Thrift is a central concern for most people, especially in turbulent economic times. It is both an economic and an ethical logic of frugal living, saving and avoiding waste for long-term kin care. These logics echo the ancient ideal of household self-sufficiency, contrasting with capitalism’s wasteful present-focused growth. But thrift now exceeds domestic matters straying across scales to justify public expenditure cuts. Through a wide range of ethnographic contexts this book explores how practices and moralities of thrift are intertwined with austerity, debt, welfare, and patronage across various social and temporal scales and are constantly re-negotiated at the nexus of socio-economic, religious, and kinship ideals and praxis.

The article deals with the problem of how strongly fears of negative shocks in consumption are justified by the theory of economics - even if one does not take into account their long term effects. The analysis uses simple Keynesian aggregative models, i.e. models which focus on the short term. The article, firstly, determines the maximal scale of short term drop in product level in the response to negative shock in private consumption, the scale being implied by these models. Secondly, it indicates channels (other than one leading to price adjustments), which are likely to ease direct adverse impact of negative shocks in private consumption on short term product level. Lastly, it shows that such shocks do not necessarily have to lead to lower short term product level, even if one assumes completely sticky prices and restricts the analysis exclusively to the demand side of an economy.

This paper describes a paradox of global thrift. Consider a world in which interest rates are low and monetary policy cannot stabilize the economy because it is frequently constrained by the zero lower bound. Now imagine that governments complement monetary policy with prudential financial and fiscal policies, because they perceive that limiting private and public borrowing during booms will help stabilize the economy by reducing the risk of financial crises and by creating space for fiscal interventions during busts. We show that these policies, while effective from the perspective of individual countries, might backfire if applied on a global scale. In a financially integrated world, in fact, prudential policies generate a rise in the global supply of savings, or equivalently a drop in global aggregate demand. In turn, weaker global aggregate demand depresses output in countries whose monetary policy is constrained by the zero lower bound. Due to this effect, the world might paradoxically experience a fall in output and welfare following the implementation of well-intended prudential policies.

Analyzes 50 paradoxes that challenge or have challenged both economists and others. Among them are the fairness of market wages, the alleged gold absurdity, the Irish potato famine, the paradox of thrift, the perversity of Wall Street, why the best crops are shipped out of state, whether teachers are underpaid, whether studying economics makes people immoral, and whether war is good for the economy. References are provided to each. Assumes no special knowledge of economics. Annotation copyrighted by Book News, Inc., Portland, OR

Thrift and Thriving in America is a collection of groundbreaking essays on the significance of thrift throughout American history. It reveals thrift as a dynamic moral ideal and practice that not only provides insight into evolving meanings of material wellbeing, but also into the changing understandings of the good life and the good society more generally.