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Accounting for Saving and Capital Formation in the United States, 1947-1991

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  • Richard Ruggles

Abstract

This paper is concerned with accounting for the saving and capital formation taking place in different sectors of the U.S. economy. In brief, where does saving arise and where is it used? Do some sectors save more than they spend for capital formation and thus are net lenders? Do other sectors save less than is required for their capital formation and thus are net borrowers? The U.S. national income accounts contain the basic data relating to these questions. However, at several points, these data must be recast in order to yield analytically useful results. When such a reformulation is made, the conclusions that can be drawn differ strikingly from much of the currently received conventional wisdom.

Suggested Citation

  • Richard Ruggles, 1993. "Accounting for Saving and Capital Formation in the United States, 1947-1991," Journal of Economic Perspectives, American Economic Association, vol. 7(2), pages 3-17, Spring.
    • Handle: RePEc:aea:jecper:v:7:y:1993:i:2:p:3-17
    Note: DOI: 10.1257/jep.7.2.3
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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jep.7.2.3
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    References listed on IDEAS

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    1. Nancy D. Ruggles & Richard Ruggles, 1983. "The Treatment Of Pensions And Insurance In National Accounts," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 29(4), pages 371-404, December.
    2. Nancy & Richard Ruggles, 1992. "Household And Enterprise Saving And Capital Formation In The United States: A Market Transactions View," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 38(2), pages 119-163, June.
    3. Simon Kuznets & Elizabeth Jenks, 1961. "Appendices and Index, "Capital in the American Economy: Its Formation and Financing"," NBER Chapters, in: Capital in the American Economy: Its Formation and Financing, pages 465-664, National Bureau of Economic Research, Inc.
    4. Ruggles, Richard & Ruggles, Nancy D, 1986. "The Integration of Macro and Micro Data for the Household Sector," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 32(3), pages 245-276, September.
    5. Ruggles, Nancy & Ruggles, Richard, 1992. "Household and Enterprise Saving and Capital Formation in the United States: A Market Transactions View," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 38(2), pages 119-163, June.
    6. Simon Kuznets & Elizabeth Jenks, 1961. "Capital in the American Economy: Its Formation and Financing," NBER Books, National Bureau of Economic Research, Inc, number kuzn61-1, July.
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    Cited by:

    1. Strauss, Ilan & Yang, Jangho, 2021. "Slowing investment rates in developing economies: Evidence from a Bayesian hierarchical model," International Review of Financial Analysis, Elsevier, vol. 77(C).
    2. Strauss, Ilan & Yang, Jangho, 2020. "Corporate Secular Stagnation: Empirical Evidence on the Advanced Economy Investment Slowdown," INET Oxford Working Papers 2019-16, Institute for New Economic Thinking at the Oxford Martin School, University of Oxford.
    3. D.P. Chaudhri & E. Wilson, 2000. "Savings, Investment, Productivity and Economic Growth of Australia 1861–1990: Some Explorations," The Economic Record, The Economic Society of Australia, vol. 76(232), pages 55-73, March.
    4. William G. Gale & John Sabelhaus, 1999. "Perspectives on the Household Saving Rate," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 30(1), pages 181-224.

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    More about this item

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General
    • N12 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - U.S.; Canada: 1913-

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