Porque George Reisman devia ganhar um Nobel

(Krizner também...)

This article is based on a portion of Chapter 15 of the author's Capitalism: A Treatise on Economics. [Reisman, amigo de Rothbard e de Ralph Raico, ambos emergiram no austrianismo com Mises em NY. Desentenderam-se mais tarde por causa da Ayn Rand. Só há uns anos Lewrockwell conseguiu trazê-lo para o seio do Mises Institute].

Saving Not Consumption as the Main Source of Spending

" I’ve shown that most spending in the economic system is in fact concealed under the head of net investment. However modest in size, including possibly being actually negative, net investment represents the true source of most revenue and income. That source is productive expenditure, which, I showed, is expenditure for the purpose of making subsequent sales and is represented by the spending of business firms for capital goods of all descriptions and for labor. (Consumption expenditure, in contrast, I showed is expenditure not for the purpose of making subsequent sales.)

The role of productive expenditure is concealed because net investment is the difference between it and business costs, the same costs that appear in business income statements in calculating business profits, and which do not differ very greatly from productive expenditure in size. Thus only a very small portion of the actual magnitude and importance of productive expenditure is ever revealed in conventional, Keynesian national income accounting. "