It’s Consumer Spending Stupid

by news on October 26, 2011

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It’s Consumer Spending Stupid 

James Livingston/New York Times – AS an economic historian who has been studying American capitalism for 35 years, I’m going to let you in on the best-kept secret of the last century: private investment — that is, using business profits to increase productivity and output — doesn’t actually drive economic growth. Consumer debt and government spending do. Private investment isn’t even necessary to promote growth.

 

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