The Meaning of the Long-Run Ratio of Saving to Social Income
The ratio of saving to social income is generally conceived as the result of stable patterns of individual and institutional decisions to save. In a theoretical context in which aggregate demand is recognized as playing a part in the growth process positing a general assumption on consumption, it is possible to argue, instead, that the ratio of saving to income is also strongly affected by the incentive to invest. It is further argued, however, that without the assumption of steady-state conditions, the ratio of saving to income cannot be conceived as a magnitude in a precise relationship to the rate of accumulation or to any other single specific phenomenon.
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- Garegnani, Pierangelo, 1978.
"Notes on Consumption, Investment and Effective Demand: I,"
Cambridge Journal of Economics,
Oxford University Press, vol. 2(4), pages 335-53, December.
- Garegnani, Pierangelo, 1979. "Notes on Consumption, Investment and Effective Demand: II," Cambridge Journal of Economics, Oxford University Press, vol. 3(1), pages 63-82, March.
- Antonella Palumbo & Attilio Trezzini, 2003. "Growth without normal capacity utilization," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 10(1), pages 109-135.
- Garegnani, Pierangelo, 1984. "Value and Distribution in the Classical Economists and Marx," Oxford Economic Papers, Oxford University Press, vol. 36(2), pages 291-325, June.
- Trezzini, Attilio, 1998. "Capacity Utilisation in the Long Run: Some Further Considerations," Contributions to Political Economy, Oxford University Press, vol. 17(0), pages 53-67.
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