The essential measure of the success of the economy is not production and consumption at all, but the nature, extent, quality, and complexity of the total capital stock, including in this the state of the human bodies and minds included in the system. In the spaceman economy, what we are primarily concerned with is stock maintenance, and any technological change which results in the maintenance of a given total stock with a lessened throughput (that is, less production and consumption) is clearly a gain. This idea that both production and consumption are bad things rather than good things is very strange to economists, who have been obsessed with tile income-flow concepts to the exclusion, almost, of capital-stock concepts.
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p.9-10 as cited in: Mark W. W. McElroy, J.M.L. M. L. van van Engelen (2012) Corporate Sustainability Management.Kenneth Boulding
» Kenneth Boulding - all quotes »
The main key to the economics of the postwar world is a simple truism — that the rate of accumulation is equal to the rate of production less the rate of consumption. This is the "Bathtub Theorem." Production may be likened to the flow of water from the faucet, consumption to the flow down the drain. The difference between these two flows is the rate at which the water in the bathtub - the total stockpile of all goods - is accumulating.
War drains the economic bathtub in a great waste of consumption. The first problem of reconstruction is to rebuild the stockpile. It can be rebuilt only by widening the gap between production and consumption, or, in the case of a single country, by importing more than is exported. It is difficult for a ravaged country to increase either its production or its net imports. Unless it can obtain outside help, therefore, it must suffer a drastic restriction of consumption. Frequently the only way consumption can be restricted is by inflation. Here, therefore, is the key to the most fundamental problems of reconstruction.Kenneth Boulding
Consumption is also immediately production, just as in nature the consumption of the elements and chemical substances is the production of the plant.
Karl Marx
The aggregate capital appears as the capital stock of all individual capitalists combined. This joint stock company has in common with many other stock companies that everyone knows what he puts in, but not what he will get out of it.
Karl Marx
One of the first things they teach stockbrokers is to stay out of the stock market. Brokers make their pile from selling advice, and from commissions on stock transactions. They can't predict the market, and few risk their own money. They, at least, only affect their clients' fortunes. Economists, though, can ruin the lot of us with their advice — yet if no science can predict a relatively closed system like the stock market, how the devil are you going to 'fine tune' something a large as the American economy? I'd think it arrogant to try; as arrogant as the man with three illiterate drug-addicted spoiled brats writing a book on parenting.
Jerry Pournelle
Apart from their work and production, households perform other important economic functions. Most CONSUMPTION occurs within the household. ... In developed capitalist economies, private consumption spending accounts for half or more of GDP.
Jim Stanford
Boulding, Kenneth
Boulez, Pierre
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