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Karl Marx predicted it to happen in Germany or Great Britain.

Many argue that it was thwarted in Great Britain by Says' law of markets supporting the "Laissez-faire" belief that capitalism tends to full employment.
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It states that "supply creates its own demand"
scold
It was later refuted by Lord Kaynes. And its absurdity was proved in 30s world over recession when market was flooded with commodities having no buyers.
But then it was too late. doh

Comments (13)

China has been flooding the west with free goods and that has had the effect of closing down a lot of small manufacturing businesses, they have got away with doing that because politicians have allowed it to happen.
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Status creates its own demand but utility does not. No matter how big your diamond gets I'll always demand a bigger one to be more conspicuous than you. Vanity.

But better a screwdriver manufactured in West Germany than anything produced in the last 30 years. Not trying to one up anybody, the aim is to get the screw out of the wall without rounding the head off. Use value.
Same goes for roads to nowhere. There is such a thing as a utility without use because needs are not a bottomless pit, but there is no such thing as a desire without want.
And the problem is not so much taking from the rich man whose idle and conspicuous consumption is oftentimes determined by his mindlessly hot wife. It's the state coming in to tell people what they need, can or to what extent does government know what is best for people?

In Field of Dreams Kevin Costner builds a baseball pitch for ghosts and government spending shares a wrongheaded belief in this: If you build it, they will come... and when they don't come how quickly does this turn to forcing people?
To sell all of our jewellery and give it to the poor in the form of a basic income would be my idea of a market-friendly welfare state. But market friendly or not, it's the morality and attitude of people who feel that they're owed a living simply for being alive that could destroy everything. Would we not basically become the Gulf? The worst people you could ever meet, even a millennial American would be considered salt of the earth next to them and that picture of spoilt gross indecency.
But I could be wrong in my contention that a basic income would eventually lead to a moral abyss from the moment it stops feeling like a treat. Perhaps in the coming world of AI and robot slaves it would not be necessary to "earn" another person's trust. Technically it doesn't matter if everybody is a nob(apart from the Amish), this is an undeniable trend in modern industrial society. Automation begets instant gratification and instant gratification begets nobody likes you.
@CC
Interesting! Please carry on...let me gather my thoughts in the light of your dissertations.
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As with the fine print in any contract, there are too many nuances within and among state economies, developing over the past half century, to try to capture it all with a theory of everything. So Saysian, Keynsian and certainly Lenin-Marxian word or phrase descriptions of economic reality, much less predictions, and even less so policy, no longer do it. Sure, some can suggest a general thrust to fiscal and monetary decisions, but these days, little more.
Economics academic programs filled journals, and students heads, with this sort of thing, well before more refined number crunching, data gathering, resource and psychological inputs, demographic shifts, hegemony/conflict analyses, and above all, access to IT and other cyber technologies.
And now we are merely a bit less in the dark, honestly said. Wish I could make this stuff up.
And for how correct CC is in his sacred pronouncements on the moral downsides of guaranteed income for all, check out the function of the dole in many places, certainly among the welfare generations families in the USA. Of all races, but some much more than others.
And on the same point, among more industrious populations, these handouts have had some merit. But demographic/immigration shifting trends over time, work to undermine much of the former, temporary, benefits.
To paraphrase honest Abe, you can't improve the lives of the poor, merely by taking from the rich.
An old saying in the former USSR among workers was--'Our system is great. They pretend to pay us, and we pretend to work'.
In some ways I would prefer a return to the 1950s where the rich were heavily taxed not so much to raise government revenue but to place a cap on what a top earner is. Who you know and sucking the devil's c*ck didn't pay so you may as well become a better paper manufacturer. Invest in the latest methods with far less sucking anybody off.
What you need to remember about Keynes is that he was gentry and saw the species progressing to that. The indifference to money of a prince with the greatest good being the art of living. It would do no good to tear down the church or open the borders, capitalism may have ended by 2030 if it was just the western working class but you can kick that down the centuries because of global capitalism. We have Islam from the 9th century and Africa that is for all intents and purposes pre-civilisation, Asians that will grub for money exactly like peasants would. A considerable amount of time is required for new money to calm down, get away from all that tacky shit that desperation naturally lusts for the moment it can acquire these things.
And it's easier for you and me not to moneygrub because we're deep and meaningless. We're bent towards thought and it's so much easier for a certain type to miss the point of accumulating stuff when our favourite thing in the world is priceless.
That to me explains why so many of the brightest sparks have found themselves on the Left. Why it is better to have a socialist for a neighbour than a fascist... up until the point of Bolshevism and BLM.

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