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Both places show a strong preference for consumption over saving when times are good.
As a result, such a tax does not favour present consumption over saving for future consumption, as the income tax does.
While most economists continued to defend free enterprise and free trade on a microeconomic scale, they rejected traditional views on a macroeconomic level in the postwar period, advocating consumption over saving, fiat money over the gold standard, deficit spending over a balanced budget and active state interventionism over limited government.
The promotion of consumption over saving and going into debt to buy consumer items represent a radical departure from those values.
Similar(56)
The difference between income and consumption is saving.
Households allocate their income to consumption and saving.
The household expenditure is separated into expenditure consumption and saving.
After decades of gorging on consumption, Americans are saving.
"China's people aren't worked up by consumption, but by saving.
Rising wages and an ageing population will also shift the balance towards consumption rather than saving.
It suppresses consumption and forces saving, then misinvests the proceeds in speculative assets or excess capacity.
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