Monday, September 13, 2010

Supply-Side Economics

Adam Smith on the purpose of economic activity:

Consumption is the sole end and purpose of all production...

Maynard Keynes on the purpose of economic activity:

Consumption — to repeat the obvious — is the sole end and object of all economic activity.

'Nuff said?

Update 30 December 2010.

Also from The General Theory (Book II, Chapter 5) --

All production is for the purpose of ultimately satisfying a consumer.

1 comment:

Greg said...

Well Arthur,

Thanks for visiting my site and for the nice compliments. If I wrote everything that was going through my head these days I'd never work (partly because I'm so damn slow at typing). I would also probably scare a lot of people, best to keep some things to yourself ;-)

From your profile it sounds like we have been infected with the same econ bug.

Let me suggest a couple sites to add to your reading list

billy blog -

Warren Moslers site-

Check out Warrens recommended readings at top of page, specifically "7 Deadly Innocent Frauds"

Univ of Missouri KC site
Look for Randall Wrays articles here

billy blog has a great comment section, best on the web I think and his site is like an econ course, he even has weekly quizzes. Check it out I think, actually I KNOW, you'll like it!