The Limit to the Application of the Productive Powers

If you follow the volume one prescription, and that's the way capital worked, you would end up with a very, very weak, effective demand. Even capitalists would have a lot of difficulty selling their product. This is what Henry Ford did when he said, okay, we need to actually have a working class that has enough money to buy the product that we make. So we go for a five dollar eight hour day. And that of course is part of the logic of why Keynes would kind of say, well one of the ways in which you start to actually do things is to play around with the effective demand. Now this then leads to maybe two or three very important features. The first