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[[Bernard Mandeville]] first introduced this concept in his ''The Fable of the Bes'' (1714) and [[classical economists]] later picked up on it.  It became a central part of [[Keynesian economics]], but now is viewed as a short-run rather than a long-run issue.
 
[[Bernard Mandeville]] first introduced this concept in his ''The Fable of the Bes'' (1714) and [[classical economists]] later picked up on it.  It became a central part of [[Keynesian economics]], but now is viewed as a short-run rather than a long-run issue.
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[[category:economics]]
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[[Category:Economics]]
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