Wage levels otherwise are to the welfare of workers -- i.e.
and Treasury secretary who aren't fundamentally at odds with capitalism.Daniel Henninger, "The Growth Revolutions Erupt," , Thursday, February 27, 2014, A13
Hes going to have to spend money, but it wont be enough.
On 5 June 2004, the day Ronald Reagan died, there was a report on CNN about the Normandy landings (whose 60th anniversary would be the following day) and about the impact of World War II on subsequent history.
As recently as November 2011, Paul Krugman  praised the VA as a triumph of "socialized medicine," as he put it: "What's behind this success?
I want to see this country prosperous.
If your product is actually appealing, you will get down to the price where it will sell; and if your operation is efficient and productive enough, you will be able to cover your costs.
I want to see people get a job.
And if increased production and productivity require capital spending, but capital spending all but stops (as it did in the Depression) because of uncertainty, political attacks, and hostile government policy, then the engine of increased wealth is stopped dead.
I want to see people get enough to eat.
If that happens through an artificial manipulation, to drive up wages, because of a theoretical belief in prosperity through high wages rather than low prices, then the production/income loop cannot operate.
We have never made good on our promises....
This is succinctly expressed in "an anonymous monograph of 1821, probably written by Samuel Bailey" quoted by Sowell:
Nobody denied, that a new product will always, or almost always, find a : The question is, at what price?
Also, see Paul Shattock's discussion of Waring's work, , at .
Thus Say's Law may be expressed as "Supply constitutes demand" as well as "Supply creates demand."While this principle is appealing in its simplicity, it does not obviously explain how one gets from production to the income that buys it.
Cause and Effect Paragraph Topics
[A13, from , 1815]Thus, Sismondi was much less a sort of proto-Marxist critic of Say's Law as a kind of Keynesian, and one whose arguments rested at least as much on the weaknesses of Ricardian economics as on any mistakes of his own.
He proved his case, while his adversaries could not prove theirs.
...but he was by no means a : "By allowing the greatest freedom to capital, it will go where profits call, and these profits are the indication of national needs" [pp.115-116]And we get a good Sismondi quote in the June 21-22, 2014, :
It ought to be recollected that each merchant knows his own business better than government can do; that the whole nation's productive power is limited; that in a given time, it has but a given number of hands, and a given quantity of capital; that by forcing it to enter upon a kind of work which it did not previously execute, we almost always at the same time force it to abandon a kind of work which it did execute: whilst the most probable result of such a change is the abandonment of a more lucrative manufacture for another which is less so, and which personal interest had designedly overlooked.