Can we have an economy without spending?

By Adam Richardson - February 2, 2009

You are familiar with Zen koans like "What is the sound of one hand clapping?". They are designed to open up consciousness with paradoxical or impossible questions. Well here's one: Can we have an economy that is not so dependent on rampant consumer spending?

After 9/11, Bush's solution was to exhort consumers to spend more as the way to propel ourselves out of the downturn. Today we are hearing similar advice.

Problem is, people are saving (or at least not spending, which I don't think is quite the same thing) rather than spending.

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