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Re: General Theory Seminar --Savings and Investment

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>From: Paul Davidson <pdavidson@xxxxxxx>
>To: POST-KEYNESIAN THOUGHT <pkt@xxxxxxxxxxxxxxxx>
>Subject: Re: General Theory Seminar --Savings and Investment
>Date: Tue, Mar 7, 2000, 5:44 pm
>


>         Uncertainty and unwillingness to commit earned income to current
>purchases of producibles (a process that the layperson terms SAVINGS)
<snip>

No. A layperson does not call this SAVING. A lay person would call this
HOARDING. There is a difference. SAVING is proactive behaviour.
What you describe is reactive behaviour. A genuine saver acts out of
(absolute) certainty of something better to come and is therefore willing to

wait before commiting earned income.

Harry Veeder
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