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fallacy of savings
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Eere, it will be aoted, the economist expresses himas
if all saving were made out of traders' profits ;
but it is not to be supposed, even if he had not made
his advice universal, that he wanted to restrict the
practice of saving to the profit-makers. He is repeating
a standing- economic doctrine, which pronounces
all saving by individuals to be a public
benefit.
On all. fours with this viewT
, of course, is the opinion
that if only people in general would be " thrifty," in
the sense of " saving " a good deal of their weekly or
annual income, poverty would be sure to lessen proportionately,
or even disproportionately. This is implied
in Mr. Spencer's censure of the English masses
for their " improvidence ;
" his idea being, not simply
that they tend to have more children than they can
support, but that by not saving some of their wages
all round they as a class throw away some of their
bread and butter. For it is assumed, as we shall see
in detail, by economists of most schools, that the process
of saving money means the accumulation of
wealth in the full sense of the term. Thus we find
M. Leroy Beaulieu, a leading French economist, in his
recent work on the State, remarking that "a few
moments of imprudence," on the part of a speculative
legatee, " may be enough to endanger, or even to
destroy, wealth which it has taken the labour and
pain of years, it may be of centuries, to amass
JOHN M. ROBERTSON - Personal Name
1st Edition
NONE
fallacy of savings
Management
English
1993
1-172
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