QUOTES OF THE DAY

Inflation is like sin, every government denounces it and every government practices it.

Frederick Leith-Ross (1887-1968), chief economic advisor to UK government from 1932 to 1945

The end move in politics is always to pick up a gun.

R. Buckminster Fuller

If you ever injected truth into politics you have no politics.

Will Rogers

Neither governments nor labor unions have the power to raise wage rates for all those eager to find jobs. All they can achieve is to raise wage rates for the workers employed, while an increasing number of people who would like to work cannot get employment.

Ludwig von Mises

Any man who wants to be president is either an egomaniac or crazy.

Dwight D. Eisenhower

Doubt is not a pleasant condition, but certainty is absurd.

Voltaire

Liberty means responsibility. That is why most men dread it.

George Bernard Shaw


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1 Comment
P.M.Lawrence
P.M.Lawrence
September 20, 2015 5:16 am

Ludwig von Mises was wrong. He incorrectly assumed that they could only aim at that by mandating it, which would indeed work out like that. However, there are some ways to skin that particular cat that avoid that problem, e.g. by having employer tax breaks on employees. That can raise both employment levels and real wage rates at the same time, right up until G.D.P. limits cut in (though it would be imprudent to raise them so much that investment started to decline, and that would be unavoidable if a country were already in a Malthusian crisis).