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Giving Credit Where Credit is Due: Consumer Spending is *Not* 70% of the Economy (via Mandel on Innovation and Growth)

Everybody says it, so it must be true?

Giving Credit Where Credit is Due: Consumer Spending is *Not* 70% of the Economy I'm sounding like a broken record, but economic journalists are doing the U.S. a grave disservice by repeatedly overstating the  importance of consumer spending to domestic economic production (which, after all, is what generates jobs).  By persisting in this fallacy,  journalists also understate the importance of investment, exports, and government spending. Consider this:  In today's NYT, Catherine Rampell writes: Consumer spending makes up mor … Read More

via Mandel on Innovation and Growth

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