[lbo-talk] John Maynard Keynes on Occupy Mitt Romney

[michael perelman]

"No man of spirit will consent to remain poor if he believes his
superiors to have gained their goods by lucky gambling. To convert the
business man into a profiteer is to strike a blow at capitalism,
because it destroys the psychological equilibrium which permits the
perpetuance of unequal rewards.  The economic doctrine of normal
profits, vaguely apprehended by everyone, is a necessary condition for
the justification of capitalism.  The business man is tolerable so
long as his gains can be said to bear some relation to what, roughly
and in some sense, his activities have contributed to society."

-- 
Michael Perelman
Economics Department
California State University
Chico, CA
95929

530 898 5321
fax 530 898 5901
http://michaelperelman.wordpress.com