If you believe -- as I do -- that Rutgers economic historian James Livingston and others are correct in postulating that consumer spending is what really drives the economy, you may also buy into my own modest econometric proposition.
It suggests that while economists may palaver at length about the multiplicity of economic indicators they rely upon to crystal-ball the economy, there is -- at bottom -- only one: the number of items-per-second sold by Amazon on Cyber Monday:
- 2010 – 158
- 2011 – 200
- 2012 – 306
- 2013 – 426