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From our analysis, we found the following most relevant:And it imports far more consumer goods, such as clothing, electronics, cars, and car parts, than it did a half-century ago.
And whereas cars, televisions, and household appliances drove US consumer demand in the 1960s, a much larger share of domestic spending today goes (or went) to restaurants, bars, hotels, resorts, gyms, salons, coffee shops, and tattoo parlors, as well as college tuition and doctor's visitsHouse values are now stagnant at best, and will likely fall in the months ahead.
Mainstream economics pays little attention to such structural questions. Instead, it assumes that business investment responds mostly to the consumer, whose spending is dictated equally by income and desire. The distinction between "essential" and "superfluous" does not exist