Quote of the day: John Maynard Keynes

[elfs]

Unemployment exists because employers have been deprived of profit. The loss of profit may be due to all sorts of causes. But, short of going over to Communism, there is no possible means of curing unemployment except by restoring employers to a proper margin of profit. There are two ways of doing this - by increasing the demand for output, which is the expansionist cure, or by decreasing the cost of output, which is the contractionist cure. Both of these try to touch the spot. Which is to be preferred?
— John Maynard Keynes, 1931

Brad DeLong posted this