“It is an ironic sign of the depth of modern-day economic ignorance fomented by Keynesian economics that capitalism — an economic system based on capital accumulation from saving — is blamed for unleashing conspicuous consumption — the exact opposite of capital accumulation.
“Capitalism is what happens when people drop their time preference, defer immediate gratification, and invest in the future. Debt-fuelled mass consumption is as much a normal part of capitalism as asphyxiation is a normal part of respiration.”
~ Saifedean Ammous.
Monday, 14 May 2018
QotD: Conspicuous consumption =/= capitalism
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