Wellbeing
Consumer spending is good, right? We are told in the media all the time to spend more, and we worry when “consumer confidence” is down. Why is that?
In short, the answer is because we have a GDP to look after. The GDP (Gross Domestic Product) is one of our key financial indicators, and in developed western societies consumer spending makes up approximately 65 per cent of GDP.
If consumer spending is a large determinant of GDP, then the more we spend the higher our GDP and the better the economy. So if we are being told to spend just so we have an increasingly higher GDP, then someone, somewhere must have worked out that this must be good for its citizens right?
Continue reading "Consumption need not be a deadly disease" »
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