Monday, October 25, 2021

Supply-side economics

When no one is a consumer, everyone is a producer and no one buys anything except in the expectation of selling it for a profit.

This is supply-side economics, and it operates on the same principle as the chain letter: "The 'chain' is an exponentially growing pyramid (a tree graph) that cannot be sustained indefinitely."

1 comment:

The Arthurian said...

Adam Smith:

"Consumption is the sole end and purpose of all production; and the interest of the producer ought to be attended to only so far as it may be necessary for promoting that of the consumer. The maxim is so perfectly self-evident that it would be absurd to attempt to prove it."