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How an Economy Grows - George F. Smith - Mises Daily: "the economy didn't grow because they consumed more. They consumed more because the economy grew"
"As productivity increased, prices fell, benefiting the producer as well as his customers. Falling prices induce people to save, which swells the amount of capital available for loans. The Keynesian fear of falling prices was yet unknown."
Monday, November 22, 2010
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