Update: For a contemporary survey with a great deal of relevance to the matters being raised here, please see: Fear of fallowing: the specter of a no-growth world published in the March 2008 Haper's magazine.
The employer represents capital, and capital represents the means of production; hence, the employing class represents production.The end and object of production is consumption. Nothing but the desire for a commodity and a willingness to give an equivalent for it will cause it to be produced. Production is universally the economic response to, and consequence of consumption. No one will continuously produce a commodity unless he can find consumers for it. To the extent that he ignores this fact, he pays the penalty in loss and bankruptcy. The market is the basis of the workshop and the warehouse, and the habitual daily consumption of wealth by the community is the basis of the market. Thus, economic production absolutely depends upon social consumption, and the success of the employing class depends upon the extent of the consuming class.