Culture, Gender, Race, and U.S. Labor History (Contributions

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The National Association of Colleges and Employers undertook a survey in the summer of 2001 in which they identified the starting salary offers in different disciplines. This is succinctly expressed in "an anonymous monograph of 1821, probably written by Samuel Bailey" quoted by Sowell: Nobody denied, that a new product will always, or almost always, find a market: The question is, at what price? whether a profitable market? whether its production and sale will bring in what were before the usual average profits of stock or less? [p.141] This, however, strikes me as a very different issue from other conclusions drawn by the "general glut" critics, for Sowell also says: Underconsumptionists such as Sismondi and Malthus saw the problem as inadequate aggregate demand to sustain the existing level of aggregate output and employment. [p.166] "Inadequate demand" (still the issue with Keynes) and profitability are different problems.

Pages: 232

Publisher: Praeger (April 30, 1993)

ISBN: 0313288283

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