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In fact, the wage-price spiral is the functional counterpart of unemployment. The latter occurs when there is insufficient demand the spiral operates when there is too much and also,unfortunately, when there is just enough.
John Kenneth Galbraith
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John Kenneth Galbraith
Age: 97 †
Born: 1908
Born: October 15
Died: 2006
Died: April 29
Diplomat
Economist
Non-Fiction Writer
Politician
University Teacher
John K. Galbraith
Demand
Operates
Fact
Insufficient
Facts
Occurs
Also
Wage
Counterpart
Enough
Unemployment
Spiral
Much
Unfortunately
Spirals
Latter
Counterparts
Price
Functional
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Money is a singular thing. It ranks with love as man's greatest source of joy. And with death as his greatest source of anxiety. Over all history it has oppressed nearly all people in one of two ways: either it has been abundant and very unreliable, or reliable and very scarce.
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Where humor is concerned there are no standards - no one can say what is good or bad, although you can be sure that everyone will.
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If you're rich you can buy books. If you're poor, you need a library.
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The line dividing the state from what is called private enterprise, orat least fromthehighlyorganized part of it, is a traditional fiction.
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All successful revolutions are the kicking in of a rotten door. The violence of revolutions is the violence of men who charge into a vacuum.
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