Let him who accepts the message there expounded rewrite the history of the French ancien regime in some such terms as these: Louis XV was a most enlightened monarch. Feel­ing the necessity of stimulating expenditure he secured the services of such expert spenders as Madame de Pompadour and Madame du Barry. They went to work with unsurpassable efficiency. Full employment, a maximum of resulting output, and general well-being ought to have been the conse­quence. It is true that instead we find misery, shame and, at the end of it all, a stream of blood. But that was a chance coincidence.

In Schumpeter, Joseph A. 1936. Review of The General Theory of Employment, Interest and Money by John Maynard Keynes. Journal of the American Statistical Association 31 (196) : 791-795.

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