Saturday, July 4, 2009

The core economic debate

The real battle: Keynes vs. Say:

Mises:

The unprecedented success of Keynesianism is due to the fact that it provides an apparent justification for the "deficit spending" policies of contemporary governments. It is the pseudo-philosophy of those who can think of nothing else than to dissipate the capital accumulated by previous generations.

Another commentator:
Say was emphatic that consumption destroys wealth and that only production creates wealth.

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