A Quote by John Kenneth Galbraith

No politician can praise unemployment or inflation, and there is no way of combining high employment with stable prices that does not involve some control of income and prices. Otherwise the struggle for more consumption and more income to sustain it-a struggle that modern corporations, modern unions and modern democracy all facilitate and encourage-will drive up prices. Only heavy unemployment will then temper this upward thrust. Not many wish to confront the truth that the modern economy gives a choice only between inflation, unemployment, or controls.

John Kenneth Galbraith

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Between Choice Combining Confront Consumption Control Controls Corporations Democracy Does Drive Economy Employment Encourage Facilitate Gives Heavy High Income Inflation Involve Many Modern More Only Otherwise Politician Praise Prices Some Stable Struggle Sustain Temper Then Thrust Truth Unemployment Unions Up Upward Way Will Wish

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John Kenneth Galbraith
American - Economist
October 15, 1908 - April 29, 2006

There is no such thing as agflation. Rising commodity prices, or increases in any prices, do not cause inflation. Inflation is what causes prices to rise. Of course, in market economies, prices for individual goods and services rise and fall based on changes in supply and demand, but it is only through inflation that prices rise in aggregate.

Peter Schiff

When they say inflation is bad, deflation is good, what they mean is, more money for us 1% is good; we're all for asset price inflation, we're all for housing prices going up, and we're all for our stock and bonds prices going up. We're just against you workers getting more income.

Michael Hudson

If global oil prices or commodity prices are high, then it is bound to create inflation. So, we should not be too worried if the inflation is created by global commodity prices. When they come down, inflation will automatically come down.

Adi Godrej

Models used to describe and predict inflation commonly distinguish between changes in food and energy prices - which enter into total inflation - and movements in the prices of other goods and services - that is, core inflation.

Janet Yellen

Government policies try to prevent the emergence of serious unemployment by credit expansion, i.e., inflation. The outcome was rising prices, renewed demands for higher wages and reiterated credit expansion; in short, protracted inflation.

Ludwig von Mises

We’ve never had a decline in house prices on a nationwide basis. So, what I think what is more likely is that house prices will slow, maybe stabilize, might slow consumption spending a bit. I don’t think it’s going to drive the economy too far from its full employment path, though.

Ben Bernanke

In China the struggle to consolidate the socialist system, the struggle to decide whether socialism or capitalism will prevail, will still take a long historical period. However, we should all realize that the new system of socialism will unquestionably be consolidated. We can assuredly build a socialist state with modern industry, modern agriculture, and modern science and culture.

Mao Zedong

It's modern day. It is modern day. Some of the cars are older but it is absolutely modern day. There are modern cars in it, modern people, modern clothes, modern talk. We wrote 'Valentine' to sort of pay tribute to all the old slasher movies that we grew up with and I think that we did that.

Todd Farmer

In Europe and the United States the two decades following the Second World War will for long be remembered as a very good time, the time when capitalism really worked. Everywhere in the industrialized countries production increased. Unemployment was everywhere low. Prices were nearly stable. When production lagged and unemployment rose, governments intervened to take up the slack, as Keynes had urged.

John Kenneth Galbraith

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

From Scotland to India, and from Silicon Valley to Kenya, policymakers all over the world have become interested in basic income as an answer to poverty, unemployment and the bureaucratic behemoth of the modern welfare state.

Rutger Bregman

The idea that when people see prices falling they will stop buying those cheaper goods or cheaper food does not make much sense. And aiming for 2 percent inflation every year means that after a decade prices are more than 25 percent higher and the price level doubles every generation. That is not price stability, yet they call it price stability. I just do not understand central banks wanting a little inflation.

Paul Volcker

The good thing about the dividend-paying stocks is, first of all you have stocks, which are real assets if we have some inflation. I think we're going to have 2%, 3% maybe 4%. That's a sweet spot for stocks. Corporations do well with that. It gives them pricing power. Their assets move up with prices. I'm not fearful of that inflation.

Jeremy Siegel

I don't know how many modern families watch 'Modern Family,' but then one of the points of 'Modern Family' is that it's hard to tell what a modern family is anymore, let alone what it does.

Steve Erickson

Here's why I think the public service jobs are almost unavoidable: When we have downturns in the economy - and we will, for we haven't repealed the business cycle - unemployment will build, yet we no longer have any safety net. What are we going to do? Unless we decide to pull out all the stops and lower interest rates immediately and risk turning a recession into wild inflation, we're going to have to figure out some way of providing some more, not job security, but employment security.

Robert Reich

In a world of massive wealth and income inequality, Europe must support Greece’s efforts to build an economy which creates more jobs and income, not more unemployment and suffering.

Bernie Sanders

A Quote by John Kenneth Galbraith

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