*noun*; in Keynesian economics, the rate at which aggregate consumption rises in response to a rise in national income.
For example, suppose the marginal propensity to consume (MPC) is 0.95. If the national income is 100 billion dollars, and it rises 10%, then consumption will rise by 9.5 billion, and saving will rise by 0.5 billion.
If this theory is correct, then an expanding economy will suffer insufficient demand for its own output, and a recession will be inevitable.
This is why national governments respond to recessions with deficit spending: they are trying to counteract the MPC's effect on aggregate demand, and bring it in line with potential output.
For example, suppose the marginal propensity to consume (MPC) is 0.95. If the national income is 100 billion dollars, and it rises 10%, then consumption will rise by 9.5 billion, and saving will rise by 0.5 billion.
If this theory is correct, then an expanding economy will suffer insufficient demand for its own output, and a recession will be inevitable.
This is why national governments respond to recessions with deficit spending: they are trying to counteract the MPC's effect on aggregate demand, and bring it in line with potential output.
Not only is the marginal propensity to consume weaker in a wealthy community, but, owing to its accumulation of capital being already larger, the opportunities for further investment are less attractive...
J.M. Keynes, *The General Theory of Employment, Interest, and Money* (1936), Ch.3
J.M. Keynes, *The General Theory of Employment, Interest, and Money* (1936), Ch.3
by Abu Yahya March 3, 2009
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a term coined by Bruce Levine to describe the mindset of a group of people who "are singularly attached to cheap stuff."
The term describes a culture that "creates increasing material expectations" that often can not be satiated, "devalues human connectedness," "socializes people to be self-absorbed and selfish," "obliterates self-reliance," "alienates people from normal human emotional reactions" and "sells false hope that creates more pain."
The term describes a culture that "creates increasing material expectations" that often can not be satiated, "devalues human connectedness," "socializes people to be self-absorbed and selfish," "obliterates self-reliance," "alienates people from normal human emotional reactions" and "sells false hope that creates more pain."
Fundamentalist Consumerism is demonstrated en-mass on every Black Friday. On Long Island, NY in 2008, Wal-Mart employee Jdimytai Damour was trampled to death by customers stampeding into the store when the doors were opened. Police attempting to clear the scene were met with hostile reactions from customers, some insisting that they "had been waiting in line since yesterday morning" to get into the store. Fundamentalist Consumerism devalues all life in pursuit of 'stuff.'
by thewakebehindyou August 1, 2011
Get the Fundamentalist Consumerism mug.A meme that people use to get banned from Yanderedev's Discord Server. They really don't mind getting banned there. It shows a picture of Yanderedev holding a glass (or chalice) of milk (or cum) with the top and bottom captions saying "CONSUME THE CUM CHALICE"
"Alright im gonna try to speedrun getting banned on Yanderedev's Discord Server."
*post consume the cum chalice meme*
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*post consume the cum chalice meme*
"Yes! I got a new world record!"
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Get the Consume the Cum Chalice mug.1. The practice of conspicuously buying flashy, expensive items and expecting them to fill the voids in one's life.
2. A pejorative used to malign people who enjoy material luxuries, implying that it's impossible for a person do so without having an unhealthy fixation on them. Usually used as a sour grapes excuse to hate people who can afford more luxuries than one's self.
2. A pejorative used to malign people who enjoy material luxuries, implying that it's impossible for a person do so without having an unhealthy fixation on them. Usually used as a sour grapes excuse to hate people who can afford more luxuries than one's self.
1. "Tiffany keeps spending all of her money on expensive designer clothing. When will she realize that it's personality, not consumerism, that wins friends?"
2. "Ugh, did you see Ted's new BMW with heated leather seats, a GPS navigation system, and a 6-disk CD changer? Anyone who would buy luxuries is obviously a disgusingly shallow and materialistic consumerist."
2. "Ugh, did you see Ted's new BMW with heated leather seats, a GPS navigation system, and a 6-disk CD changer? Anyone who would buy luxuries is obviously a disgusingly shallow and materialistic consumerist."
by Icarus3 November 3, 2005
Get the consumerism mug.A seriously over-rated form of modern day cult of commerce, whereby people buy goods. This has led to a rise in needless temptation as well as popular culture, which in turn results in mindless youths sinking into the morass of peer pressure and attention-seeking behaviour, all for the name of cold, hard cash.
Otherwise, a desirable practice.
Otherwise, a desirable practice.
by gad01 May 24, 2008
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