they in terms of microeconomics, while Keynes was macroeconomics. Even more apt is Marx's GRUNDRISSE, where he talked about how each capitalist sees wages as a cost and doesn't see the macro-effect on consumption.
On 8/15/07, Michael Perelman <[EMAIL PROTECTED]> wrote: > Wal-Mart, which has worked hard to lower wages around the world, is now > getting > hoisted by its own petard. The company has been discovering over the last > couple of > years that its sales depend upon the prosperity of the people to whom it > markets. > > Hudson, Kris and James Covert. 2007. "Wal-Mart Recovery Dealt a Blow." Wall > Street > Journal (15 August): p. A 2. > > Chief Executive Lee Scott said that "Wal-Mart's customers continue to cite > "money > and finances, the increase in cost of living and gas prices" as top concerns, > and > that they are clustering their spending around paycheck dates on the 1st and > 15th of > the month." -- Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own way and let people talk.) -- Karl, paraphrasing Dante.
