We all have heard of 'Swiftonomics', the story of how Taylor is keeping the American economy out of a recession by getting Americans to spend billions. Some economists, in this sense, would be Taylor Swift fans, most of all, the inventor of Swiftonomics, John Maynard Keynes.
Keynes, during the Great Recession, thought that if the government spent, people would have money, boosting Aggregate Demand in the economy, and creating more jobs and income. So, he would love Taylor to get the American public to spend money, on concerts, plane tickets, hotels, and businesses, as it creates a ton of aggregate demand, and leaves everyone better off. The idea that an increase in savings during or before a recession hurts demand and as a result growth is called the paradox of thrift. It is the main principle of Swiftonomics.
Not all economists, however, are Swifties. Hayek for example, an Austrian economist, and a supply-sider, argues that increased savings will reduce the cost of borrowing, leading to more investments and long-run growth. The Austrian school believes that saving and investment are crucial for long-run growth.
As Keynes famously said, "We're all dead in the long" run, but if he weren't, he'd be spending his stock market earnings on Eras Tour tickets, it's good for the economy, after all.
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