Jurriaan Bendien wrote: > Meantime one other question bbefore I forget: if, in the Keynesian > consumption function, the marginal propensity to consume out of wage income > "approximately equals 1", how is it possible that people spend more than > their income, and that the savings-ratio can even turn negative?
note the word "approximately." The extension of credit can allow people to spend more than their income. Of course, the Kalecki/Robinson/Kaldor Keynesian consumption function ignores such matters. But I didn't report it because I thought that it was totally accurate. Instead, I reported it because Jurriaan gave the impression that Keynesians never pay any attention to class issues. -- Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own way and let people talk.) -- Karl, paraphrasing Dante. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
