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Slow Consumer Spending in EU

March 19, 2014

The Liberty Bullhorn

As the talks of a recovery in Europe continue, the search for tangible evidence of that recovery intensifies. So far, the evidence is that the recovery is basically limited to wishful thinking. But since I am an economist and a scholar, not a pundit, I always prefer to rely on facts, theory, experience and methodologically good analysis in a prudent combination. Therefore, when people persistently claim something I disagree with, I take the opportunity from time to time to question my own position.

Today is one of those days. Alas, the question: is there really no recovery under way in Europe?

Since we have already, in vain, looked at GDP growth to try to find any signs of better times ahead, let us broaden the search a little bit. The largest share of GDP – in a healthy economy – is private consumption. It should constitute 70-80 percent of…

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