Once the true relationship between inflation and unemployment is understood, with luck and skill, a free lunch is possible.
--
Part II, Chapter 6, Unemployment and Inflation, p. 137Paul Ormerod
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
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
It is said that there’s no such thing as a free lunch. But the universe is the ultimate free lunch.
Alan Guth
We who survived the Camps are not true witnesses. We are those who, through prevarication, skill or luck, never touched bottom. Those who have, and who have seen the face of the Gorgon, did not return, or returned wordless.
Primo Levi
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
Ormerod, Paul
Orsted, Hans Christian
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