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A Note on 'Mr. Meade's Relation' and International Capital Movements

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  • Dalziel, Paul C
  • Harcourt, Geoffrey C

Abstract

James Meade (1993) described how in 1931 he used process analysis to prove the fundamental Keynesian relation that investment causes saving. This note uses more general versions of process analysis to demonstrate that the structure of the underlying processes creates 'Mr. Meade's Relation,' not the mathematical assumption of a fixed marginal propensity to save nor the heuristic assumption of a closed economy. The processes create a 'conservation of saving' principle and the multiplier operates until all saving is voluntarily held. The final section highlights the ongoing importance of process analysis and this relation for macroeconomic methods and policy. Copyright 1997 by Oxford University Press.

Suggested Citation

  • Dalziel, Paul C & Harcourt, Geoffrey C, 1997. "A Note on 'Mr. Meade's Relation' and International Capital Movements," Cambridge Journal of Economics, Oxford University Press, vol. 21(5), pages 621-631, September.
  • Handle: RePEc:oup:cambje:v:21:y:1997:i:5:p:621-31
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    Cited by:

    1. Sergio Cesaratto, 2016. "La financiación inicial y final en el circuito monetario y la teoría de la demanda efectiva," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 18(35), pages 47-78, July-Dece.
    2. Sergio Cesaratto, 2008. "The Macroeconomics of the Pension Fund Reform and the case of the TFR reform in Italy," Department of Economics University of Siena 549, Department of Economics, University of Siena.

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