quinta-feira, 11 de janeiro de 2007

The war prosperity fallacy

"They persist in the delusion that World War II, for example, was a period of high prosperity. In actual fact, it represented a far greater degree of poverty, even in the United States , which was spared any physical destruction, than the worst years of the depression which preceded it. In the depression, some people could not buy a new car, a new house, or new appliances. In the war, no one could, for the simple reason that they were not being produced. Despite the fact that he probably worked longer hours, the average person could not obtain in any quantity many of the most common articles of consumption, from chewing gum and candy bars to gasoline and tires. Millions more worked, and they worked longer hours, but the greater part of their output was consumed on the battlefields. It was not until 1949 that the country recovered from this “prosperity.” George Reisman

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