Economists alarmed by the twenty-year decline in Americans’ personal saving rates need to explain the rise of U.S. living standards and stock market indexes during this period. When alternative measures of savings are considered, low personal saving rates hardly seem perplexing or troubling.

Other Independent Review articles by Robert L. Formaini
    Fall 2007   Celebrating Irving Fisher
    Winter 1999   Rational Risk Policy

Other Independent Review articles by Richard B. McKenzie
    Fall 1998   Is Microsoft a Monopolist?