So much confusion would be avoided if we reminded ourselves now and again that economics began not as a search for order but as a search for the explanation of the order that was too obvious to miss.
Mass Production Equals Mass Consumption
[R]elative shares in national income have remained substantially constant over the last hundred years. This, however, is true only if we measure them in money. Measured in real terms, relative shares have substantially changed in favor of the lower income groups. This...