Why America Spends While the World Saves

Next Tuesday (December 13th at 4pm) we’ll be hosting Princeton Professor Sheldon Garon and discussing his new book, “Beyond Our Means: Why America Spends While the World Saves.” At the core of our work there are a host of questions about why and how people save or don’t save. A variety of theories have been developed to address those questions over time. People save because of individual choices and pressures. People save because of the institutions and mechanisms that are available to them. People save because they are morally virtuous. I’m frequently confronted with questions about these core issues, primarily those questions take the form of “Isn’t it just culture?” I provided my answer and highlighted comments made by Cornell economist Robert Frank here on the Ladder. Now we have an opportunity to dig more deeply into the history of the US and the development of attitudes and policies that shape savings behavior, thanks to Professor Garon. His book amounts to a comparative case study of changing trends in savings behavior in the US and in other countries.

I’m looking forward to moderating the discussion between Professor Garon and Ray Boshara on Tuesday. You can RSVP and join us in person, or watch the event live online here. In the meantime, here’s a sample of what’s to come, as Professor Garon sat down with NPR to discuss his book, and the nature of savings behavior: