DISPAHITT BETWEEN S/l as MAJOR CAUSE OF DEPRESSIONS … · DISPAHITT BETWEEN S/l as MAJOR CAUSE OF...

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DISPAHITT BETWEEN S/l as MAJOR CAUSE OF DEPRESSIONS theory stems from work of Wicksell; literature divides into two schools 1. Keynes and his group ; also D. H. Robertson 2. Viennese school - Mises, Hayek, Haberler and Machlup Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Transcript of DISPAHITT BETWEEN S/l as MAJOR CAUSE OF DEPRESSIONS … · DISPAHITT BETWEEN S/l as MAJOR CAUSE OF...

Page 1: DISPAHITT BETWEEN S/l as MAJOR CAUSE OF DEPRESSIONS … · DISPAHITT BETWEEN S/l as MAJOR CAUSE OF DEPRESSIONS theory stems from work of Wicksell; literature divides into two schools

DISPAHITT BETWEEN S/l as MAJOR CAUSE OF DEPRESSIONS

theory stems from work of Wicksell; literature divides into two schools

1. Keynes and his group ; also D. H. Robertson 2. Viennese school - Mises, Hayek, Haberler and Machlup

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SAVING, INVESTMENT AND CAPITAL FORMATION IN ENGLISH ECONOMIC LITERATURE

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ABRAMOVITZ, Moses

Savings and investment: p r o f i t s vs . prosperi ty? THE AMERICAN ECONOMIC REVIEW, SUPPLEMENT, XXXII, June, 1942.

Pp. 36.

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ALTMAN, Oscar L.

Saving, Investment, and National Income. MONOGRAPH NO. 37. Washington: Temporary National Economic Committee, 1 9 a . PP . x, 135.

Review: by Milton Friedman, REVIEW OF ECONOMIC STATISTICS Vol. XXVI, May, 19U, pp. 101-2.

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M Saving-investment theory of money

Bode, Karl and Haberler, Gottfried Monetary equilibrium and the price level in

a progressive economy* A comment* (In:Economica, Feb*19S5,p.75~82)

Criticism of statements of Mr. ̂ arrod or of Mr* Kaldor in their concept of the relations be­tween savings and investment*

With rejoinder from R* F*Har rod, p .,32-84 •

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BICKERDIKE, C. F.

Saving and the monetary system, THE ECONOMIC JOURNAL,

September, 1925• Pp. 13.

It vas not purely by normal savings that the rapid growth of wealth in England and America during the 19th centiiiy and in Germany from 1870 to 1914 was financed, but largely by extension of bank credit in excess for the time being, of normal saving, result­ing in periodical inflations. Abstract by W. 0.

Weyforth, AMERICAN ECONOMIC REVIEW, IV, Dec, 1925, p. 800.

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BICKEEDIKE, C. F.

Saving and the Monetary System, ECONOMIC JOURNAL, XXXV, No. 139,

September, 1925.

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BICKERDIKE, C.P.

"Individual and Social Interests in Belation to Saving

IBID Vol.XXXIV, No, 135 September 1921*

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BRESCIANI-TUBEONI, C.

The theory of saving, ECONOMICA, III, new series,

1936, pp. 1-23, 162-81.

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M Saving investment theory of money

Cassel, Gustav The equilibrium of the cap i t a l market. ( In :

Skandinaviska Kreditaktiebolaget^July 1937,p.41-44)

Mr.Cassel reduces the f an ta s t i c theor ies of scarcity of saving to common sense~

Clipped and f i l ed in Cassel folder on shelf.

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M

Saving—investment theory of money Chambers, S. P.

fluctuations in capital and the demand for money. (In: Rev.of Economic Studies,Oct.19F4, p.58-50)

Discussion of the theoiy of formation of capital.

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M Saving investment theory of money

Commons, John R. Capacity to produce, capacity to consume,

capacity to pay debts. (In:Amer.Econ.Rev.,Dec. 1957,p.680-697)

A critique of Moulton and Keynes in their theories concerning saving*

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CURTIS, MFra

I s money saying equal to investment? QUARTERLY JOURNAL OF ECONOMICS,

August, 1937. Pp. 22.

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M Saving investment theory of money

Curtis, Btyra Is money saving equal to investment? {In:

Quarterly Jr.of Economics,August 1957,p*604~25)

The author attacks the theory that Investment equals savings, necessarily.

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DANIELS, G. V.

Spending and investing, THE MANCHESTER SCHOOL, Vol. V, 1934, pp. 102-17.

