Accepting the Challenge of Serious Education

A surplus expansion calls for saving, and a massive surplus expansion calls for massive saving.  In contrast, the basic expansion calls for ever-increasing consumption.  So the practical wisdom cherished in the surplus expansion (save and invest) has to give way to a quite different practical wisdom (employ for consumption) in the basic expansion. … Now to change one’s standard of living in any notable fashion is to live in a different fashion.  It presupposes a grasp of new ideas.  If the ideas are to be above the level of currently successful advertising, serious education must be undertaken.  Finally, coming to grasp what serious education really is and, nonetheless, coming to accept that challenge constitutes the greatest challenge to the modern economy. [CWL 15, 119]

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