Economic growth was fueled by production and consumption from "summary" of The affluent society by J.K. Galbraith
In the grand scheme of economic affairs, the prevailing wisdom has long held that production and consumption are the twin engines driving growth and prosperity. It is a simple and intuitive concept that has been deeply ingrained in the collective consciousness of economists and policymakers alike. The idea is straightforward: when producers manufacture goods and services, they create value and generate income. This income, in turn, flows back into the economy as consumers purchase these goods and services, thus fueling further production and perpetuating a self-sustaining cycle of economic activity. This paradigm has guided economic theory and practice for centuries, shaping the way we understand and approach the complex interplay of markets, businesses, and consumers. The logic seems sound and irrefutable: as long as production keeps pace with demand, the economy will continue to grow and flourish. It is a seductively elegant narrative that offers a clear and reassuring roadmap for achieving prosperity and progress. However, upon closer inspection, this seemingly infallible logic begins to reveal cracks and fissures that challenge its very foundations. As the esteemed economist J. K. Galbraith provocatively argues in "The Affluent Society," the traditional emphasis on pr...
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