Keynesians have always been alert to 'over-valuation of the economic criterion', that formalist and rationalist economism can lead to the loss of state capacities, the destruction of civilization and moral decay (Keynes 1938: 446), but they have not really been ahead of Marxist scholarship in fleshing out the implications of excess capacity, overaccumulation and underconsumption
, themselves markers of the vagaries of privately coordinated investment.
For just a sample of key works on the matter, see Michael Bleaney, Underconsumption
Theories: A History and Critical Analysis (New York: International Publishers, 1976); James M.
Overinvestment always logically implies underconsumption
in this two-sector model, whose relative price is the interest rate.
Rather than politicians talking about rationing, they need to be talking about how to make the system rational" he said, noting that there is overconsumption, underconsumption
, and disparate levels of care in the United States.
supra note 4, at 10 ("Senator Wagner [author of the Act] primarily saw the Act as a weapon against the Depression, which he attributed to underconsumption
caused by too unequal a distribution of wealth.
Food advertisements have also been linked to overconsumption of fast food, sugar-sweetened soft drinks, and sweet and salty snacks, and to underconsumption
of fruits and vegetables.
But the majority of our populations are suffering not from diseases of underconsumption
, but rather from diseases of overconsumption.
The explanatory theories can be divided into the following categories: post-First World War resumption of the international gold standard, underconsumption
(reinforced by so-called debt deflation), productivity shocks, and monetary policy.
51) The theory of unequal ecological exchange maintains that structural asymmetries in the global economy have produced overconsumption and improved domestic environments in the Global North and underconsumption
and the degradation of domestic environments in the Global South.
Diet quality is particularly poor among low-income Americans, reflected in their underconsumption
of fruits, vegetables, and milk (Lin, 2005).
4) As a result of this trend, dietary guidance for children has broadened from an emphasis on concerns related to underconsumption
to concerns of overconsumption and decreased energy expenditure.
Insurance--and the accompanying moral hazard--can help offset this underconsumption