Cards Quote by Philip Kotler
“Most of the productivity gains appear to go to the top 1 percent. Most people don't have enough income and as a result, they borrow additional money by using their credit card and they fall into high debt. The result of the growing income gap is a slower growing GDP (too few people with money to spend) and a rising tide of indebtedness.”
About This Quote
Source Book: Marketing Management, 15th edition, 2016
Economic inequality concentrates productivity gains among the wealthy, leaving most with debt and reducing overall consumption, which slows GDP growth.
In simple terms: Inequality hurts economic growth.
Key Takeaway
Address income gaps for healthier economy.
Themes
economics
inequality
productivity
debt
GDP growth
Mood
analytical
concerned
Type
economic
strategic
When to use this quote
- Policy making
- financial planning
- business strategy
- social advocacy
Key Concepts
Distributional economics
consumer spending theory
Questions to Reflect On
- How can businesses promote inclusive growth?
- What policies reduce debt without stifling entrepreneurship?
A Different Perspective
Redistribution policies can face political resistance.
![“I don't see [ Trainspotting ] as an albatross, I see it more as a calling card. It's got me out to Hollywood, I've got a good agent, I've got a good manager, I'm getting a lot of work out there and doing a lot of stuff - getting a lot of film projects on the go.” quote by Irvine Welsh](https://sms4smile.com/quotes/img-quotes/918/irvine-welsh-843_agents_i-don-t-see-trainspotting-as-an-albatros_7750.jpg)
