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The important Keynesian insight is that a high propensity to save will not generate high national saving unless it goes into investment, into accumul… - James Tobin
" "The important Keynesian insight is that a high propensity to save will not generate high national saving unless it goes into investment, into accumulation of real capital. The "paradox of thrift" makes this point in an extreme way. In certain circumstances, when there is no demand for investment around, the economy can be no better off, or even worse off, if a thrifty public cuts consumption.
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About James Tobin
James Tobin (March 5, 1918 – March 11, 2002) was an American economist who served on the Council of Economic Advisers and consulted with the Board of Governors of the Federal Reserve System, and taught at Harvard and Yale Universities. He developed the ideas of Keynesian economics, and advocated government intervention to stabilize output and avoid recessions. His academic work included pioneering contributions to the study of investment, monetary and fiscal policy and financial markets. He also proposed an econometric model for censored dependent variables, the well-known Tobit model.
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For me, growing up in the 1930s, the two motivations powerfully reinforced each other. The miserable failures of capitalist economies in the Great Depression were root causes of worldwide social and political disasters. The crisis triggered a fertile period of scientific ferment and revolution in economic theory.
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The general accounting framework for... the capital account... Rows represent assets or debts. ...Columns represent sectors of the economy ...Entries in cells ...can be postive, negative, or zero. A negative entry means... the sector... is a debtor in the... asset indicated by the row. ...The sum across the row is the net exogenous supply of the asset to the economy ...For stocks of goods, this ...is the economy's inheritance from the past. For internally generated financial assets the net... supply... is zero. If from the sums in the final column the... government's holdings of an asset are subtracted (or its debt added), the net holdings of the private economy result. The sum of a column represents the net worth of a sector. The sum of the final column is the national wealth. ...[P]rivate wealth differs from this total by the amount of the government's net worth. If government is a net debtor... if its stocks of goods are ignored, then private wealth exceeds national wealth.
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