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Robert Pollin

Saving What is the relationship between saving behaviour in capitalist economies and their macroeconomic performance? This question is a hardy perennial in the history of economics, and one that has carried great theoretical and practical significance through its many revivals. It is easy to see why this is so, since any economy that aspires to long-term increases in productivity and average living standards must devise effective means of raising the quantity and quality of its capital stock. The role of saving is central to this process, though how exactly it

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Simon James

Income not spent on consumption. Saving is often held to be desirable for a number of reasons, such as that it releases resources for investment and that it provides individuals with economic security. Therefore some tax systems have concessions for saving. Further reading Boadway , R. and D. Wildasin ( 1994

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Edited by Peter E. Earl and Simon Kemp

Saving argued that a significant proportion of purchases may not be preceded by a decision process (Olshavsky and Granbois in Earl (ed.), 1988), discussed the influence of psychological concepts on the nature of the decision-making process for purchasing consumer durables (Pickering in Earl (ed.), 1988), and stressed the connection between risk taking and satisficing (Taylor in Earl (ed.), 1988). Hence, whereas Simon was the originator of the satisficing concept, he was not in complete control of it as others have extended its application. ESTHER-MIRJAM SENT

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Robert Pollin

What is the relationship between saving behaviour in capitalist economies and their macroeconomic performance? This question is a hardy perennial in the history of economics, and one that has carried great theoretical and practical significance through its many revivals. It is easy to see why this is so, since any economy that aspires to long-term increases in productivity and average living standards must devise effective means of raising the quantity and quality of its capital stock. The role of saving is central to this process, though how exactly it exerts

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Volker Caspari

38  Consumption and saving Volker Caspari In classical economics, saving and consumption was strongly linked to income and its distribution to different groups or classes of society and their traditional behaviour patterns concerning consumption and saving as well as investment. Consumption expenditures were associated with wages and rents, while savings were more or less linked to profits. The view that consumption equals wages was due to the theory of subsistence wage. If the wage rate is close to the subsistence level, saving out of wages is almost impossible

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Thomas Schomerus

29.  Energy Efficiency and Energy Saving – The ‘First Fuel’ Thomas Schomerus* 1. INTRODUCTION This chapter gives an up-to-date overview of the EU-legislation on energy efficiency and energy saving law. It also provides a critical view of the question whether the current regulations, directives and policies in this field fulfil the expectations placed on them, with regard to the overarching goals for tackling global climate change. In the second section, fundamentals of energy efficiency and energy saving are dealt with, followed by EU primary law on energy

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Kirk Hamilton and Giles Atkinson

4. Testing genuine saving INTRODUCTION Intuition suggests that saving today should have an effect on future economic performance, and indeed the large body of work on cross-country analysis of economic growth supports this (see, for example, Sala-i-Martin, 1997). As shown in Chapter 2, this intuition was made formal in Hamilton and Clemens (1999), where it was reported that current net or genuine saving is precisely equal to the change in the present value of future utility along the optimal development path for an economy. The work has been extended by

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Edited by Peter E. Earl and Simon Kemp

Children’s Saving nature of consumption (see Churchill and Moschis, 1979). Conclusion After 25 years, children’s consumer behaviour continues to be an important area for academic and business research. Concerns about advertising and marketing to children continue even today, especially in the light of questions about the effects of cigarette and alcohol advertising on the consumption of these substances by underage consumers. On a different front, marketing and advertising practitioners continue to be interested in children as a potential and growing market for

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Leon Podkaminer

1 INTRODUCTION According to the fundamental principle implicit in the national accounts, the private sector's excess saving (defined as its gross saving minus its gross capital formation) equals, identically, the public-sector financial deficit plus net lending to the foreign sector (see for example Godley and Cripps 1983 ). The examination and interpretation of the various consequences of this identity have been the focus of much theoretical (and some applied) work by many economists working in the Keynesian and Post-Keynesian tradition (for example, Wray 1998

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Joseph C.H. Chai and Kartik Roy

6. Saving and investment China and India did not experience modern economic growth until the second half of the 20th century. The engine, which propelled both economies into ‘take-off ’ and sustained growth after 1949, was the rapid increase of their rates of investment. Valuable lessons can be learned for other developing countries from their experience of investment strategy. The purpose of this chapter is (1) to examine both countries’ investment strategy and their efficacy during the post-war years; (2) to explore how the rate of investment impacted upon the