Quotation of the Day…

by Don Boudreaux on November 19, 2011

in Innovation, Myths and Fallacies, Seen and Unseen, State of Macro

… is from page 85 of Lionel Lord Robbins‘s 1976 book Political Economy: Past and Present:

Keynes himself can be not unfairly described as a ‘stagnationist’ in the sense that he found it difficult to believe that the propensity to invest, if unaided, was likely for long to remain above what he would have regarded as a danger point for reasonably active use of resources; and this attitude was widely diffused among high authorities in the United States – conspicuously Alvin Hanson [sic].  The days of the frontier were over, it was contended, the probability of inventions, which would offer rates of return likely to evoke a disposition to invest nearly approaching the disposition to save, was remote.


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