image":{"id":4886,"alt_text":"Marjinal Sermaye","caption":"","description":"","media_type":"image","media_details":{"width":511,"height":271,"file":"2023\/10\/Sermayenin-Marjinal-Verimliligi.jpg","filesize":14663,"sizes":{"medium":{"file":"Sermayenin-Marjinal-Verimliligi-300x159.jpg","width":300,"height":159,"mime-type":"image\/jpeg","filesize":4093,"source_url":"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2023\/10\/Sermayenin-Marjinal-Verimliligi-300x159.jpg"},"thumbnail":{"file":"Sermayenin-Marjinal-Verimliligi-150x150.jpg","width":150,"height":150,"mime-type":"image\/jpeg","filesize":2059,"source_url":"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2023\/10\/Sermayenin-Marjinal-Verimliligi-150x150.jpg"},"bunyad-small":{"file":"Sermayenin-Marjinal-Verimliligi-150x80.jpg","width":150,"height":80,"mime-type":"image\/jpeg","filesize":1697,"source_url":"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2023\/10\/Sermayenin-Marjinal-Verimliligi-150x80.jpg"},"bunyad-medium":{"file":"Sermayenin-Marjinal-Verimliligi-450x239.jpg","width":450,"height":239,"mime-type":"image\/jpeg","filesize":6423,"source_url":"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2023\/10\/Sermayenin-Marjinal-Verimliligi-450x239.jpg"}},"image_meta":{"aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"0","keywords":[]}},"post":4884,"source_url":"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2023\/10\/Sermayenin-Marjinal-Verimliligi.jpg"},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/posts\/4884","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/comments?post=4884"}],"version-history":[{"count":3,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/posts\/4884\/revisions"}],"predecessor-version":[{"id":5564,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/posts\/4884\/revisions\/5564"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/media\/4886"}],"wp:attachment":[{"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/media?parent=4884"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/categories?post=4884"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/tags?post=4884"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}