The "Consumer Economy" Was Always a Mockery »
Posted By _kam0_ 2 months ago in Business & FinanceThe "consumer economy" was always a mockery. No serious economist ever suggested that you could get richer by consuming wealth. But that didn't make consumerism unpopular. The more people consumed, the more GDP went up. GDP measures output, not wealth creation; but who could tell the difference? In a cartoon economy - no one. Besides, spending made people feel as though they were getting richer.
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Beau78902 months ago
The fundamental law of supply and demand leads to the conclusion that a "consumer economy" that is based on people spending rather than saving will drive prices up to the point where spending cannot be sustained.
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How obvious is that--especially to the "conservatives" who kept wanting us to "spend ourselves to prosperity," and who believe so strongly in an unfettered free market?
Don't they understand supply and demand? -
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hyperbola2 months ago
The conservative "neo-liberals" have been playing a shell game with ignorant Americans.
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Nobel Winner Stiglitz: The End of NeoLiberalism
Neo-Liberalism has never had a basis in economic theory and was mostly propaganda for transferring wealth to the super-rich. Since Reagan, Neo-Liberalism has failed spectacularly and repeatedly, and continues to do so. It is now time to recognize the death of neo-liberalism and replace it in the world's political and economic decisions.
http://www.propeller.com/story/2008/07/20/nobel-winner-stiglitz-the-end-of-neoliberalism/
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