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| Author: | Maital, S. Maital, S. |
| Title: | Is the future what it used to be? A behavioral theory of the decline of saving in the west |
| Journal: | Journal of Socio-Economics
1994 : SPRING/SUMMER, VOL. 23:1/2, p. 1-32 |
| Index terms: | FUTURE SAVINGS ECONOMICS |
| Language: | eng |
| Abstract: | In all but one of the 24 OECD countries, all forms of saving - personal, business and government - expressed as a percent of income or GDP were lower in 1987 than in 1973. This decline in national saving - amounting to over 4% of GDP - implies a serious devaluation of the future among countries that comprise 60% of world output. No persuasive explanations or model has been advanced to explain it. It is argued that national saving will not recover until the pro-savings self-imposed constraints are restored, at least in part. |
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