in the long run, an increase in the savings rate will lead to a higher level but not a higher growth rate of living standards

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19-12-2022
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in the long run, an increase in the savings rate will lead to a higher level but not a higher growth rate of living standards

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smecloudbird18 smecloudbird18 · Answer 1 · 2022-12-29T06:21:41+01:00

In the long run, an increase in the savings rate will lead to a high level but not a higher growth rate of living standards. This statement is false.

Lower consumption and increased capital goods production are the results of higher saving. For a while, the increase in capital stock causes greater productivity and more faster growth in GDP. Over time, a higher rate of saving results in a higher living standards.

A higher standard of living is the outcome of larger savings since it sets away more money for future usage, boosting productivity. By significantly allocating current resources to the creation of capital, future productivity is increased. Long-term, a higher saving rate results in a higher growth rate of productivity.

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