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DANIELS, O.W.

"Spending and Investing" THE MANCHESTER SCHOOL Vol V No. 2, 193U

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DOBB, M. H,

A note on saving and investment in a socialist economy, ECONOMIC JOURNAL,

December, 1939. Pp. 16

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BGLE, V.

"Saving, investment and crisis," JOURNAL OF POLITICAL ECONOMY,

Dec. 1935.

22 pp.

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M Saving-investment theory of money

Egle, Salter Saving, investment, and crisis. (In:Jr.of

Political Economy,Dec.l9?5,p.7?l-4£)

»oi. 43* &u» b, Mr.Egle attempts to explain the real dif­

ferences in the theories of the various writers on the saving theory and investment theory, and sug­gests that none of them explain the crisis. The rate of saving is only a formula for other factors standing behind it.

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EZEKIEL, Mordecai

Annual estimate of savings by individuals, REVIEW OF ECONOMIC STATISTICS, XXIX,

1937, pp. 178-91

savings of income-tax payers, 1918-35

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u Saving investment theory of money

Ezekiel, Mordecai An annual estimate of savings by individuals

(In:Rev.of Economic Statistics, Harvard, Nov., 1937,p.178-91)

An index of personal savings by persons for idiom there are available data on income? through income tax returns»

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FEAVEARYEAR, A. E.

Capital accumulation and unemployiant, ECONOMIC JOOBNAL, XLVI, 1936, pp. 211-24.

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M Saving investment theory of money

Feaveryear, A^ E* Capital accumulation and unemployment • (In:

Economic Journal, June 1956, p*£ll-224)

An estimate of the rate of capital accumula­tion in Great Britain and of the quantity of in­vestment likely to be required to provide for future unemployment.

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FISHER, Irving

MAre Savings Income?" AMERICAN ECONOMIC ASSOCIATION, PUBLICATIONS, Vol. I X, Series ?, 1908, pp. 21-48.

Discussion: W. M. Daniels; F. A* Fetter; A. tf. Flux) J. F. Crowell, M. H. Robinson, pp. 48-58.

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FISHER, Irving

Are sarLogs income? (with discussion) PUBLICATIONS OF THE AMERICAN ECONOMIC ASSOCIATION, Series I I I , Vol. IX,

1908, pp. 21-^7.

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Cco/vc*7i£ /Isso c / ^ T/CAJ

QfuarUritf Thi'd Sir//<-*• Vol. /*

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FRISCH, Ragnar

The interrelation between capital production and consumer taking, JOURNAL OF POLITICAL ECONOMY, XXXIX, 1931, pp. 646-54-

Clark, J. M.: ^Capital production and consumer taking,19 ibid*, pp. 814-16

Frisch, Ragnar: Capital production and consumer-taking: a rejoinder, i b i d . , XL, 1932, pp. 253-55}

Clark, J.M.: Capital production and consumer-takin a further word, i b i d . , pp. 691-93.

Frish, R.: Capital production and consumer-taking. A final word, ib id . , p. 694. Digitized for FRASER

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FULCHER, Gordon S.

Annual saving and underspending of indivldiaals, REVIEW OF ECONOMIC STATISTICS, Vol* XXIII,

19U, pp. 28-39.

Estimate of savings -Savings of individuals including

private enterprises, 1926-37•

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GAINSBRUGH, M. R.

Total individual savings, liquid and investment, 1900-1953, CONFERENCE BOARD ECONOMIC RECORD,

April 22, 1940.

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GARVT, George

Savings and the Problem of Inflation in the United States, in SAVINGS IN THE MODERN ECONOMY, Pt. IV. Minneapolis: University of Minnesota Press, 1953.

Also circulated as w Savings and Inflation." Mimeo., American Assembly, Columbia University,

May, 195?- 57 pp.

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GARVT, George

What do personal savings figures tell us, AMLTSTS JOURNAL,

1951

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GARVY, George

The role of dissaving in economic analysis, JOUBNAL OF POLITICAL ECONOMT,

October, 1948, pp. 416-27.

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GARVY, George

Savings concepts and data: the needs of economic analysis and policy (discussion of paper J>y L. R. Klein in SAVINGS IN THE MODERN ECONOMY.

pp. 129-32.

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GARVY, (Seorge

The role of dissaving in economic analysis, JOURNAL OF POLITICAL ECONOMY,

October, 1948. 12 pp.

