Dickens is right about the citation. In the GENERAL THEORY (pp. 375-6), Keynes argues that the income of rentiers is just like that of pure landlords, i.e., due to scarcity of the asset held rather than due to the cost of production of that asset. With a interest-inelastic supply of saving curve, driving the interest rate toward zero shuffles the rentiers off to someplace cold and encourages an increase in societal equity while not hurting the spirit of enterprise. Keynes was expressing the Saint- Simon/Fabian tradition which opposed the useless kinds of capitalists (landlords, coupon clippers) to the useful ones (entrepreneurs, managers). in pen-l solidarity, Jim Devine [EMAIL PROTECTED] [EMAIL PROTECTED] Econ. Dept., Loyola Marymount Univ. 7900 Loyola Blvd., Los Angeles, CA 90045-8410 USA 310/338-2948 (daytime, during workweek); FAX: 310/338-1950 "Segui il tuo corso, e lascia dir le genti." (Go your own way and let people talk.) -- K. Marx, paraphrasing Dante A.
