Lawrence Glickman: Eat Economy

Posted by admin on Wednesday, April 29, 2020

American studies professor at Cornell University Lawrence Glickman saying that the coronavirus lockdown must be lifted to allow Americans to spend to solve the economic constriction we’re facing. Lawrence Glickman said:
 

 

“There is an important strand in American culture that praises personal sacrifice as virtuous and noble, but the American economy is also highly dependent on consumption – restaurants, local businesses, travel – and in the short term, the only way to rejuice our economy is to spend our way out of it” — Lawrence Glickman

 

 

In this quote, Lawrence Glickman seems to be contrasting cultural values of sacrifice and frugality with the economic realities of consumption-based growth. By acknowledging the “important strand” that sees sacrifice as noble but noting the economy’s reliance on consumption sectors, Glickman implies that while restraint has virtuous connotations, stimulating spending is necessary in the short term to revive activity in those industries hit hardest by the pandemic.

His statement that “the only way to rejuice our economy is to spend our way out of it” conveys Glickman’s perspective that fiscal stimulus aimed at increasing aggregate demand through measures like direct payments is urgently needed to bolster consumer spending and stabilize vulnerable parts of the private sector during economic downturns like the current one.

Overall, Glickman appears to be arguing that pragmatic pro-growth policies sometimes require prioritizing near-term consumer spending over traditional notions of abstinence, given consumption’s outsized role in powering the American economy.