Economic theory predicts that the current change in national wealth, broadly defined to include natural and human capital as well as produced capital (ldquo;genuine savingsrdquo;), determines whether the present value of future changes in consumption is positive or negative. Theoretical research...

Economic theory predicts that the current change in national wealth, broadly defined to include natural and human capital as well as produced capital ("genuine savings"), determines whether the present value of future changes in consumption is positive or negative. Theoretical research has...