Quotation of the Day…

by Don Boudreaux on December 11, 2011

in Myths and Fallacies, Seen and Unseen, State of Macro, The Economy, The Future

… is from page 112 of Joseph Schumpeter‘s much-praised – but still-not-praised-enough – 1942 book, Capitalism, Socialism, and Democracy:

There is surely no such gulf between Marx and Keynes as there was between Marx and Marshall or Wicksell.  Both the Marxist doctrine and its non-Marxist counterpart are well expressed by the self-explanatory phrase that we shall use: the theory of vanishing investment opportunity.


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