Economics Dictionary of ArgumentsHome
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| Consumer credit: Consumer credit in economics refers to loans and credit extended to individuals for purchasing goods and services. Consumer credit enables immediate consumption while deferring payment, stimulating demand and economic activity, but it also involves interest costs and potential risks of over-indebtedness. See als Debts, Credit, Loans, Consumption._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. | |||
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John Kenneth Galbraith on Consumer Credit - Dictionary of Arguments
Rothbard III 984 Consumer Credit/GalbraithVsConsumer credit/Rothbard: (…) one of the reasons why Galbraith sees great danger in the present high consumption is that much is financed by consumer credit, which Galbraith considers, in the conventional manner, to be "inflationary" and to lead to instability and depression. RothbardVsGalbraith: (…) consumer credit that does not add to the money supply is not inflationary; it simply permits consumers to redirect the pattern of their spending so as to buy more of what they want and ascend higher in their value scales. In short, they may redirect spending from nondurable to durable goods. This is a transfer of spending power, not an inflationary rise. The device of consumer credit was a highly productive invention. >Depression/Galbraith, >Inflation/Rothbard, >Durable goods/Rothbard._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
Galbraith I John Kenneth Galbraith The Affluent Society London 1999 Rothbard II Murray N. Rothbard Classical Economics. An Austrian Perspective on the History of Economic Thought. Cheltenham, UK: Edward Elgar Publishing. Cheltenham 1995 Rothbard III Murray N. Rothbard Man, Economy and State with Power and Market. Study Edition Auburn, Alabama 1962, 1970, 2009 Rothbard IV Murray N. Rothbard The Essential von Mises Auburn, Alabama 1988 Rothbard V Murray N. Rothbard Power and Market: Government and the Economy Kansas City 1977 |
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