Ours is a wealth-driven era, when huge increases in home values and, before that, stock prices make people feel richer and cause them to buy more. They spend more of their regular incomes, borrow more or sell something, most likely stocks. You can imagine this "wealth effect" as a powerful... -
Losing That Wealthy Feeling
Ours is a wealth-driven era, when huge increases in home values and, before that, stock prices make people feel richer and cause them to buy more. They spend more of their regular incomes, borrow more or sell something, most likely stocks. You can imagine this "wealth effect" as a powerful...-
By Robert J. Samuelson