Political Economy Quote of the Week for 20160229

“Possibly I have wasted too many words in proving a truth so obvious that no thinking man unskilled in science would ever doubt it. Every child knows that a piece of capital, say
a hammer, must be produced if it is to come into existence. And to every simple man it is obvious that no stock of capital can be made, or can increase, if men regularly consume their whole available income; if, in other words, they do not save. It was reserved for the sharp and subtle wits of learned theorists to suggest the first doubt about it.” – Eugen von Böhm-Bawerk, The Positive Theory of Capital.

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