Consumption VS Production. What Makes An Economy? (work, country)

[thetechguy]

Consumption VS Production. What Makes An Economy? - YouTube

[irishvanguard]

Any economy requires both production and consumption. However, in the global economy, nations have the opportunity to move along the spectrum as more of an exporter or more of an importer nation. The general dream of a country is to move up the technological scale, creating products that will be more in demand across the planet, and being able to ask high prices or those high demand products. Countries that don't move up the technological scale are relegated to producing commodities that do not necessarily command high prices: raw materials, agricultural products, clothing textiles, etc...............

I agree that in the long-term, Keynesian policies fail. They sometimes work in the short term. But to disagree with the video, human demand existed before human production. It is just that the earth was supplying the necessities in the beginning.