Quotes from book
The Fable of the Bees
The Fable of The Bees: or, Private Vices, Publick Benefits is a book by Bernard Mandeville, consisting of the poem The Grumbling Hive: or, Knaves turn’d Honest, along with prose discussion of the poem. The poem was published in 1705, and the book first appeared in 1714. The poem suggests many key principles of economic thought, including division of labor and the "invisible hand", seventy years before these concepts were more thoroughly elucidated by Adam Smith. Two centuries later, John Maynard Keynes cited Mandeville to show that it was "no new thing ... to ascribe the evils of unemployment to ... the insufficiency of the propensity to consume", a condition also known as the paradox of thrift, which was central to his own theory of effective demand.