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 Alexander Field: Innovative Consumption: New Yorker Magazine

Wednesday, May. 25, 2011

Alexander Field, Orradre Professor of Economics, was recently mentioned in New Yorker Magazine.  In his article “Innovative Consumption,” James Surowiecki says that Field’s “extraordinary new book” argues that American businesses continued opening R&D labs and investing money in productivity- enhancing technologies even in the midst of the Great Depression. Field says insistence on spending money despite the economic environment helped create the postwar boom. 

Surowiecki claims that a similar mentality has existed over the past couple of years, saying, “True, businesses did clamp down on spending in 2008, but for the past two years they’ve been investing heavily in information technology, while consumers, who have supposedly rediscovered the virtues of frugality, are snapping up smartphones and iPads. The venturesome-consumption habit, it seems, is hard to kick. And that’s good news, since they also serve who only shop and buy.” 

Read the full New Yorker article here>>
Read Professor Field's bio here >>

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