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Abstract Abstract In his classic economics text the Nobel laureate Paul Samuelson defined what he calls the "fallacy of com-position": the idea that what is good for one may not necessarily be good for all. His example is personal saving. Although great for the individual, high rates of savings are bad for society because, unless they take the form of real capital investment, they can lead to a recession.
Benjamin Chinitz (Sat,) studied this question.
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