Abstract
Between 1973 and 1987, the rate of saving of households, businesses and governments declined in virtually all 24 OECD countries. For the United States, France, Japan, and the United Kingdom, the drop in national saving amounted to about 5 per cent of GDP. Since 1987, savings rates have recovered somewhat, but as of 1994 remain substantially below their levels in the early 1970s (see Table 9.1 and Figures 9.1 and 9.2).
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References
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Greenspan, A. (1992) 1992 Monetary Policy Objectives: Testimony before Congress (July 21).
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Ainslee, G. (1982) ‘Behavioral Economics II: Motivated, Involuntary Behavior’, Social Science Information, vol. 23.
Antonides, G. (1990) ‘Psychological factors in the lifetime of a durable good’, paper presented to the Royal Netherlands Academy colloquium on ‘The timing of consumption and the consumption of time’ (Amsterdam) (5–8 November).
Bandura, A. (1982) ‘Self-efficacy mechanism in human agency’, American Psychologist (February), pp. 122–47.
Bandura, A. (1986) Social Foundations of Thought and Action: A social cognitive theory (Englewood Cliffs, New Jersey: Prentice-Hall).
Bandura, A. (1989). ‘Human agency in social cognitive theory’, American Psychologist (September), pp. 1175–84.
Bandura, A. and Wood R., (1989) ‘Effect of perceived controllability and performance standards on self-regulation of complex decision making’, Journal of Personality and Social Psychology, vol. 56, pp. 805–14.
Bosworth, B. P. (1990). ‘The global decline in saving: Some international comparisons’. Brookings Discussion Papers in International Economics, no. 83 (Washington DC: Brookings Institution).
Bosworth, B., Burtless, G. and Sabelhaus, J. (1991) ‘The decline in saving: Evidence from Household Survey’, Working Paper (Washington, DC: Brookings Institution).
Carroll, C. and Summers, L. H. (1989) ‘Consumption growth parallels income growth: Some new evidence’, Working Papers, Harvard University, Economics Department.
Cordes, J. J., Galper, H. and Kirby, S. N. (1990) ‘Causes of overwithholding: Forced saving or transactions cost?’, Working Paper, George Washington University (March).
Courant, P., Gramlich, E. and Laitner, J. (1986) ‘A Dynamic Micro Estimate of the Life Cycle Model’, in Aaron, H. J. and Burtless G. (eds), Retirement and Economic Behaviour (Washington, DC: Brookings Institution).
Ericsson, K. A., and Simon, H. A. (1984) Protocol Analysis: Verbal Reports as Data (Cambridge, Mass.: MIT Press).
Greenspan, A. (1992) 1992 Monetary Policy Objectives: Testimony before Congress (July 21).
Hausman, J. (1979) ‘Individual discount rates and the purchase and utilization of energy-using durables’, Bell Journal of Economics, vol. 10, no. 1, pp. 33–54.
Immerwahr, J. (1989) ‘Saving: Good or Bad?’, Public Agenda Foundation, pilot study (New York).
Keynes, J. M. (1930) ‘Economic Possibilities of our Grandchildren’, The National and Athenaeum (11, 18 October).
Keynes, J. M. (1936) ‘The General Theory of Employment, Interest and Money (London: Macmillan).
Keynes, J. M. (1940) How to Pay for the War; a Radical Plan for the Chancellor of the Exchequer (London: Macmillan).
Kotlikoff, L. and Summers, L. H. (1981) ‘The role of intergenerational transfers in aggregate capital formation’, Journal of Political Economy, vol. 89, pp. 706–32.
Kurz, M., Spiegelman, R. and West, E. (1973) ‘The experimental horizon and the role of time preference for the Seattle-Denver Income Maintenance Experiment’, Stanford University (November).
Lee, L. W. (1988) ‘The predator-prey theory of addiction’, Journal of Behavioral Economics, vol. 17, no. 4, pp. 249–62.
Maital, S. (1978) ‘Linking Wages to prices without causing inflation: deferred income in theory and practice’, Cambridge Journal of Economics, vol. 2, pp. 83–98.
Maital, S. (1986) ‘Prometheus Rebound: On welfare-improving constraints’, Eastern Economic Journal, vol. 13, no. 3 (July), pp. 337–44.
Maital, S. (1989) ‘The Keynesian Party is Over’, Across the Board (May), pp. 7–8.
Maital, S. and Maital, S. L. (1984) Economic Games People Play (New York: Basic Books).
Maital, S., Maital, S. L. and Pollak, N. (1986) ‘Economic behavior and social learning theory’, in Mcfadyen, A. and Mcfadyen, H. (eds), Economic Psychology (Amsterdam, North-Holland/Elsevier), pp. 271–90.
Mischel, W. (1977) ‘The interaction of person and situation’, in Magnusson, D. and Endler, N., Personality at the Crossroads: Current Issues in Interactional Psychology (Hillsdale, New Jersey: Erlbaum), pp. 333–52.
Mischel, W. (1984) ‘Convergences and challenges in the search for consistency’, American Psychologist, vol. 39, no. 4, pp. 351–64.
OECD (1994) Economic Outlook, no. 55 (Paris: OECD).
Pechman, J. A. (ed.) (1988) ‘World Tax Reform: A Progress Report’ (Washington DC: Brookings Institution) (Brookings Institution, Washington DC:).
Pigou, A. C. (1920) The Economics of Welfare (London: Macmillan).
Sanders, A., Steil, J. M. and Weinglass, J. T. (1989) ‘Taking the Traditional Route: Some Covert Costs of Traditional Decisions for the Married Career Woman’, in Unger, R. K. (ed.), Representations: Social Constructions of Gender (Amitville, New York: Baywood), pp. 212–21.
Schwartz, A. (1989) ‘Earliest Memories: Sex Differences and the Meaning of Experience’, in Unger, R. K. (ed.), Representations: Social Constructions of Gender (Amitville, New York: Baywood), pp. 236–44.
Shefrin, H. and Thaler, R. M., (1988) ‘The behavioral life-cycle hypothesis’, Economic Inquiry, vol. 66, pp. 609–43.
Shome, P. and Saito, K. A. (1980) ‘Creating capital through social security institutions the Asian experience’, World Bank, Studies in Domestic Finance, no. 61 (Washington, DC) (April).
Stewart, A. and Healy, J. M. Jr. (1989) ‘Linking individual development and social changes’, American Psychologist, vol. 44, no. 1 pp. 30–42.
Summers, L. (1990) ‘Stimulating US Personal Saving’, in Walker, C. E., Bloomfield, M. A. and Thorning, M. (eds), The U.S. Savings Challenge: Policy Options for ‘Productivity and Growth (Boulder, Colorado: Westview Press).
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© 1995 International Economic Association
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Maital, S.L., Maital, S. (1995). The Rise and Fall of the Future: Why Did National Saving Decline?. In: Fitoussi, JP. (eds) Economics in a Changing World. International Economic Association Series. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-23953-5_9
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DOI: https://doi.org/10.1007/978-1-349-23953-5_9
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