The role of saving in spending and income payments. Saving versus hoarding. Saving and aggregate economic accounting: the national income/net national product identity. J. S. Mill’s proposition that demand for commodities is not demand for labor and the issue of double counting.

READINGS

  • Reisman: pp. 673–699, review of 441–447, then 699–715
  • Hazlitt: pp. 177-190 (chap. XXIV)
  • Samuelson: Chapter 5; Optional: Samuelson, Chapter 11
  • Ludwig von Mises, “Capital Supply and American Prosperity” in Supplementary Readings in Macroeconomics.
  • [Ludwig von Mises, Planning for Freedom, pp. 195–214]

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