Saving Equals Investment

A. P. Lerner

The Quarterly Journal of Economics, 1938, vol. 52, issue 2, 297-309

Abstract: I. Why S = I, 297.— Difficulties of seeing this: the confusion between stocks and flows, 299; the paradox of individual freedom and social necessity, 300; the habit of labeling expenditure as "out of" particular income receipts, 302; the failure to recognize the mathematical or analytical nature of the proposition, 304; a misunderstanding of arguments about equilibrium, 305. — II. Miss Curtis' condition that "all income is spent," 305; her failure to see the place of "wishes" in economic analysis, 307.— III. An attempt to salvage one of Miss Curtis' results, 308.

Date: 1938
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