“It also requires us to look at spending (or demand) industry by industry, as economic growth is characterized by continuing introduction of new products, emergence of growth industries and slowing of mature industries.” — Edward A. Hudson Copy Share Image
“Total spending or demand did not expand rapidly. It was important that excess demand conditions were modest – there was sufficient demand to create clear financial incentives to innovate but not so much as to spill over into inflation and… — Edward A. Hudson Copy Share Image
