A Quote by Stephen S. Roach
To the extent that hiring in high-wage, developed economies continues to lag, the sustainability of any impetus to private consumption can be drawn into serious question.
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Apart from their work and production, households perform other important economic functions. Most CONSUMPTION occurs within the household. ... In developed capitalist economies, private consumption spending accounts for half or more of GDP.
Developed and benefited from the unsustainable patterns of production and consumption which have produced our present dilemma. It is clear that current lifestyles and consumption patterns of the affluent middle class-involving high meat intake, consumption of large amounts of frozen and convenience foods, use of fossil fuels, appliances, home and work-place air-conditioning, and suburban housing-are not sustainable. A shift is necessary toward lifestyles less geared to environmentally damaging consumption patterns.
I don't think there is any serious evidence that we need to be paying people more than 100 times the average wage in order to get high-performing managers.
Medicines are unusual commodities. Important drugs can save the lives and protect the health of millions. Their consumption can bring huge benefits, by helping patients to avoid infection and preventing serious damage to the economies of families, nations and even humanity at large.
To the ideal of high consumption and the downgrading of spiritual values corresponds a conception of injustice that centers exclusively on the problem of consumption; and equality in consumption cannot be achieved except by violence.
In Greece, Italy and, to a lesser extent, France, unsustainable tax cuts and spending sprees added to households' estimates of their private wealth relative to their wage income.
But now sustainability is such a political category that it's getting more and more difficult to think about it in a serious way. Sustainability has become an ornament.
What the carburetor, sparkplug and self-starter are to an automobile, initiative, private enterprise and executive ability are to industry as a whole, including the wage earner, wage payer, wage spender and wage saver, i.e., the investor. If the sparkplug and self-starter get out of commission, the car will come to a standstill.
Inappropriate macro economic policies in some economies, characterised by [a] low savings rate and high consumption [and] failure of financial supervision and regulation to keep up with innovation which allowed financial derivatives to spread.
I really like the idea of consumption tax, and most countries have a pretty serious consumption tax. It's called a value-added tax or a goods and services tax ... It's a sales tax. It doesn't tax labor, it doesn't tax savings or investment - it taxes consumption.
Structuralism argues that a liberal capitalist world economy tends to preserve or actually increase inequalities between developed and less developed economies.
Sustainability is not just about adopting the latest energy-efficient technologies or turning to renewable sources of power. Sustainability is the responsibility of every individual every day. It is about changing our behaviour and mindset to reduce power and water consumption, thereby helping to control emissions and pollution levels.
When the press writes scare stories about the global labor supply draining jobs from rich to poor places, the story is usually presented as a "race to the bottom" simply in terms of wages. Capitalism supposedly looks for labor wherever labor is cheapest. This story is half wrong. A kind of cultural selection is also at work, so that jobs leave high-wage countries like the United States and Germany, but migrate to low-wage economies with skilled, sometimes overqualified workers.
The high rate of unemployment among teenagers, and especially black teenagers, is both a scandal and a serious source of social unrest. Yet it is largely a result of minimum wage laws. We regard the minimum wage law as one of the most, if not the most, anti-black laws on the statute books.
If developed countries' citizens want to feel slightly better about their economies' slow growth and high unemployment, they should contemplate how much worse matters could be without the institutions that they have.
What made traditional economies so radically different and so very fundamentally dangerous to Western economies were the traditional principles of prosperity of Creation versus scarcity of resources, of sharing and distribution versus accumulation and greed, of kinship usage rights versus individual exclusive ownership rights, and of sustainability versus growth.
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