Consumer Expenditures

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The book explores the profound effects of changing consumer choices on the economy, illustrating how microchip factories have replaced traditional industries, leading to the decline of cities like New Bedford and Detroit. It critiques existing econometric models for their reliance on outdated data, primarily from the Great Depression and Cold War, which fail to inform current policy effectively. By introducing new data spanning the entire twentieth century, including peacetime prosperity, the author offers a more realistic framework for understanding consumer behavior at both national and state levels.