Monday, January 19, 2004

USS Clueless illustrates why Demand-side Economics is good!

USS Clueless: "In case you're curious, it is the rise of labor unions in the 19th century, which led to a rising standard of living for blue collar workers, making them a big new market which the capitalists could sell into, resulting in an economic explosion. The paradox is that in the long run, raising worker wages ended up making the capitalists even more rich, and also prevented any revolution by the proletariat despite Marx's claim that such a revolution was historically inevitable."