{"id":8444,"date":"2013-09-16T15:25:33","date_gmt":"2013-09-16T19:25:33","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=8444"},"modified":"2013-09-16T15:25:33","modified_gmt":"2013-09-16T19:25:33","slug":"the-mysterious-disappearance-of-james-duesenberry-new-york-times","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2013\/09\/16\/the-mysterious-disappearance-of-james-duesenberry-new-york-times\/","title":{"rendered":"The Mysterious Disappearance of James Duesenberry | New York Times"},"content":{"rendered":"<blockquote><p>Any successful consumption theory must accommodate three basic patterns: the rich save at higher rates than the poor; national savings rates remain roughly constant as income grows; and national consumption is more stable than national income over short periods.<\/p>\n<p>The first two patterns appear contradictory: If the rich save at higher rates, savings rates should rise over time as everyone becomes richer. Yet this does not happen.<\/p>\n<p>Mr. Duesenberry&#8217;s explanation of the discrepancy is that poverty is relative. The poor save at lower rates, he argued, because the higher spending of others kindles aspirations they find difficult to meet. This difficulty persists no matter how much national income grows, and hence the failure of national savings rates to rise over time&#8230;..<\/p><\/blockquote>\n<p>By ROBERT H. FRANK<br \/>\nPublished: June 9, 2005<\/p>\n<p>Read more at <a href=\"http:\/\/www.nytimes.com\/2005\/06\/09\/business\/09scene.html?_r=1&amp;\">The Mysterious Disappearance of James Duesenberry &#8211; New York Times<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Any successful consumption theory must accommodate three basic patterns: the rich save at higher rates than the poor; national savings rates remain roughly constant as income grows; and national consumption is more stable than national income over short periods. The first two patterns appear contradictory: If the rich save at higher rates, savings rates should &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2013\/09\/16\/the-mysterious-disappearance-of-james-duesenberry-new-york-times\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;The Mysterious Disappearance of James Duesenberry | New York Times&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[49],"tags":[803,1927,2410,3042],"class_list":["post-8444","post","type-post","status-publish","format-standard","hentry","category-economic-theory","tag-consumption-theory","tag-james-duesenberry","tag-national-savings-rate","tag-savings"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Mysterious Disappearance of James Duesenberry | New York Times - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Mysterious Disappearance of James Duesenberry | New York Times - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Any successful consumption theory must accommodate three basic patterns: the rich save at higher rates than the poor; national savings rates remain roughly constant as income grows; and national consumption is more stable than national income over short periods. The first two patterns appear contradictory: If the rich save at higher rates, savings rates should &hellip; Continue reading &quot;The Mysterious Disappearance of James Duesenberry | New York Times&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2013\/09\/16\/the-mysterious-disappearance-of-james-duesenberry-new-york-times\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:published_time\" content=\"2013-09-16T19:25:33+00:00\" \/>\n<meta name=\"author\" content=\"ColinTwiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ColinTwiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2013\\\/09\\\/16\\\/the-mysterious-disappearance-of-james-duesenberry-new-york-times\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2013\\\/09\\\/16\\\/the-mysterious-disappearance-of-james-duesenberry-new-york-times\\\/\"},\"author\":{\"name\":\"ColinTwiggs\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/person\\\/cb072791ac83e8bae585007c133d54a5\"},\"headline\":\"The Mysterious Disappearance of James Duesenberry | New York Times\",\"datePublished\":\"2013-09-16T19:25:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2013\\\/09\\\/16\\\/the-mysterious-disappearance-of-james-duesenberry-new-york-times\\\/\"},\"wordCount\":149,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#organization\"},\"keywords\":[\"consumption theory\",\"James Duesenberry\",\"national savings rate\",\"Savings\"],\"articleSection\":[\"Economic Theory\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2013\\\/09\\\/16\\\/the-mysterious-disappearance-of-james-duesenberry-new-york-times\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2013\\\/09\\\/16\\\/the-mysterious-disappearance-of-james-duesenberry-new-york-times\\\/\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2013\\\/09\\\/16\\\/the-mysterious-disappearance-of-james-duesenberry-new-york-times\\\/\",\"name\":\"The Mysterious Disappearance of James Duesenberry | New York Times - the patient investor\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#website\"},\"datePublished\":\"2013-09-16T19:25:33+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2013\\\/09\\\/16\\\/the-mysterious-disappearance-of-james-duesenberry-new-york-times\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2013\\\/09\\\/16\\\/the-mysterious-disappearance-of-james-duesenberry-new-york-times\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2013\\\/09\\\/16\\\/the-mysterious-disappearance-of-james-duesenberry-new-york-times\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/thepatientinvestor.