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Life Cycle, Individual Thrift, and the Wealth of Nations
New Series, Vol. 234, No. 4777 (Nov. 7, 1986), pp. 704-712
Published by: American Association for the Advancement of Science
Stable URL: http://www.jstor.org/stable/1697934
Page Count: 9
You can always find the topics here!Topics: Bequests, Wealth, Life cycle hypothesis, Age, Consumer economics, Savings rates, Transitory income, Property inheritance, Retirement, Aggregate income
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One theory of the determinants of individual and national thrift has come to be known as the life cycle hypothesis of saving. The state of the art on the eve of the formulation of the hypothesis some 30 years ago is reviewed. Then the theoretical foundations of the model in its original formulation and later amendment are set forth, calling attention to various implications, some distinctive to it and some counterintuitive. A number of crucial empirical tests, both at the individual and the aggregate level, are presented as well as some applications of the life cycle hypothesis of saving to current policy issues.
Science © 1986 American Association for the Advancement of Science