Thursday, December 07, 2006

Keynesianism as the Economics of Robinson Crusoe

On the positive effect of workers' higher wages:
"If their wages were low and despicable, so would be their living; if they got little, they would spend but little, and trade would presently feel it; as their gain is more or less, the wealth and strength of the whole kingdom would rise or fall." -- Daniel DeFoe (1704). Giving Alms No Charity

No comments: