The causes of saving are uncertain.

[Harry Veeder <eo200@xxxxxxxxxxxxxxxxxxx>]

> From: Ted Winslow <egwinslow@xxxxxxxxxx>
> Date: Sun, 15 Sep 2002 09:39:12 -0400
> To: "John M. Legge" <jlegge@xxxxxxxxxxxxxx>
> Cc: pkt@xxxxxxxxxxxxxxxx
> Subject: Re: Piorot on Madrick - Winslow's blast
>

>
> Again on the understanding that underpins Keynes, irrational beliefs and
> actions in general are those that are unconsciously motivated and for
> this reason immune to rational critique.
>
> An example is "the idea that the quantity of hoards depends in any way
> on what people are doing with their savings, or that there is any
> connection between idle balances and the conception (meaningless on my
> definitions) of idle savings."


No one can know for certain the motivation behind saving at any point in
time. It might be indicative of hoarding or it might not.

Why people save is generally unknowable. This is the origin of fundamental
uncertainty. Economics needs a theory of saving which reflects
the theoreticians own legitimate state of ignorance on this matter.


Harry Veeder