"An Inquiry into those Principles respecting the Nature of Demand and the Necessity of Consumption" (review of pamphlet)
http://tinyurl.com/glutinquiry The anonymous 1821 pamphlet itself is available through Gale, "The Making of the Modern World" for those with university research library privileges. The pamphlet contains an impressive critique of Say's maxim and of Malthus's underconsumptionist argument against Say. Karl Marx was so impressed that he remarked in his notes, "This is indeed the secret basis of glut." Key passage (p. 59): "…the very meaning of an increased demand by them [the laborers] is a disposition to take less themselves, and leave a larger share for their employers; and if it be said that this, by diminishing consumption, increases glut, I can only answer, that glut then is synonymous with high profits; it is the very inducement sought, instead of being the check to production." -- Cheers, Tom Walker (Sandwichman)
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