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“If the Treasury were to fill old bottles with banknotes, bury them at suitable depths in disused coal mines which are then filled up to the surface with town rubbish, and leave it to private enterprise on well-tried principles of laissez-faire to dig the notes up again (the right to do so being obtained, of course, by tendering for leases of the note-bearing territory), there need be no more unemployment and, the real income of the community, and its capital wealth also, would probably become a good deal greater than it actually is.
Tags » Keynes
Richard Rahn explains How Congress Lost Control of Government Spending. Programs enacted decades ago have grown dramatically and keep growing, often beyond their original purpose, claiming ever-larger shares of tax revenue, leaving little flexibility to undertake discretionary spending of any kind. 173 more words
John Maynard Keynes (1883-1946) is probably the most influential economist of the 20th century. In 1936, just 7 years after the Wall Street crash, Keynes published his magnum opus… 656 more words
We love the world we live in! With tea from India, chocolate from Belgium and computers from the United States delighting us as consumers, what is not to love about our world? 551 more words