David Ricardo saw that the escalator worked with different effects on different classes, that some rode… — Robert Heilbroner

But while Ricardo, the economist, walked like a god (although he was a modest and retiring person), Malthus was relegated to a lower status.

If an economy in the doldrums could drift indefinitely, the price of government inaction might be graver by far than the consequences of bold unorthodoxy.

Very few of the heroes of the Golden Age of American finance had much interest in the solid realities of what underlay their structure of stocks and bonds and credits.