An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money

  title={An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money},
  author={Paul A. Samuelson},
  journal={Journal of Political Economy},
  pages={467 - 482}
  • P. Samuelson
  • Published 1958
  • Economics
  • Journal of Political Economy
M Y FIRST published paper' has come of age, and at a time when the subjects it dealt with have come back into fashion. It developed the equilibrium conditions for a rational consumer's lifetime consumption-saving pattern, a problem more recently given by Harrod the useful name of "hump saving" but which Landry, Bbhm-Bawerk, Fisher, and others had touched on long before my time.2 It dealt only with a single individual and did not discuss the mutual determination by all individuals of the 
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