A mathematical theory of saving.

WORDS.
How much of its income should a nation save?
Tackle: abordar.
The rule: Should: debería.
The rate of saving multiplied by the marginal utility of Further: más, además, adicionar,
money should always be equal to the amount by promover.
which the total net rate of enjoyment of utility falls
short of the maximum possible rate of enjoyment. Elucidated: aclarar.

Assumptions: runs as follows: se ejecuta de la siguiente

1. Community goes on forever without changing
either:
a. In number
b. In its capacity for enjoyment
c. In its aversion to labour.
2. Enjoyment and sacrifices at different times can be
calculated independently and added.
3. New inventions or improvements in organization
are introduced only if are conditioned solely by the
accumulation of wealth.
4. Not discount later enjoyments in comparison with
earlier ones.
5. The way in which consumption and labour are
distributed between the members of the community
depends solely on their total amounts, so that total
satisfaction is a function of these total amounts
only.
6. Neglect the differences between different kinds of
goods and different kinds of labour. Suppose them
to be expressed in terms of fixed standards.
7. Foreign nations are in a stable state, so that the
possibilities of dealing with them can be included
on the constant conditions of production.
8. But, reject the possibility of a state of progressive
indebtedness to foreigners continuing forever.
9. There is no chance of our savings being selfishly
consumed by a subsequent generation.
10. No misfortunes will occur to sweep away
accumulations at any point in the relevant future.
Denote:
 x(t): total rates of consumption of community.
 a(t): total rates of labour of community.
 c(t): capital at time t.
 f(a,c): income as general function of the amounts of
labour and capital.
manera.
Enjoyment: disfrute.
Amount: monto, sumar, ascender.
Falls short: no llega a.
goes on forever: sigue para siempre.
Either: o, ya sea, también.
Improvement: mejora, progreso, reforma.
Regarded: considerado.
Regard: respecto a.
As regard: en cuanto a.
Solely: solamente.
Perhaps: quizás.
Earlier: más temprano, anterior.
Earlier ones: los anteriores.
Later: luego, más tarde, posterior.
Merely: simplemente.
Weakness: debilidad.
Altogether: en total, en conjunto.
In fact: de hecho, en efecto, en realidad.
So: así que, tan, tanto, de este modo, de
esta manera, por tanto, por consiguiente.
That: eso, ese, esa, que, cual, aquello, en
que, para que, a que, cuanto, de modo
que, tan.
Besides: además, también, encima de,
tras de, menos.
Then,
ⅆc
+ x=f ( a , c )
WORDS
ⅆt
Neglect: descuidar, olvidar, omitir, no
ⅆc cumplir, no cuidar.
 : rate of savings
ⅆt
Borrowing: préstamo. Pide préstamo.
 x : rate of consumption
 f ( a , c ) : income. Lending: préstamo. Da préstamo.
Denote: Provided: previsto, proporcionado,
siempre que, con tal que.
 U(x): total rate of utility of a rate of consumption x.
 V(x): total rate of disutility of a rate of labour a. Dealing: relación comercial.

Then, Reject: rechazar.

ⅆU ( x ) indebtedness: endeudamiento, la deuda.

u ( x )=
ⅆx Indebt: en deuda.

being: siendo
ⅆ V (a ) selfishly: egoístamente
v ( x )=
ⅆa
misfortunes: desgracias.
 u(x): marginal rate of utility of a rate of consumption
sweep: barrer, precipitarse, la extensión,
x. Never increasing.
 v(a): marginal rate of disutility of a rate of labour a. away: lejos, fuera, en sentido opuesto
Never decreasing.
Lastly: por último.
Suppose:
Chance: oportunidad, casualidad,
Given capital c, are going neither to increase nor ocasión, posibilidad.
decrease it.
Change: cambio.
Then, le tus: vamos, nos deja, déjanos.
U(x) – V(a): net enjoyment per unit of time. Shall: deberá
Maximize subject a: Up to: hasta, arriba a.
Expenditure x = produce with labour a and capital c. Up to a point: hasta cierto punto
Then, Since: desde, ya que, pues, donde.
Resulting rate of enjoyment U(x)-V(x) will be a May: poder, ser posible.
function of c, and are change in same direction.
However: sin embargo. De todos modos
However,
Might: podría
Increase of rate of enjoyment stop for two reasons:
Would: haría
1. a further increment of capital would not enable us to
increase either our income or our leisure. A certain enable: permitir, habilitar.
finite capital would give us the greatest rate of reached: alcanzado
enjoyment economically obtainable, whether or not
this was the greatest rate conceivable.
2. The rate of enjoyment may never stop increasing as
capital increases.
WORDS
Obtainable: asequible.

conceivable: concebible

Whether: ya sea.

Whether or no: si o no.