Definitions for a Closed Economy: Illustrated via the Shortage of Saving Hypothesis

Paul Davidson

Chapter 3 in International Money and the Real World, 1982, pp 25-78 from Palgrave Macmillan

Abstract: Abstract Unlike physical scientists who, with the aid of modern technology, claim to observe phenomena beyond the recognition of the average layman and therefore are free to invent language (e.g. the quark) to describe the hypothetical causes of observable events, economists are destined to discuss phenomena which all but the youngest among us have observed and experienced. Thus, as soon as we are out of our infancy, we all (including the most feeble-minded among us) are ‘economists’ able to discourse on what are the causes of inflation, unemployment, etc. with ease and expertise. After all, everyone knows what money is; all have experience with inflation; from childhood on, we are taxed on our purchases and are recipients of government services, etc.

Keywords: Capital Accumulation; Time Machine; Capital Good; Full Employment; Fixed Capital (search for similar items in EconPapers)
Date: 1982
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-16679-4_3

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DOI: 10.1007/978-1-349-16679-4_3

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