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Cited by 14,485

The DOI matches its Crossref record.

The General Theory of Employment, Interest and Money.

Schumpeter, Joseph A., Keynes, John Maynard·1936·Journal of the American Statistical Association
DOI 10.2307/2278703
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Abstract

An act of individual saving meansso to speaka decision not to have dinner to-day. But it does not necessitate a decision to have dinner or to buy a pair of boots a week hence or a year hence or to consume any specified thing at any specified date. Thus it depresses the business of preparing to-day's dinner without stimulating the business of making ready for some future act of consumption. It is not a substitution of future consumption-demand for present consumption-demand,it is a net diminution of such demand. Moreover, the expectation of future consumption is so largely based on current experience of present consumption that a reduction in the latter is likely to depress the former, with the result that the act of saving will not merely depress the price of consumption-goods and leave the marginal efficiency of existing capital unaffected, but may actually tend to depress the latter also. In this event it may reduce present investment-demand as well as present consumption-demand.

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Metadata

Authors
Schumpeter, J. A., & Keynes, J. M.
Venue
Journal of the American Statistical Association
Publisher
JSTOR
Published
1936-12
Volume
31
Issue
196
Pages
791
ISSN
0162-1459 (ISSN-L)
DOI
10.2307/2278703
OpenAlex
W2323266160
Cited by
14,485
References
0
FWCI
0.00
Type
journal article
Language
en
Open access
closed

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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.