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GARVY, George

"The Role of Dissaving in Econondc Analysis," JOURNAL OF POLITICAL BCONOMI, LVI, October 1947, pp. 335-41,

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GOLDSMITH, R. W. BRADY, D. S. and MENDERSHAUSEN, H.

A STUDY OF SAVING IN THE UNITED STATES. Vol. I I I . Princeton: Princeton Universi ty Press , 1956. Pp. 4.71.

covers years 1897-194-9.

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GOLDSMITH, B. V. and SALANT, V. S.

in STUDIES IN INCOME AND WEALTH, Volume III. New lork: National Bureau of Economic Research, 1939 •

total savings for the nation broken down into individual, business, and government

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HANSEN, Alvin H.

"A note on savings and investment," REVIEW OF ECONOMICS & STATISTICS,

February 1948.

U pp.

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HANSEN, A. H.

A note on savings and inves tment , REVIEW OF ECONOMICS Sc STATISTICS,

February , 1948• pp . A*

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HANSEN, A#H. and TOUT, HERBERT

"Investment and Saving in Business Cycle Theory*' ECON., Vol. I, No. 2 April, 1933

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HANSEN, A. H.

A note on savings and investment, REVIEW OF ECONOMICS & STATISTICS, Vol. 30, no. 1 , Feb. 1948, pp. 30-3

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HANSEN, A. H. and TOUT, H.

"Annual Survey of Business Cycle Theory: Investment and Saving in Business Cycle Theory," ECONOMETRICA,

May, 1933. Pp. 17.

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HANSEN, A. H. and TOUT,

Investment and Saving in Business Cycle Theory, ECONOMETRICA,

April, 1933.

discussion and critique of Hayek's views

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HANSEN, A. H., Chairman; David Friday

"The Formation of capital: measurement and relation to economic instability," AMERICAN ECONOMIC REVIEW, SUPPLEMENT, XXIII, March 1933, pp. 91-97.

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M

Saving-Investment theory of money Harrod, R. F.

Rejoinder to Drs.Haberler and Bode* (In: Economica, Feb.1925, p.82-4)

Enumeration of the various ideas of saving as held by the economists who discuss the saving and investment theory of monetary stability, particularly rejection of Mr.Keynes saving/in­vestment equation.

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HAET, Albert G.

Imputation and the demand for productive resources in disequilibrium, in EXPLORATIONS IN ECONOMICS. New York:

1936, pp. 264-271.

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M Saving investment theory of money

Hayek, F. A. von Investment tha t r a i s e s the demand for cap i ta l

(In:Rev#of Economic S t a t i s t i c s . Harvard,Nov» 1957,p*174-7)

A careful analysis of the time s t ructure of production (NOT in terms of an "average" period of production) i s a necessary basis for a s a t i s ­factory analysis of the t rade cycle•

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M Saving-investment theory of money

Hayek, F. A. The mythology of capital. (In:Quarterly

Jr* of Economics, Feb.l956,p.199-228)

Discussion of the capital formation theory with criticise of articles by Prof .Knight who has cruaaded against the concept of the period of investments.

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M Saving investment theory of money

Hayek, f. A. von Utility analysis and interest. (In:Economic

Journal, March 1936, p.44-60)

Hayek elaborates the idea of the rate of saving necessary in a progressive society.

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HAYEK, F.A.

n0n the Relationship Between Investment and Output" E.J . Vol . XLI7 No. 17U June, 193^

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HAYEK, F. A.

On the relationship betveen investment and output, ECONOMIC JOURNAL, XLIV,

1934, pp. 207-31.

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HAYEK, F.A.

"A Note on the Development of the Doctrine of •Forced Saving1".

Q.J.E., Vol XLVII, No. 1, November, 1932

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HAYEK, F. A. von

A Note on the Development of the Doctrine of •Forced Saving,' QUARTERLY JOURNAL OF ECONOMICS, Vol. 47, No. 1, November, 1932, pp. 123-133-

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HAYEK, F. A. von

A note on the development of the doctrine of forced saving, QUARTERLY JOURNAL OF ECONOMICS, XLVII,

(1932/33), pp. 123-33.

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ufr X &Kj r t rk +

"The 'Paradox' of Saving" IBID., Vol XI No. 32, May, 1931

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HMBK t r.,4. yen

ihe Ytmdoy. ' £ dj^a bc/Jd/tr/c/?

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HEILBRONER, Robert L.

