Quotation of the Day…

by Don Boudreaux on April 4, 2014

in Growth, Standard of Living

… is from page 4 of the late Stanley Lebergott’s 1996 volume, Consumer Expenditures: New Measures & Old Motives:

Capitalism, however, monetized incomes.  Consumption ceased to be decided by one’s heritage, noble or slave.  Because income now came in monetary form it could be more readily spent in many ways.  These permitted multiple choices.  Workers and peasants began to range through markets, buying goods and services once restricted to blue bloods or Brahmins.

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