King’s to host “Paradox of Thrift” panel discussion
NEW YORK, April 13, 2009—On Tuesday, April 14, The King’s College, along with The Institute for American Values and Templeton Press, will co-host a panel discussion on the “paradox of thrift.” The discussion will focus on whether saving money helps or hurts the economy. The event is closed to the public.
The discussion, which will be held at the college’s Empire State Building location, will begin with a cocktail party at 5:30 P.M., followed by the event at 6:00 P.M.
The “paradox of thrift,” first described by British economist John Maynard Keynes during the Depression era, has been resurrected as an argument for economic recovery today. Those who subscribe to it say that spending, not saving, is the key to economic recovery. They believe that what is good for the individual--thriftiness--may have unintended consequences for the whole nation. Yet others say thriftiness is required and necessary during these economic times, and question whether it is in the national interest to denigrate savings. Might not it be bad for society to have more people living on credit and falling deeper into debt?
The panel will include Robert Frank, a professor of economics at Cornell University and a New York Times contributing columnist, and Justin Fox, Time magazine’s business and economics columnist. David Blakenhorn, president of the Institute for American Values and author of Thrift: A Cyclopedia, will moderate the discussion.
The King’s College is located inside the Empire State Building in New York City.
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