Saving and Investment: Dynamic Aspects, THE AMERICAN ECONOMIC REVIEW, XXXII, December, 1942, pp. 827-28.

re Keynesian terminology

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H

Saving-investment theory of money Hicks, J* R.

A suggestion for simplifying the theory of money. (In:Economica, February,19F5,p.l-19)

Expounding the theory of money that the differences in the reactions of member os the community, those by poverty insensible to changes in anticipations and those other people, with savings and securities are much more sensitive, should be studied*

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HICKS, John R.

Vages and interest: the dynamic problem, ECONOMIC JOURNAL, Vol. XLV, September, 1935, pp. 4-56-468.

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HILL, Martin

"The Period of Production and Industrial Fluctuation," THE ECONOMIC JOURNAL, XLIII,

1933. pp. 599-610.

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M Saving)^ investment theory of money

Holden, G. R. Mr, Keynes1 consumption function and the time

preference pos tu la te , ( In: Quarterly J r . of Economics, Feb.1958,p.581-296)

Existence or nonexistence of an effect ive dis count of the future remain nothing more than ten­ta t ive postulates u n t i l s t a t i s t i c a l analysis e s ­tablishes the one or the o ther . Holden finds the "Consumption function1' such a pos tu la te .

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1 Saving: jLnvefitment JfoeoryL-pf money

Humphrey, Don D. The relation of surpluses to income and em­

ployment during depressions. (In;American Econ­omic Rev. ,Je.l938,p.225-34)

A decline in the rate of investment is accon* panied by unemployment because we do not increase consumption (except relatively) when our savings are falling. Consumption is increased relative to saving only when both consumption and saving fall,

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JONES, J. E.

THE ECONOMICS OF SAVING. London: Reed and Co., 1934. Pp. xvi, 171.

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KUHLER, A.

Scarcity and abundance of capital as cause of crisis, SOCIAL RESEARCH,

Februaiy, 1937. Pp. 17.

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KALDOR, Nicholas

Annual Survey of Economic Theory} The Recent Controversy on the Theory of Capital, BCONOMETRICA,

July, 1937.

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KEYNES, J. M., HAWTREY, E.G. and ROBERTSON, D.H.

Saving and hoarding, ECONOMIC JOURNAL, December, 1933.

Pp. 15.

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KING, V. I.

The net volume of saving in the United States, JODENAL OF THE AMERICAN STATISTICAL ASSOCIATION, Vol. XVIII, 1922, pp. 455-70.

Estimate of Savings Total savings, 1909-18.

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KNIGHT, Frank H.

"Diminishing returns from investment," JOUENAL OF POLITICAL ECONOMY, Wt, T T T «. -, 19U, pp. 26-47. L I I > N°* X'

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KNIGHT, Frank H.

Diminishing Returns from Investment, JOURNAL OF POLITICAL ECONOMY, LII , March, 1 9 U , pp. 26-47.

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LANGE, Oskar

The place of interest in the theory of production, REVIEW OF ECONOMIC STUDIES, Vol- III, June, 1936, pp* 159-162.

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LAMB, L. A.

Saving, a means: not an end, BANKERS MAGAZINE,Hay> i9ll-

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LBONTIET, V. V.

Output, Employment, Con simp t ion, and Investment, QUABTEBLY JOURNAL OF ECONOMICS,

February, 1944. Pp. 25.

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LEONTIEF, ¥ . W.

Interrelation of Prices, Output, S a v i n g and Investment,

THE REVIEW OF ECONOMIC STATISTICS, August, 1937.

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LEONTIEF, Wassily

Interest on capital andd&tributionJ a problem in the theory of marginal productivity, QUARTERLY JOURNAL OF ECONOMICS, XLIX, November, 1934, pp. U7-161.

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LERNER, A. P.

Saving Equals Investment, yUARTERLX JOURNAL OF ECONOMICS,

February, 1938.

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LEVEH, %urice, MOULTON, He Ge, and VARBURTON, Clark

AMERICA'S CAPACITY TO CONSUME* Washington: Brookings Institution, 1934-

individuals1 savings by income classes

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LEVIS, Cleona

The Trend of Savings, 1900-1929, THE JOURNAL OF POLITICAL ECONOMY, Vol. XLIII,

pp. 535-47.

total and individuals' saving, (based on Brookings' data)

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LOUGH, Villiaa H.

HIGH LEVEL CONSUMPTION. New lork: 1935.

pp. 2803o7 - withholdings of individuals, 19U-29.

