John Maynard Keynes on Occupy Mitt Romney

“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.”

5 comments so far

  1. Links for 2012-01-18 | FavStocks on

    […] John Maynard Keynes on Occupy Mitt Romney – unsettling economics […]

  2. Walt on

    Let’s also ask about the hedge funds: reports show 80% of the $ gains go to the managers, rather than investors who put up the lion’s share of initial investments, so the benefit to society is de minimis while the profits are obscenely de maximus.

    And yet, some friendly CongressCritters wrote the carried capital provision that taxes this banditry at the lowest possible rate.

    Who were the authors of that provision? Why do not both liberals and conservatives call for a fair tax burden for the ultra-wealthy who do so little good for our society?

  3. ECON on

    Financial capital owns the levers of power and influence to a more extreme degree than other capitalist economies. Empires crumble from within as the inherent contradictions become too onerous and shared by the 99%. Corruption both civil and criminal in the MERS has done more destruction to America than by the “enemy”.

  4. mark hansen on

    perhaps hedge funds are much like limited partnerships;
    at the beginning the limited partners have the money and the gnereal partner has the experience, later, the reverse is true.

  5. […] John Maynard Keynes on Occupy Mitt Romney – […]

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: