"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.
Good luck on your final history of thought essay, Daniel Kuehn!
ReplyDeleteSpeaking of Malthus though, what book edition did you use for "Principles of Political Economy"? I own a copy of the two-volume variorum edition published by Cambridge University Press.
Did you use scanned hand-outs, or books for your history of economic thought class?
I'm using a pdf of the Liberty Fund edition. I believe it's a scan of the second edition.
ReplyDeleteI see. What classes do you plan on taking for the next term?
ReplyDeleteOT, but hello, Daniel Kuehn! My name is Luke Lea, I'm an old man, and I plan to explore your blog for the next few weeks, at least. Anyone who can write about Keynes and T. S. Eliot in the same paragraph has got to be interesting. You'll have to excuse my typos.
ReplyDeleteThat quote of Malthus sounds very familiar to what Hutt wrote on idle resources.
ReplyDeleteHave you consulted Sowell's book on Say's Law? Wonderful stuff.
ReplyDelete