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Cambridge Journal of Economics 2006 30(6):985-987; doi:10.1093/cje/bel026
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Right arrow B51 - Socialist; Marxian; Sraffian
Right arrow H55 - Social Security and Public Pensions
Right arrow J26 - Retirement; Retirement Policies
Right arrow J32 - Nonwage Labor Costs and Benefits; [...]
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© The Author 2006. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved.

Notes and Comments

A reply to Michl

Sergio Cesaratto*

* Università di Siena

Address for correspondence: Dipartimento di Economia Politica, Piazza San Francesco 7, 53100 Siena, Italy: email: Cesaratto{at}unisi.it

Abstract

In his ‘Comments’, Tom Michl defends the proposal for a fully funded pension scheme based on a saving-led ‘classical growth model’ against my Keynesian contention that a higher saving supply would be deflationary in both the short run and the long run. Michl adds a further argument that an increase in the saving rate associated with a lower interest rate may speed up the accumulation process. I remark that the thesis that a lower interest rate has a positive influence on investment is empirically and theoretically controversial, while the idea that an increase in investment requires a larger saving supply is open to further Keynesian objections.

Key Words: Social security • Pensions • Sraffian economics • Post-Keynesian theory

JEL classifications: H55, J26, J32, B51

Manuscript received June 14, 2006.


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