Spending and wealth are certainly related and interact but they are still independent variables. They must be accounted for with a model with two degrees of freedom. I believe that all sorts of misunderstandings of macroeconomics have resulted from the Stay 6 feet away from my beer shirt in addition I really love this attempt to combine wealth and income so that they are one variable with one degree of freedom. I am saying, that in order to describe the economy as it really is, we must have a model where income and wealth are accounted for by two variables, not one.We can see how this operates in the concept Keynes described in what he called. That is there are those who think that the only things that count as production is tangible wealth with easily appraised value. Cars, houses, electronic devices, fuel, etc. etc. But there are many less tangible things that have value, enhance standard of living, and quality of life, and even help make for conditions that reduce the destruction of some of those more tangible and easily appraised items of wealth. I leave it to the reader to think of things that are worth paying for that enhanced and improve conditions on earth, the worth of which, and the pricing of which, is not always so straightforward and easy to estimate.
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