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kotz. F.ft-Th* o n c o t i c o9 "HUB, SAUM^ - /"JOeS+^^^r

Lit ALMOST n*9- pp. *8&-Clt

H*+ pf. ^ 3 - 4 .

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M Saving investment theory of money

Lutz, F. A. The outcome of the savint-investment discus­

sion, (In:Quarterly Jr.of Economics August 1958 p.588-614)

The saving and investment relation furnishes us with Ittle more than a handy formula. The twin concepts should be relegated to a position of little attention.

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LUTZ, F. A.

The outcome of the savings-investment discussion, QUARTERLY JOURNAL OF ECONOMICS,

August, 1938.

Pp. 27.

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MACHLUP, Fritz

Forced or induced saving: an exploration iii'to its synonyms and homonyms, REVIEW OF ECONOMIC STATISTICS, XXV, February, 1943, pp. 26-39-

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MARSCHAK, Jacob

A note on the period of production, ECONOMIC JOURNAL,

March, 1934. Pp. 6.

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MATTHEWS, R. C. 0 .

Savings and the trade c y c l e , THE REVIEW OF ECONOMIC STUDIES, X X I l ( i i ) , No. 58, February, 1955.

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MELVILLE, Leslie G.

The schedtiLe of interest rates and investment, ECONOMIC RECORD, X,

1934, pp. 167-81.

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MILLER, V. L.

The equality and inequality of saving and investment, SOUTHERN ECONOMIC JOURNAL,

January, 1952. 10 pp.

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MONROE, A. E.

"Investment and Saving: A Genetic Analysis" A.J.E. Vol XLIII, No. k, August, 1929

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MONROE, A. E.

"Investment end Saving: a Genetic Analysis," QUARTERLY JOURNAL OF ECONOMICS, XLIII, August, 1929, pp. 567-603.

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MUNTZ, E. E.

"Vihat shall we do with our savings?" SOUTH ATLANTIC QUARTERLY,

October, 1933.

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MEADE, J. E.

THE RATE OF INTEREST IN A PROGRESSIVE STATE. Nev York: Macmillan, 1933. Pp. x, 115.

Review: by L. H. Seltzer, AMERICAN ECONOMIC REVIEW, XXIV,

June, 1934. pp. 289-90.

application of Keynes-Robertson thesis (relation of saving-investment-spending) to a simplified hypothetical economy.

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MILLER, V. L.

The equality and inequality of saving and investment, SOUTHERN ECONOMIC JOURNAL,

January, 1952• 10 pp.

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OHLIN, Ber t i l

"Same Botes on the Stockholm Theory of Savings and Investment," Par ts I - I I , THE ECONOMIC JOURNAL, XLVII, March and June, 1937, pp. 53-69j pp. 221-240.

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M Saving-Investment theory of money

Qhlln, Bertil Some notes on the Stockholm theoiy cf savings

and investments. (In:Economic Journal, March 1957,p.55-69 & Je.l937,p.?5?l-240)

lfr»0hlin suggests that the similarity be­tween the theories of Wicksell,lfyrdal,Lindahl, makes a comparison with the theoiy of Keynes,and the General Theoiy useful, though a; 'more "~ n

complete comparison must wait until the two bodies of doctrines will have been available in English.

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ROBERTSON, D. H.

"Saving and hoarding," ECONOMIC JOURNAL, XLIII, Sept. 1933, pp. 399-413.

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ROBERTSON, D. H.

Saving and hoarding, ECOHOMIC JOURNAL, XLIII, September, 1933, PP- 399-413.

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ROBINSON, Joan

k parable on savings and investment," ECONOMICA,

February, 1933. Pp. 10.

BECKHART, B. H.

THE NEW YORK MONEY MARKET. VOL. I I I . USES OF FUNDS. New York: Columbia Univers i ty Pres

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BOLPH, Earl

The discounted marginal productivity doctrine, JOURNAL OF POLITICAL ECONOMY, Vol. 47, No. 4, August, 1939, PP. 542-556.

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SALANT, William A.

Saving, Investment, and Stability, AMERICAN ECONOMIC REVIEW, SUPPLEMENT, vol. 46, May, 1956, pp. 87-96.

Discussion2 Lloyd Ulman and Lorie Tarshis, pp. 114-18.

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SAMUELSON, P. A.

Some aspects of the pure theory of capital, QUARTERLY JOURNAL OF ECONOMICS,

May, 1937.

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SAUNDERS, C. T.

