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- W2328524063 abstract "In disposing of his income an individual must make two interrelated decisions. First, he must decide what proportion of his income to consume, and second, he must decide in what form to hold his assets. The decisions are interrelated because savings contribute to the size of the individual's assets, which may, in turn, be held in such a way as to modify his future income. Keynes dealt with the first decision under the heading the propensity to consume , and with the second under the heading liquidity preference .2 The diagram described below is concerned with the first decision, considered in turn from the viewpoint of the individual consumer and that of the community as a whole. The consumption/saving decision is set in terms of indifference curves and opportunity lines, a method which allows the contrast between the opportunities facing individuals and those facing the community to be highlighted. In Figure 1 an individual's consumption (C) is measured on the vertical axis and his saving (S) on the horizontal axis.3 The quantities are measured in money terms. However, throughout the analysis prices will be assumed to be constant, so the diagram may equally well be taken as showing real quantities. Since any given level of income may be entirely consumed, partly consumed and partly saved, or entirely saved, income (Y) may be measured on either axis. Possible combinations of consumption and saving for each income level will lie along a straight line having an invariable slope of minus one, i.e., consumption may be substituted for saving only at the rate of one-for-one. Together with income or opportunity lines, such as RS in the diagram, we may imagine a set of indifference curves joining combinations of consumption and saving which the consumer finds equally satisfactory. The curves are drawn on the assumption that successive unit sacrifices of saving require increasing compensating increments in consumption; the marginal rate of substitution of consumption for saving is increasing. Thus for each income level the individual will be in equilibrium where the income line is touched by an indifference curve. The locus of such points for various income" @default.
- W2328524063 created "2016-06-24" @default.
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- W2328524063 date "1961-11-01" @default.
- W2328524063 modified "2023-09-27" @default.
- W2328524063 title "A Further Diagrammatic Illustration of Properties of the Keynesian Income Equilibrium" @default.
- W2328524063 doi "https://doi.org/10.2307/2601410" @default.
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