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.
Well Arthur,
ReplyDeleteThanks 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 - http://bilbo.economicoutlook.net/blog/
Warren Moslers site- http://moslereconomics.com/
Check out Warrens recommended readings at top of page, specifically "7 Deadly Innocent Frauds"
Univ of Missouri KC site
http://neweconomicperspectives.blogspot.com/
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!
Cheers