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9.4 The Saving–Investment Nexus

Is there a market mechanism that allows people to actually make the tradeoffs

discussed in the previous section? This is a critical question – one that

The Austrian school 483

lies at the heart of macroeconomic debate and one whose answers separate

the different schools of thought. The question can be posed in a way that

highlights the macroeconomic concerns: is there a market mechanism that

brings saving and investment in line with one another without at the same

time having perverse effects (for example widespread resource idleness) on

the macroeconomy? The alternative answers have clear implications for the

viability of market economies and for the proper role of the policy maker.