How Economic Growth Becomes Visible
(With Roger Blackwell)Originally Published in Korea Times
Media tend to attribute economic health to political leaders, parliament or central banks, but marketers know that consumers control 70 percent or more of GDP in mature economies. Traditional economic analyses focus on fiscal and monetary policies. Marketers and behavioral economists believe that consumers and their migration dominate global markets now and in the future.
The European industrial revolution two centuries ago transformed agricultural workers, who produced most of their own consumption needs, to city-dwellers who bought products and created ...
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