David Laibson used a hyperbolic discounting model to argue  that liquid financial instruments explain why this value is so low in the U.S.
This value is given as the difference between "bliss" and actual utility all over marginal utility of consumption in a  "mathematical theory" of it developed by Frank Ramsey. David Laibson used a hyperbolic discounting model to argue  that liquid financial instruments explain why this value is so low in the U.S. The golden-rule level of this quantity is where  steady-state consumption is maximized, though this value does not affect the (*) long-run growth rate in the Solow model.  One of the schedules of the model developed in "Mr. Keynes and the Classics" is the set of possible interest rates and national  outputs where this value equals investment. For 10 points, name this "S" of the IS/LM model, the difference between income and  present consumption.
This value is given as the difference between "bliss" and actual utility all over marginal utility of consumption in a  "mathematical theory" of it developed by Frank Ramsey.
savings