As can easily be seen from these equations, higher animal spirits (a) infirms’ investment function will raise the short- run equilibrium rates ofcapacity utilization, capital accumulation and profit. A higher propensityto save out of rentiers’ income will lower the short- run equilibrium values,and the ‘paradox of thrift’ is valid here, too. The effects of a change in theprofit share on the short- run equilibrium may be wage-led or profit- led,depending on the values of the coefficients on capacity utilization and theprofit share in the accumulation function (9.9), in particular: