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Life Cycle, Individual Thrift, and the Wealth of Nations
Abstract
One theory of the determinants of individual and national thrift has come to be known as the life cycle hypothesis of saving. The state of the art on the eve of the formulation of the hypothesis some 30 years ago is reviewed. Then the theoretical foundations of the model in its original formulation and later amendment are set forth, calling attention to various implications, some distinctive to it and some counterintuitive. A number of crucial empirical tests, both at the individual and the aggregate level, are presented as well as some applications of the life cycle hypothesis of saving to current policy issues.
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Citations
Cited by
Financial Development and Economic Growth: Assessing the Evidence
Arestis, P., & Demetriades, P. (1997) · The Economic Journal · doi:10.1111/1468-0297.00193 · Cited by 989
Chen, M. K. (2013) · American Economic Review · doi:10.1257/aer.103.2.690 · Cited by 745
Wealth Inequality in the United States
Keister, L. A., & Moller, S. (2000) · Annual Review of Sociology · doi:10.1146/annurev.soc.26.1.63 · Cited by 477
Demographic Change and Economic Growth in Asia
BLOOM, D. E., & FINLAY, J. E. (2009) · Asian Economic Policy Review · doi:10.1111/j.1748-3131.2009.01106.x · Cited by 434
Structural Change and Economic Growth
Laitner, J. (2000) · Review of Economic Studies · doi:10.1111/1467-937x.00143 · Cited by 398
Metadata
- Authors
- Modigliani, F.
- Venue
- Science
- Published
- 1986-11-07
- Volume
- 234
- Issue
- 4777
- Pages
- 704-712
- ISSN
- 0036-8075 (ISSN-L)
- 1095-9203
- OpenAlex
- W1480108218
- Cited by
- 1,271
- References
- 0
- FWCI
- 81.47
- Type
- journal article
- Language
- en
- Open access
- closed
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- Modigliani, F. (1986). Life Cycle, Individual Thrift, and the Wealth of Nations. Science. https://doi.org/10.1126/science.234.4777.704
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
