Atlas Flinched

[Seth Ackerman]

> ----------
> From: 	Brad DeLong[SMTP:delong at econ.Berkeley.EDU]
> Reply To: 	lbo-talk at lists.panix.com
> Sent: 	Wednesday, January 10, 2001 1:55 PM
> To: 	lbo-talk at lists.panix.com
> Subject: 	Re: Atlas Flinched
> 
> I do not take this view. I find the explanation of the current 
> business losses, of the reduction in output, and of the unemployment 
> which necessarily ensues on this not in the high level of investment 
> which was proceeding... but in the subsequent cessation of this 
> investment. I see no hope of a recovery except in a revival of the 
> high level of investment. And I do not understand how universal 
> bankruptcy can do any good or bring us nearer to prosperity...
> 
> 
> He was right then. He is right now.
> 
> 
But what if the outburst of productive investment increases the capacity to
produce things that people don't want or need, or don't need that much of?

Seth