Related Concepts
Maximum Total Earnings legislation suggests that when a person has accumulated sufficient wealth that they can survive on the interest alone they must stop working and allow someone else to work. This theoretical concept assumes there is a set amount of work to be done in an economy, and is not supported by any major form of modern economic thought. Attempts to reduce unemployment by removing people from the labor force, as is proposed by this theory, have been a failure.
Read more about this topic: Maximum Wage
Famous quotes containing the words related and/or concepts:
“Women stand related to beautiful nature around us, and the enamoured youth mixes their form with moon and stars, with woods and waters, and the pomp of summer. They heal us of awkwardness by their words and looks. We observe their intellectual influence on the most serious student. They refine and clear his mind: teach him to put a pleasing method into what is dry and difficult.”
—Ralph Waldo Emerson (1803–1882)
“Science is a dynamic undertaking directed to lowering the degree of the empiricism involved in solving problems; or, if you prefer, science is a process of fabricating a web of interconnected concepts and conceptual schemes arising from experiments and observations and fruitful of further experiments and observations.”
—James Conant (1893–1978)