>
> "Saving" is the difference between the total value of output and the value
> of that part of it that's consumed, i.e it's necessarily (it's an accounting
> identity) equal to the value of output that isn't consumed.
>
> So it's not possible to have part of "saving" diverted into financial
> "hoards", i.e. it's not possible to have "saving" equal that part of the
> value of output that's not consumed plus the change in these "hoards".
>
Hi Ted,
See my response to SA, which clears up what I was trying to say and I think answers your objection as well.
Cheers, Mike Beggs