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Wayne Swan- ex treasurer (self.badeconomics)

NACL-TSM が 投稿

"the demand that flows from low and middle income households is a source of growth not a consequence of it" -2016

-Wayne Swan MP; deputy prime minister and treasurer of Australia for six years and a regular participant in the G-20 Finance Ministers Meetings from 2007-2013. Euromoney Finance Minister of the Year 2011.

I'm sure that Wayne knows more about economics than me, however it was my understanding that growth was mainly driven by technology improvements and investment.

This increases the value of Capital per worker, which in turn increases wages, and an increase in wages increases consumption of workers. people don't just choose to demand more with out an exogenous shock occurring.

demand from households doesn't drive growth, it is a constant? ergo its a consequence? (im probably the one bad at economics though?)

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[–]TotallyASmartPersonVoodoo is no Laffing matter 0ポイント1ポイント  (1子コメント)

Short term demand increases growth, in the long run its more about innovation.

[–]NACL-TSM[S] 0ポイント1ポイント  (0子コメント)

short term demand has to have an exogenous shock to increase, it doesn't just increase by itself.