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The Financial Biography of an Economist: Income, Saving, and Wealth (Mostly Pension Wealth)

Author

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  • Ronald G Bodkin

    (Department of Economics, University of Ottawa, Social Sciences Building, 120 University, Room 9034, Ottawa, Ontario, Canada K1N 6N5. E-mails: rgbodkin@uottawa.ca; kmday@uottawa.ca)

  • Kathleen M Day

    (Department of Economics, University of Ottawa, Social Sciences Building, 120 University, Room 9034, Ottawa, Ontario, Canada K1N 6N5. E-mails: rgbodkin@uottawa.ca; kmday@uottawa.ca)

Abstract

In this paper we examine the consumption behavior of a single twentieth-century economist (Bodkin) over the course of his academic career. We find that the consumption behavior of Bodkin, a long-time student of the consumption function, does not conform to any of the standard models over the entire 1958–2000 period. Instead, we observe a shift from “Keynesian” to life-cycle behavior in response to a court decision that changed Bodkin’s long-term employment income prospects, a finding that lends support to the arguments of Katona and Akerlof that the effect of psychological factors on consumption cannot be ignored.

Suggested Citation

  • Ronald G Bodkin & Kathleen M Day, 2015. "The Financial Biography of an Economist: Income, Saving, and Wealth (Mostly Pension Wealth)," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 41(4), pages 527-536, September.
    • Handle: RePEc:pal:easeco:v:41:y:2015:i:4:p:527-536
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