Excerpt from The Fallacy of Saving: A Study in Economics
The following essay is an expansion of one written several years ago, and recently read to the Political Economy Circle of the National Liberal Club. The character of the criticism it then met with from some of the most competent members removed any hesitation I might formerly have felt as to the chance of my being right in an argument which will strike most, readers at first sight as a strange paradox, and which runs counter not only to the standard authorities, but to the views of many of the younger economists who are supposed to have thrown off the old "orthodoxy."
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