intertemporal substitution

the substitution of present for future production and consumption, and vice-versa. For example, an economy that consumes a large proportion of its NATIONAL INCOME and saves and invests only a small proportion will tend, as a consequence, to experience slower ECONOMIC GROWTH and smaller consumption in future years than an economy that consumes a low proportion of its national income and saves and invests a high proportion. These trade-offs reflect the TIME PREFERENCE of consumers for current as opposed to future consumption.

单词	intertemporal substitution
释义	intertemporal substitution intertemporal substitution the substitution of present for future production and consumption, and vice-versa. For example, an economy that consumes a large proportion of its NATIONAL INCOME and saves and invests only a small proportion will tend, as a consequence, to experience slower ECONOMIC GROWTH and smaller consumption in future years than an economy that consumes a low proportion of its national income and saves and invests a high proportion. These trade-offs reflect the TIME PREFERENCE of consumers for current as opposed to future consumption.
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