Medically, consumption is an old-fashioned name for the disease of tuberculosis. In economics it is supposedly lifeblood itself. In most developed countries it is the main element of GDP, representing something like 60 per cent of total.
Despite the dangers of overconsumption by way of debt, the tendency to consume rather than save is valued very highly by most economists, who perceive a circular flow of income whose momentum must be sustained.
Indeed, in the Keynesian model, saving has a negative connotation, as if it were a form of anti-consumption rather than a contingency for future consumption, or indeed a necessary resource for investment.
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