Capitalism, economy & financial well-being in America, Jobs

Excerpts from: ‘Production Economy’ vs ‘Consumption Economy’ – Michael Mandel

December 12, 2017

Excerpts from: ‘Production Economy’ vs ‘Consumption Economy’ – Michael Mandel, August 10, 2011 


“The direction we’ve been going leads to the  the consumption economy, putting more resources into consumption and distribution rather than production. It hasn’t been working for us.

The U.S. needs to change course to a production economy:  put more emphasis on investment in physical, human, and knowledge capital, and less on consumption as the yardstick of success.  We need to take up our fair share of the global productive burden. “

” The goal of a consumption economy is to provide consumers with low prices and wide variety, with less concern about jobs and wages.”


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