A consumer economy describes an economy driven by consumer spending as a percent of its gross domestic product, as opposed to the other major components of GDP (gross private domestic investment, government spending, and imports netted against exports).[1]
In the U.S., it is usually said by economists, including in Henry Hazlitt's "Economics in One Lesson"[2] that 70% of spending is consumer-based,[3][4] but this number is disputed by economists like Businessweek columnist Michael Mandel.[5]
^Education 2020 Homeschool Console, section Vocabulary of Unit on "Economic Boom of the 1920s", quote: "CONSUMER ECONOMY: Definition: An economy that depends on a large amount of spending by consumers. - school login required, accessed December 1, 2009
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