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477 
the following year we then have 
+R 
22x, + Mk 
k=) 
=x + 
x2= 
from which it is evident that the savings ratio in successive 
years moves gradually from x, to 
(5.4) 
h 
"ie 
- 
| a) «+ d) 
Take, e.g., p equal to 3 or 4 years, b slightly above I, and ¢ 
a small positive number [which is tantamount to saying that a 
successive change in the savings ratio, x,- x,_;, is considered 
much less serious than a discrepancy y, (between actual and 
desired consumption increase) of the same size]. Then 
(5.5) 
b?+ 
ble+g 
sil 
so that À according to (5.2; 1s approximately 
(5.6) 
i.e., about 0.8 when p is about 3 years or so. Then the limit 
(5.4) to which the savings ratio approaches is about 3 times 
[71 
Theil - pag. 13