¹ The General Theory of Employment, Interest, and Money (New York, 1936), 91–5.Google Scholar

² Hicks, J. R., “Mr. Keynes and the Classics,” Econometrica, V, 147 et seq. Google Scholar; Lange, Oskar, “The Rate of Interest and the Optimum Propensity to Consume,” Economica, N.S., V, 12 et seq. Google Scholar; Harrod, R. F., “Mr. Keynes and Traditional Theory,” Econometrica, V, 74 et seq.Google Scholar

³ Hicks, , “Mr. Keynes and the Classics,” 149.Google Scholar

⁴ Dr. Mabel Timlin presents reasons for believing that the direction of the effect conforms to classical theory. See her Keynesian Economics (Toronto, 1942), 101–9.Google Scholar

⁵ Marshall, Alfred, Principles of Economics (eighth ed., London, 1947), 119 et seq. Google Scholar In this passage Marshall examines the use of a single good over a period of time. For an extension see Hicks, J. R., Value and Capital (Oxford, 1939), 232–6.Google Scholar

⁶ Katona, George, Psychological Analysis of Economic Behavior (New York, 1951), 95 et seq. Google Scholar

⁷ Dauer, E. A., Comparative Operating Experience of Consumer Instalment Agencies and Commercial Banks (New York, 1944), chap. 11.Google Scholar

⁸ Federal Reserve Bulletin, 02, 1955, 184.Google Scholar

⁹ MacIntosh, R. M., “The Bank Act Revision of 1954,” Canadian Banker, winter, 1955, 92.Google Scholar The point discussed indicates a possible future trend.

¹⁰ The saving curves would diverge if consumption were affected by the interest rate in the same proportion, say 1 per cent for each change of 1 per cent in the rate of interest, at all levels of income.

¹¹ Katona, George, “Variability of Consumer Behavior and the Survey Method” in Klein, L. R., ed., Contributions of Survey Methods to Economics (New York, 1954), 49 et seq. Google Scholar

¹² Morgan, J. N., “Factors Related to Consumer Saving When It is Defined as a Net-Worth Concept” in Klein, L. R., ed., Contributions of Survey Methods to Economics (New York, 1954), 89 et seq. Google Scholar

¹³ Katona, , Psychological Analysis of Economic Behavior, 159.Google Scholar

¹⁴ Lydall, Harold, “The Life Cycle in Income, Saving, and Asset Ownership,” Econometrica, XXIII, 131 et seq. Google Scholar

¹⁵ Mack, Ruth, “The Direction of Change in Income and the Consumption Function,” Review of Economics and Statistics, XXX, 248.Google Scholar

¹⁶ Ibid., Table 4, p. 250.

¹⁷ Ibid., 249 n.

¹⁸ Ibid., 249.

¹⁹ Duesenberry, J. S., Income, Saving, and the Theory of Consumer Behavior (Cambridge, Mass., 1948), 89.Google Scholar

²⁰ Brown, T. M., “Habit Persistence and Lags in Consumer Behavior,” Econometrica, XX, 355 et seq. Google Scholar

²¹ Ezekiel, Mordecai, “Statistical Investigation of Saving, Investment, and Consumption,” American Economic Review, 03, 1942, 22 et seq. Google Scholar See also Katona, , Psychological Analysis of Economic Behavior, 158.Google Scholar

²² The natural division of a year, and the period of income receipt may, however, affect consumers' actions.