The paradox of thrift, as popularised by John Keynes, highlights the fact that excessive saving during times of economic recession negatively impacts the economy. When spending is reduced due to excessive saving, aggregate demand falls, resulting in lowered economic growth. This excessive saving results in reduced economic growth, which in turn encourages further excessive saving, causing a vicious cycle. Reduced economic growth results in reductions in salary, job security and interest on savings, negatively impacting both savers and the economy. However, it could be argued that savings held in savings accounts represent loanable capital, which banks could use to stimulate the economy via lending and investment.