"It is a contradiction in terms, to say that labour is redundant compared with capital, and that capital is at the same time redundant compared with labour:-- but it is no contradiction in terms to say that both labourers and capital may be redundant, compared with the means of employing them profitably"
- T.R. Malthus, Principles of Political Economy (2nd edition, 1836)
For my final history of thought essay, I'm doing some reading and thinking about Malthus, Marx, and Keynes and each man's refutation of Say's Law.
Demand, Supply, and Macroeconomic Models
21 hours ago