Consumption and economic development
Journal Title: Socialiniai tyrimai - Year 2013, Vol 30, Issue 1
Abstract
The main aim of the paper was to present the importance of consumption for the country’s economic development. This issue was discussed from the perspective of the Austrian and Keynesian theory. Economists from the Austrian school emphasise that the ever increasing fixed level of consumption results from economic development rather than is its cause. Greater consumption is the consequence of saving and waiting. Keynesian economists have a different attitude. They recommend increased consumption today in order to lead to the growth in investments and income. In the period 2003-2010 increments in consumption were positive each year in Poland. An average tendency to consumption decreased in that period in the entire economy while the tendency to economise in all elementary types of the whole economy rose. The high rate of economic growth in the Polish economy was positively correlated with the propensity to economise in the rapid growth phase of the cycle.
Authors and Affiliations
Andrzej Jedruchniewicz
Keywords
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