Of valid economics pre-dating the Power Age (steam and electricity), there remains not a vestige. Of valid economics pre-dating the intensive and extensive use of electricity there will soon exist only rags and tatters. We still have to thank Adam Smith for insisting 'Consumption is the sole end and purpose of production;' but the old form of the law of demand and supply is outmoded, since supply has become practically inexhaustible.
Harriet Boyd Hawes, Born to Rebel: The Life of Harriet Boyd Hawes
economics, economics-philosophy, industrial-revolution, supply-and-demand