We all, or nearly all, consent If wages rise by ten per cent It puts a choice before the nation Of unemployment or inflation.
--
Boulding (1951) in: The impact of the Union: eight economic theorists evaluate the labor union movement. John Maurice Clark & David McCord Wright eds.Kenneth Boulding
» Kenneth Boulding - all quotes »
Government spending cannot create additional jobs. If the government provides the funds required by taxing the citizens or by borrowing from the public, it abolishes on the one hand as many jobs as it creates on the other. If government spending is financed by borrowing from the commercial banks, it means credit expansion and inflation. If in the course of such an inflation the rise in commodity prices exceeds the rise in nominal wage rates, unemployment will drop. But what makes unemployment shrink is precisely the fact that real wage rates are falling.
Ludwig von Mises
In most Western economies, the general relationship is not in fact between the rate of inflation and the level of unemployment, but between the rate of change of inflation and the rate of change of unemployment.
Paul Ormerod
10 per cent inflation is not heaven and the factors are all still there to push it up much further next year. Nor has the Government any policy adequate to deal with unemployment. It is not capitalism that is in crisis. It is Socialism that is in collapse. The faith has vanished. The principles are shattered. It won't do for Liberals merely to say they will put on the brakes. Even if you slow down the Gadarene swine, they will go over the precipice eventually.
Jo Grimond
The [pay] policy is principally designed to hold down wages rather than to check inflation. Inflation is being used as an excuse to destroy free trade union bargaining.
Tony Benn
Once the true relationship between inflation and unemployment is understood, with luck and skill, a free lunch is possible.
Paul Ormerod
Boulding, Kenneth
Boulez, Pierre
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