The p a t t e r n of savings and inves tment , THE REVIEW OF ECONOMIC STUDIES, X X I I ( i i ) , No. 58, Feb. 1955.

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Iff Saving in^eBtmenlLJtlieQiy of money

Saving and investment:definitions, assump­tions, objectives. (In: Quarterly Journal of Economics, August 1939,p#611-644.)

Discussion by several people of the Keynes1

theory,Mr Lutzfs definitions and objections,of the the relation of savings and investment* sad the propensity to consume•

no other cards

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SCHNEIDER, Erich

Saving and investment in a closed economy (1942), INTERNATIONAL ECONOMIC PAPERS, ed. by A. T. Peacock, R. Turvey, H# £. Houthakker, F. A. Lutz, and Eliabeth Henderson. New York; The Macmillan Co., Vol. 1, 1951.

Swedish theory of S/l

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SHENOY, B. R.

The classical theory of saving, INDIAN JOUPEAL OF ECONOMICS,

October, 194-7. pp. IX*

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SMITHIES, Arthur

Behavior of money national income under inflationary conditions, QUARTERLY JOURNAL OF ECONOMICS, LVII, November, 1942, pp. 113-128.

Distinction between "normal" and "abnormal" savings

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M Saving investment theory of money

Smithies, A* The ̂ ustrial theory of capital in relation

to partial equilibrium theory• (In:Quarterly Journal of Economics, Nov.l955fp.ll7-15Q)

On the basis of voluntary saving the effect of a change in the rati of interest depends direc­tly on the relation between the change in the de­mand for the product and the change in the accumu­lated marginal cost of the factoryof production to the entrepreneur.

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TAKATA, Y.

Saving as the c o s t l e s s p r o c e s s , KYOTO UNIVERSITY ECONOMIC REVIEW,

December, 1933• Pp . 2 1 .

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THEISS, Edward

Dynamics of saving and investment, ECONOMETRICA, Vol. 3, April, 1935, pp. 213-22-4.

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TOUT, Herbert

"Investment and Saving in Business Cycle Theory," ECONOMETRICA,

April, 1933-

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TUCKER, Rufus S.

Capital money and revenue funds, THE AMERICAN ECONOMIC REVIEW, XXXII, September, 1942, pp. 468-485.

Saving/investment theory of Money

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VILLARD, H. H.

D r - Mduligfe^ § est imates of savings and investment, AMERICAN ECONOMIC REVIEW, XXVII, September, 193% pp,

Moultonfs Theoretical Analysis, POLITICAL SCIENCE QUARTERLY,

September, 1938.

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M Saving investment theory of money

Villard, Henry Hilgard Dr. Moulton1 s estimates of saving and invest­

ment, (In:American Economic Rev.,Sept.1957, p.479-489)

Criticism of the savings idea as incorpora­ted in the four books by Brookings, on capital, consumption and production.

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VITO, Francesco

I I r i spa r imio fo rza to e l a t e o r i a d i c i c l i economici , RIVISTA INTERNAZIONALE DE SCIENEE SOMALI,

193 A.

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WALKER, E. Ronald

Saving and investment in monetary theory, ECONOMIC RECORD, IX,

1933, PP. 185-201.

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VALKER, E. Ronald

"Saving and investment in nonetary theory," ECONOMIC RECORD,

December, 1933. Pp. 17.

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VHITNEY, Simon N.

Do savings hamper prosperity? BANKERS MAGAZINE, November, 1933.

Pp. U.

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VARBURTON, Clark

Volume of savings, quantity of money, and business instability, JOURNAL OF POLITICAL ECONOMY, Vol. LV, No. 3, June, 1947, pp. 222-233.

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VAEBURTON, Clark

The Trend of Savings, 1900-1929, THE JOtJIlAL OF POLITICAL ECONOMI, Vol. XLIII, 1935, pp. 84-101.

Estimate of savings total and individuals' saving, 1914-29.

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VATKINS, 0. P.

"Economics of Saving," AMERICAN ECONOMIC REVIEW, m i l , March, 1933, pp. 61-Sl.

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WOLFE, A* B.

Savers1 Surplus and the Interest Rate, QUARTERLY JOURNAL OF ECONOMICS,

November, 1920.

Pp. 35.

A study of the sources of savings, of the psychology of saving, and of the magnittide and importance of the saver1 s surplus* The facts suggest scepticism about any theory based upon fhedonistic marginalism,1

Abstract by Walton H. Hamilton, AMERICAN ECONOMIC REVIEW, XI, March, 1921, p. 151.

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