Decision Sciences
8 years ago

Decline in Saving Threatens Future Prosperity in Western Countries.

The Journal of Socio-Economics
Is the future what it used to be? A behavioral theory of the decline of saving in the west
Shlomo Maital, Sharone L. Maital

Paper Summary

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National saving has decreased in most OECD countries since 1973, indicating a devaluation of the future. A new theory suggests that people prefer spending now rather than saving for the future, due to personal preferences and low interest rates. This behavior is influenced by self-imposed constraints, which have weakened over the past 15 years due to deregulation. To increase national saving, these constraints need to be strengthened again.