THE REAL RATE OF U.S. NATIONAL SAVING

Robert Eisner

Review of Income and Wealth, 1991, vol. 37, issue 1, 15-32

Abstract: The conventional measure of national saving in U.S. accounts does not include saving in consumer durables, public investment, or intangible capital. It reflects a measure of net foreign investment that relates in considerable part to original cost rather than market values. It also does not include real capital gains. Comprehensive, adjusted measures of national saving are calculated for as many of the years from 1946 to 1989 as relevant components are available. They generally suggest much larger rates of national saving than are usually recognized. They also cast a sharp and substantially different light on the likely effects of policies designed to increase provision for the future.

Date: 1991
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