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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
Much
Unfortunately
Spirals
Latter
Counterparts
Price
Functional
Demand
Operates
Fact
Insufficient
Facts
Occurs
Also
Wage
Counterpart
Enough
Unemployment
Spiral
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Because of his compassion Owen was always in trouble with his partners. They would have much preferred a tough, down-to-earth manager who would get a days work out of the little bastards.
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I've been writing a book called The Economics of Innocent Fraud. I published part of it already in The Progressive (Free Market Fraud, January 1999). But I've been interrupted these last few months. It deals with all of the things we do, in an innocent way, to cover up the truth.
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No one was responsible for the great Wall Street crash. No one engineered the speculation that preceded it. Both were the product of free choice and decision of hundreds of thousands of individuals.
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People of privilege will always risk their complete destruction rather than surrender any material part of their advantage.
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The only function of economic forecasting is to make astrology look respectable.
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