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The Mysterious Disappearance of James Duesenberry | New York Times\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#website\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. 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The Paradox of Thrift: Increased savings means there are less buyers for goods produced, so the nation\u2026","rel":"","context":"In &quot;Economic Theory&quot;","block_context":{"text":"Economic Theory","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/economic-theory\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":47367,"url":"https:\/\/thepatientinvestor.com\/index.php\/2024\/01\/18\/australian-households-feel-the-pinch\/","url_meta":{"origin":8444,"position":1},"title":"Australian households feel the pinch","author":"Colin Twiggs","date":"January 18, 2024","format":false,"excerpt":"Household disposable income (blue below) is contracting at the fastest rate in more than thirty years. Consumption growth (orange) is now close to zero and likely to fall further as savings are depleted. Fiscal drag -- caused by inflation pushing households into higher tax brackets -- has caused a sharp\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"Household Income","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/household-income-and-consumption.gif?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/household-income-and-consumption.gif?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/household-income-and-consumption.gif?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":17022,"url":"https:\/\/thepatientinvestor.com\/index.php\/2018\/09\/10\/australian-households-are-spending-more-than-they-are-earning-abc\/","url_meta":{"origin":8444,"position":2},"title":"Australian households are spending more than they are earning | ABC","author":"Colin Twiggs","date":"September 10, 2018","format":false,"excerpt":"Interesting chart from Stephen Letts at the ABC: Household consumption is growing at a faster rate than disposable income, with savings rates (net savings \/ disposable income) falling. This is clearly unsustainable. Savings rates, which include compulsory super contributions, fell to just 1.0% in Q2, with savings outside of super\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":38458,"url":"https:\/\/thepatientinvestor.com\/index.php\/2022\/11\/02\/economy-slows-but-labor-market-remains-tight\/","url_meta":{"origin":8444,"position":3},"title":"Economy slows but labor market remains tight","author":"Colin Twiggs","date":"November 2, 2022","format":false,"excerpt":"An unexpected rise in job openings, to 10.7 million for September, warns that the labor market is still tight. The gap between job openings and unemployment widened to 4.9 million. Upward pressure on wage rates is expected to continue, with annual growth in both employment cost (ECI) and average hourly\u2026","rel":"","context":"In &quot;Deficit Spending &amp; Employment&quot;","block_context":{"text":"Deficit Spending &amp; Employment","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/deficit-spending-employment\/"},"img":{"alt_text":"Job Openings & Unemployment","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-11-01-jolts-u3.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-11-01-jolts-u3.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-11-01-jolts-u3.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":31539,"url":"https:\/\/thepatientinvestor.com\/index.php\/2022\/03\/17\/retail-spending-steady-but-real-incomes-fall\/","url_meta":{"origin":8444,"position":4},"title":"Retail spending steady but real incomes fall","author":"Colin Twiggs","date":"March 17, 2022","format":false,"excerpt":"Retail sales for February are still considerably above their long-term trend (dotted line) even when adjusted for inflation (CPI). Above-trend demand -- in addition to supply chain shortages -- adds to inflationary pressure. Real disposable personal income is falling below trend (dotted line) as government transfers decline. After a sharp\u2026","rel":"","context":"In &quot;GDP and Activity&quot;","block_context":{"text":"GDP and Activity","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/gdp-and-activity\/"},"img":{"alt_text":"Retail Sales\/CPI","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-03-16-retail-cpi.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-03-16-retail-cpi.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-03-16-retail-cpi.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-03-16-retail-cpi.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":19282,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/10\/19\/asx-and-3-headwinds\/","url_meta":{"origin":8444,"position":5},"title":"ASX and 3 headwinds","author":"Colin Twiggs","date":"October 19, 2019","format":false,"excerpt":"Despite recent strong performance, investor enthusiasm may be cooling, with the Australian economy facing three headwinds. 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