Quotation of the Day…

by Don Boudreaux on November 3, 2012

in Man of System, Scientism, State of Macro

… is from page 80 of Elizabeth and Harry Johnson’s 1978 volume, The Shadow of Keynes:

[In Keynes's General Theory] There is a strong flavor of the assumption that the middle-class – people of Keynes’s own type – not only know best what the distribution of incomes should be – and the tone is as patronizing about the level of business profits necessary to induce entrepreneurs to carry on happily with their entrepreneurship as it is about the level and especially the composition of consumption that is seemly for the working class to enjoy – but can contrive to implement its judgements through the power of the State.

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