“We have long understood that it is not income that matters but consumption. Stripped to its essentials, the argument is that if somehow the consumption of middle-class householders keeps up, if they can afford a new car every few years and the occasional exotic holiday, perhaps they will pay less attention to their stagnant monthly paychecks.”
―
Raghuram G. Rajan,
Fault Lines: How Hidden Fractures Still Threaten The World Economy
