“What is scarce is money. The lack of money to spend on goods is what keeps the unemployed resources from producing more goods. Work, moreover, instead of being a curse, is desired more than anything else because the alternative is not enjoyment of leisure but the suffering of unemployment and deprivation. Of course, if people could get income without they would not object too much (although their self-respect in feeling they are useful members in society who are earning their income is too easily underestimated). But it is only by finding work they can obtain the necessary income they need.”

—  Abba Lerner

On the causes of unemployment (1951, pg.147-48) http://papers.ssrn.com/sol3/papers.cfm?abstract_id=174849

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Abba Lerner 3
American economist 1903–1982

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“Finally, I can spend somebody else’s money on somebody else. And if I spend somebody else’s money on somebody else, I’m not concerned about how much it is, and I’m not concerned about what I get. And that’s government. And that’s close to 40% of our national income.”

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Context: There are four ways in which you can spend money. You can spend your own money on yourself. When you do that, why then you really watch out what you’re doing, and you try to get the most for your money. Then you can spend your own money on somebody else. For example, I buy a birthday present for someone. Well, then I’m not so careful about the content of the present, but I’m very careful about the cost. Then, I can spend somebody else’s money on myself. And if I spend somebody else’s money on myself, then I’m sure going to have a good lunch! Finally, I can spend somebody else’s money on somebody else. And if I spend somebody else’s money on somebody else, I’m not concerned about how much it is, and I’m not concerned about what I get. And that’s government. And that’s close to 40% of our national income.

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“Selfishness comes from too little self-love, not too much, as we compensate for our lack. There’s no such thing as caring for the self too much, just as there’s no such thing as too much genuine affection for others. Our world suffers from too little self-love and too much judgment, insecurity, fear, and mistrust. If we all cared about ourselves more, most of these ills would disappear.”

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“Then what you find out is, what humans then do is, they create institutions - that's where institutionalism has a tie with Post Keynesianism - they create institutions which limit outcomes, which permit you to control outcomes as long as the society agrees to live by the rules of the game, which are the rules of the institutions. Now, if society rejects those rules, then society breaks down. What are the rules of the game? Well, money is a rule of the economic game. There are lots of human economic arrangements which don't use money. The family unit solves its economic problems, of what and how to produce within the family, without the use of money and without the use of markets. All the 24 hours of the day are either employed or leisure. There's no involuntary unemployment in the family. So you can solve the problem, but it's a different economy. We are talking about a money-using economy, and money is a human institution. You have to ask yourself, why was it created? Why is it so strange? You see, in Lerner, in neoclassical economics, money is a commodity. It's peanuts, with a very high elasticity of production. If people want more money, that creates just as many jobs as if people want goods. Then you have to say to yourself - and this was the question that Milton Friedman asked me in the debate - he says, 'That's nonsense; Davidson says money is not producible. Why are there historical cases where Indians used beads as money? Aren't beads easily producible?”

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But not in the Indian economy. They didn't know how to produce them.
quoted in Conversations with Post Keynesians (1995) by J. E. King

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“Too many people spend money they haven't earned, to buy things they don't want, to impress people they don't like.”

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Cf. LOOK Magazine 1957: Actor Walter Slezak's version of "keeping up with the Joneses": "Spending money you don't have for things you don't need to impress people you don't like." p. 10 books.google http://books.google.com/books?id=-NERAQAAMAAJ&q=slezak.
Misattributed

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