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Private savings : ultrarationality, aggregation, and "Denison's Law"
The article examines the behavior of the ratio of gross private saving to gross national product--the gross private savings rate or GPSR--for the United States during the period 1898-1969. It emerges that the GPSR defined to include consumer durables expenditures and the imputed return on durables h...
|a Private savings : ultrarationality, aggregation, and "Denison's Law"
260
|b University Chicago Press
260
|a Chicago, Ill.
260
|c March-April 1974
300
|a pp. 225-249
|b il.
490
|a Journal of Political Econony
|v n. 2, Part 1
|x 00223808
504
|a Incluye bibliografía
520
|a The article examines the behavior of the ratio of gross private saving to gross national product--the gross private savings rate or GPSR--for the United States during the period 1898-1969. It emerges that the GPSR defined to include consumer durables expenditures and the imputed return on durables has no trend over the period and that its year-to-year variation is extremely small except for the World War I, World War II, and Great Depression years. This stability prevailed in the face of pronounced shifts in the composition of private savings from personal saving to durables expenditure and corporate saving, and a redistribution of income from the private to public sectors. The notion of ultrarationality, in which households subsume corporate and government spending and saving in their budget decisions, is used to explain the stability of the GPSR despite the important changes in its composition. Leading implications of this stability for theory and policy are explored: one important conclusion is that, under full employment, fiscal policy can neither affect aggregate expenditure nor alter the ratio of investment to consumption
