Domestic market

Why China must save less

In his influential 1954 article “Economic Development with Unlimited Supplies of Labour,” the future Nobel laureate economist Arthur Lewis concluded that “the central problem in the theory of economic development is to understand the process by which a community which was previously saving and investing four or five percent of its national income or less, converts itself into an economy where voluntary saving is running at about 12 or 15 percent of its national income or more.” That process,

31 January 2019
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