Consuming our way to greater well‐being: Theory and history

Critical Review 3 (3-4):589-599 (1989)

Abstract
Keynes is widely accepted to have proved the existence of a consumption gap as a cause of economic depressions. Such a gap meant that, ironically, depressions could get worse as a result of the greater wealth produced by the modern economy, since, as Keynes argued, the wealthy consumed proportionately less than the lower?income groups. Textual analysis, however, shows that Keynes's arguments amounted to assumptions, not demonstrations. And a survey of the empirical research of the subsequent half?century reveals a lack of convincing evidence of the consumption gap.
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DOI 10.1080/08913818908459586
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