Warren, I say this as someone who had respect for you, please read The General Theory and particularly chapters 19 – 24. Also it would be helpful to read Pigou (1933). Disregard PK teaching and interpretation of Keynes which is distorted at best, dishonest at worst. You should expect PK replies now coming in parroting Samuelson and Brady in order to save face and project the appearance that they knew all along but we both know that would be yet another PK fabrication. Please do the right thing.
I think Keynes was spot on here. It looks like this stuff (the 3 elements in column 11 of the Periodic Table of the Elements) can at least in effect if not literally “talk” to these people and seduce them… rsp,
Not sure if you’re pro gold-digging (the real type, not the trying to find a rich husband type) or anti gold-digging. I always thought you were more on the anti-gold digging side.
I’m rather indifferent, I think I’d prefer hiring people to dig for gold rather than hiring them to write yet another essay on obesity for the USDA, or update the USDA twitter feed or USDATV. If they’re digging for gold it’s probably easier to convince them that they aren’t changing the world and that other jobs would probably be more worthwhile – in fact, that sentiment should probably be a pre-condition for any Jobs Guarantee job.
Anyhow, in the larger context (the chapter and section this quote comes from, not the whole book) Keynes seems to think that building pyramids and digging for gold may not be such a bad thing. In fact, he seems to think it’s a good thing.
At periods when gold is available at suitable depths experience shows that the real wealth of the world increases rapidly; and when but little of it is so available, our wealth suffers stagnation or decline. Thus gold-mines are of the greatest value and importance to civilisation. just as wars have been the only form of large-scale loan expenditure which statesmen have thought justifiable, so gold-mining is the only pretext for digging holes in the ground which has recommended itself to bankers as sound finance; and each of these activities has played its part in progress-failing something better.
Ancient Egypt was doubly fortunate, and doubtless owed to this its fabled wealth, in that it possessed two activities, namely, pyramid-building as well as the search for the precious metals, the fruits of which, since they could not serve the needs of man by being consumed, did not stale with abundance.
So, does the quote mean you’re pro-gold digging too?