Could spending be virtuous and thrift bad? Left-wing economic and cultural historian James Livingston thinks so. He suggests -- taking on the 19th century Populists, the Frankfurt School, and current economic orthodoxy along the way -- that consumption is good for social justice and the environment. Livingston argues that, in place of austerity and frugality, investment should be socialized, wages increased, and the workweek shortened. (Encore broadcast.)

Could spending be virtuous and thrift bad? Left-wing economic and cultural historian James Livingston thinks so. He suggests -- taking on the 19th century Populists, the Frankfurt School, and current economic orthodoxy along the way -- that consumption is good for social justice and the environment. Livingston argues that, in place of austerity and frugality, investment should be socialized, wages increased, and the workweek shortened.