Consumer Expenditures

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The book explores the profound effects of changing consumer choices on the economy, illustrating how microchip factories have replaced traditional industries and impacted cities from New Bedford to Detroit. It critiques existing econometric models that rely on outdated data, emphasizing the need for more realistic approaches. By introducing new data from the entire twentieth century, including periods of peacetime prosperity, the author offers insights that enhance understanding of consumer behavior and its implications for state-level policy decisions.