http://pathocracy.wordpress.com/definition/
Also:
http://topdocumentaryfilms.com/money-sp ... black-box/
Alfred Marshall: I admit, because they have been biased by the traditions
of the subject, they have begun by assuming a state
of affairs where the ideal distribution
of productive resources can be brought about through individuals acting independently by the method
of trial and error in such a way that those individuals who move in the right direction will destroy by competition those who move in the wrong direction.
Keynes: Nevertheless, I may do well to remind you, in conclusion, that the fiercest contests and the most deeply felt divisions
of opinion are likely to be waged in the coming years not round technical questions, where the arguments on either side are mainly economic, but round those which, for want
of better words, may be called psychological or, perhaps, moral.
Recall Keynes's erroneous prediction that within a century people's material wants would be satiated. When that happened, the demand for capital (to finance consumption) would plummet and rentiers (people who live on income from passive investments, such as stocks or bonds, and thus are hoarders) would be wiped out, a prospect that delighted Keynes, who looked forward to the euthanasia
of the rentier.
