WHAT IS THE “PARADOX OF THRIFT”

The Opposite of Consumerism During the Corona Pandemic!

Courtesy: www.CertifiedMedicalPlanner.org

The paradox of thrift (saving) states that an increase in autonomous saving leads to a decrease in aggregate demand and thus a decrease in gross output which will in turn lower total saving. The paradox is that total saving may fall because of individuals’ attempts to increase their saving, and, broadly speaking, that increase in saving may be harmful to an economy.

LINK: https://www.springerpub.com/dictionary-of-health-economics-and-finance-9780826102546.html

Both the narrow and broad claims are paradoxical within the assumption underlying the fallacy of composition, namely that which is true of the parts must be true of the whole. The narrow claim transparently contradicts this assumption, and the broad one does so by implication, because while individual thrift is generally averred to be good for the economy, the paradox of thrift holds that collective thrift may be bad for the economy.

ESSAY: https://medicalexecutivepost.com/2014/09/11/is-physician-consumerism-akin-to-lay-consumerism/

PODCAST: https://www.bing.com/videos/search?q=paradoxofthrift&&view=detail&mid=F4F1B9C1E87276A8E2B3F4F1B9C1E87276A8E2B3&&FORM=VRDGAR&ru=%2Fvideos%2Fsearch%3Fq%3Dparadoxofthrift%26FORM%3DHDRSC3

Assessment: Your thoughts and comments are appreciated.

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