[PEN-L:3939] Re: Time well Spent

[Sam Pawlett <epawlett@xxxxxxxxxxxx>]

Eugene Coyle wrote:

>
> Another quote:   "Capitalism's critics often fret about the wealthy
> having too much, but uneven income distribution plays a role in
> developing markets.   ...   Without society's wealthy, fewer new goods
> and services would find their way to the rest of us.  Indeed, the
> wealthy's free spending spurs a democracy of consumption because it
> starts the process of lowering prices.   ...  far from being a blight on
> society, unequal income distribution is instrumental in driving society
> forward.  It's a natural resource."

Reminds me a lot of Mandeville's argument in the Fable of the Bees.
Bourgeois ideology hasn't changed much since the 1705. Not much different
than the Fed, but more fun to read:
Sam

The Root of evil Avarice
That Damn'd ill-natur'd baneful Vice
Was Slave to Prodigality
That Noble Sin; whilst Luxury
Employ'd a million of the Poor
And odious Pride a million more
Envy it self, and Vanity
Were Ministers of industry;
Their darling Folly, Fickleness
In Diet, Furniture and Dress
That strange ridic'lous Vice, was made
The very wheel that turn'd the Trade.
Their Laws and Cloaths were equally
Objects of Mutability
For, what was well done for a Time,
In half a Year became a Crime
Yet whilst they alter'd thus the Laws
Still finding and correcting Flaws,
They mended by Inconstancy
Faults, which no prudence could foresee
Thus Vice nursed Ingenuity,
Which join'd with Time, and Industry
Had carry'd Life's conveniences,
It's real Pleasures, Comforts, Ease,
To such a Height, the very poor
Lived better than the rich before;
And nothing could be added more.

Penguin ed. p67