Excerpt from The Fallacy of Saving: A Study in Economics The following essay is an expansion of one written several years ago, and recently read to the Political Economy Circle of the National Liberal Club. The character of the criticism it then met with from some of the most competent members removed any hesita tion I might formerly have felt as to the chance of my being right in an argument which will strike most readers at first sight as a strange paradox, and which runs counter not only to the standard authorities, but to the views of many of the younger economists who are supposed to have thrown off the old orthodoxy. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.