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If a consumer buys something, theoretically it should rid him of one of his needs —and the aggregate of things they need should be decreased by one item. In reality, though, the aggregate of “I want to have” expands together with the growing aggregate of “I have.
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― Economics of Good and Evil: The Quest for Economic Meaning from Gilgamesh to Wall Street
― Economics of Good and Evil: The Quest for Economic Meaning from Gilgamesh to Wall Street
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Before Keynes, most people agreed with Adam Smith when he said, ‘What is prudence in the conduct of every private family can scarce be folly in that of a great kingdom.’ And some people still do. David Cameron, the British prime minister, said in October 2011 that all Britons should try to pay off their credit card debts, without realizing that demand in the British economy would collapse if a sufficient number of people actually heeded his advice and reduced spending to pay off their debts. He
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― Economics: The User's Guide
― Economics: The User's Guide
