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Does Clower s Dual-Decision Hypothesis lead to the change in saving conclusion in Keynes s General Theory?

Author

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  • Cheng K. WU

    (Growonders Corp., USA.)

Abstract

Keynes General Theory (1936) is probably the most challenging economics book ever written, with an abundance of hypotheses, concepts and theories. Twenty five years after its publication, Clower proposed an insightful explanation on Keynes, the Dual-Decision Hypothesis (DDH). Hall (1978) and Flavin (1981) seemingly reached the conclusion that, under certain conditions, consumption was independent of income. In contrast, Wu (2016) has shown that, change in saving has to be a function of income growth. In fact, applying Wu s corrected consumption for period t+1, it is possible to show DDH equations leading to Keynes change in saving (and disequilibrium) conclusion.

Suggested Citation

  • Cheng K. WU, 2017. "Does Clower s Dual-Decision Hypothesis lead to the change in saving conclusion in Keynes s General Theory?," Journal of Economics Library, EconSciences Journals, vol. 4(4), pages 552-560, December.
    • Handle: RePEc:cvv:journ5:v:4:y:2017:i:4:p:552-560
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    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General
    • B2 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925
    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • C20 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - General
    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • F00 - International Economics - - General - - - General

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