chapter  4
Production and capital accumulation
Pages 68

Consumption . . . is the sole end and object of all economic activity. . . . Aggregate demand can be derived only from present consumption or from present provision for future consumption. The consumption for which we can profitably provide in advance cannot be pushed indefinitely into the future. . . . The obstacle to a clear understanding is . . . an inadequate appreciation of the fact that capital is not a self-subsistent entity existing apart from consumption.