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A reply to Michl

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  • Sergio Cesaratto

Abstract

In his 'Comments', Tom Michl defends the proposal for a fully funded pension scheme based on a saving-led 'classical growth model' against my Keynesian contention that a higher saving supply would be deflationary in both the short run and the long run. Michl adds a further argument that an increase in the saving rate associated with a lower interest rate may speed up the accumulation process. I remark that the thesis that a lower interest rate has a positive influence on investment is empirically and theoretically controversial, while the idea that an increase in investment requires a larger saving supply is open to further Keynesian objections. Copyright 2006, Oxford University Press.

Suggested Citation

  • Sergio Cesaratto, 2006. "A reply to Michl," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 30(6), pages 985-987, November.
    • Handle: RePEc:oup:cambje:v:30:y:2006:i:6:p:985-987
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    File URL: http://hdl.handle.net/10.1093/cje/bel026
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    Cited by:

    1. Sergio Cesaratto, 2012. "Neo-Kaleckian and Sraffian controversies on accumulation theory," Department of Economics University of Siena 650, Department of Economics, University of Siena.
    2. Sergio Cesaratto, 2008. "The Macroeconomics of the Pension Fund Reform and the case of the TFR reform in Italy," Department of Economics University of Siena 549, Department of Economics, University of Siena.

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