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Entry on 'Saving' for John King, Ed., the Edward Elgar Companion to Post-Keynesian Economics

This encyclopedia entry examines the relationship between saving behavior in capitalist economies and their macroeconomic performance. It first considers various accounting issues in defining "saving" and argues for the significance of these accounting distinctions for understanding how saving affects macroeconomic activity. It then surveys theoretical and empirical issues as to whether, as stated by Meade, "a dog called saving wagged its tail labeled investment," or vise versa. The paper argues for emphasizing the role of financial structure in sorting through this long-standing debate.