A reply to Michl
Sergio Cesaratto ()
Cambridge Journal of Economics, 2006, vol. 30, issue 6, 985-987
In his 'Comments', Tom Michl defends the proposal for a fully funded pension scheme based on a saving-led 'classical growth model' against my Keynesian contention that a higher saving supply would be deflationary in both the short run and the long run. Michl adds a further argument that an increase in the saving rate associated with a lower interest rate may speed up the accumulation process. I remark that the thesis that a lower interest rate has a positive influence on investment is empirically and theoretically controversial, while the idea that an increase in investment requires a larger saving supply is open to further Keynesian objections. Copyright 2006, Oxford University Press.
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