Income Quotes - page 6
Figure 12-6 pulls together in a simplified way the main elements of income determination. Without saving and investment, there would be a circular flow of income between business and the public: above, business pays out wages, interest, rents, and profits to the public in return for the services of labor and property; and below, the public pays consumption dollars to business in return for goods and services.
Realistically, we must recognize that the public will wish to save some of its income, as shown at the spigot Z. Hence, businesses cannot expect their consumption sales to be as large as the total of wages, interest, rents, and profits.
Paul Samuelson
The belief that we can maintain current levels of consumption, especially of animal products, capitalist expansion, imperial wars, a reliance on fossil fuels and abject subservience to unfettered corporate power, which has solidified the worst income inequality in human history, is not a form of hope but suicidal self-delusion. We are not headed under the policies of the Biden administration and the global ruling elite for the broad sunlit uplands of a new and glorious future, but economic misery, vast climate migrations, waves of new and more virulent pandemics, of which COVID-19 is a mild precursor, along with irreversible ecological systems collapse and frightening forms of societal breakdown, authoritarianism and neofascism.
Chris Hedges