Keynesian Quote of the Day

unsettling economics (via Mark Thoma):

“No man of spirit will consent to remain poor if he believes his superiors to have gained their goods by lucky gambling. To convert the business man into a profiteer is to strike a blow at capitalism, because it destroys the psychological equilibrium which permits the perpetuance of unequal rewards. The economic doctrine of normal profits, vaguely apprehended by everyone, is a necessary condition for the justification of capitalism. The business man is tolerable so long as his gains can be said to bear some relation to what, roughly and in some sense, his activities have contributed to society.”

Makes sense.  If people are going to acquiesce to the concept that wealthy folks earn their money, it ought to look like more than luck that they got fabulously rich.  One needs the appearance of hard work more than chance, especially when people who aren't making large sums of money are themselves working very hard.  Just saying.