The Pathology of Consumption

Posted On Feb 23, 2021 By Addison Wiggin

Three-quarters of the GDP number is driven by how much money people spend; how much they consume. Preliminary guesswork said the economy “lost” 3.5% in 2020… and it’s unlikely the abacus will show too much of a change this week. Economists consider the GDP to be the economy’s ultimate scorecard. For the mildly curious observer, however, there’s something amiss with these numbers.
Peering through his monocle, Dr. Mark Skousen, our guest for this week’s Wiggin Session, identifies the “something.” Namely, GDP’s emphasis on consumption means that it only tells part of the story — and a distorted one at that.


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