Adam Smith’s Rubbish Bin (TM)
Adam Smith, the 18th century philosopher, laid down the foundations for market economies. Professors Bill Keep and Nancy Lasher explore how businesses and politicians influence markets to their advantage, and the price we pay as a result.
Adam Smith’s Rubbish Bin (TM)
Everyone Wants All Of Your Money All Of The Time
Sellers bombard us with messages to buy, buy, buy — and the resulting consumption culture drives America’s economy. Consumer spending makes up about 68% of our GDP, far more than in Germany, Denmark, or Canada. But here’s the catch: the top 10% of U.S. households account for nearly half of all that spending. What happens when the bottom 50–80% of households run out of room in their budgets? We may be getting a preview. Kroger, Barnes & Noble, Olive Garden, Chipotle, and McDonald’s have all reported that lower-income customers are cutting back — just as the economy hovers on the edge of stagnation.