About that Report Economic Growth
So GDP is growing at about 2 percent. (That's not the same as "the economy.") The rub is that it's driven by consumer and government spending. Real economic growth requires investment, and investment has not recovered. But private (real) investment requires savings--that is, deferred consumption. So increased consumption is not a path to economic growth. Increased sustainable consumer spending is an effect not a cause of economic growth.
comments powered by Disqus
- Russian historian slams Putin
- Historians and archivists say the NY Public Library no longer functions as a world-class research library
- WaPo chastised for ignoring Venona Papers in obit for Allen Weinstein
- In gay marriage decision, Supreme Court turns to historians for insight
- Sam Haselby argues religion trumps politics in his new book