A Quote by William Beveridge
There is no inherent mechanism in our present system which can with certainty prevent competitive sectional bargaining for wages from setting up a vicious spiral of rising prices under full employment.
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You can't tell me you can make any system or country work with low wages and high prices, and high wages with high prices don't mean anything when the prices eat up the wages and don't leave anything over.
Collective bargaining has always been the bedrock of the American labor movement. I hope that you will continue to anchor your movement to this foundation. Free collective bargaining is good for the entire Nation. In my view, it is the only alternative to State regulation of wages and prices - a path which leads far down the grim road of totalitarianism. Those who would destroy or further limit the rights of organized labor - those who would cripple collective bargaining or prevent organization of the unorganized - do a disservice to the cause of democracy.
The American people have no idea they are paying the bill. They know that someone is stealing their hubcaps, but they think it is the greedy businessman who raises prices or the selfish laborer who demands higher wages or the unworthy farmer who demands too much for his crop or the wealthy foreigner who bids up our prices. They do not realize that these groups also are victimized by a monetary system which is constantly being eroded in value by and through the Federal Reserve System.
The greatest danger to an adequate old-age security plan is rising prices. A rise of 2% a year in prices would cut the purchasing power of pensions about 45% in 30 years. The greatest danger of rising prices is from wages rising faster than output per man-hour.... Whether the nation succeeds in providing adequate security for retired workers depends in large measure upon the wage policies of trade unions.
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.
Initially, QE contributed to a pretty significant increase in inequality. It raised asset prices, which are owned primarily by the wealthy, while having relatively small if any positive impacts on bank lending, employment, wages or economic growth, so ordinary people haven't had much help. By the third round of QE in 2012-2014, the effects had likely muted quite a bit. There were probably not big impacts on asset prices from QE and the positive effects on employment growth might have strengthened somewhat.
... moral certainty is certainty which is sufficient to regulate our behaviour, or which measures up to the certainty we have on matters relating to the conduct of life which we never normally doubt, though we know that it is possible, absolutely speaking, that they may be false.
We try to prevent the creation of artificial rents. Rather than setting up quotas to stop imports we levy a tariff, that would be better. Or we pay wages in the public sector which are roughly equivalent to the productivity in the private sector and we don't therefore make it a special benefit to get a bureaucratic position.
My message is that the counterclaim - which is that if wages go up, employment will go down - is a scam. It's a con job. It's an intimidation tactic. There is absolutely no evidence anywhere that it's true. On the contrary, where you find high wages you usually find low unemployment.
Farmers...can no longer keep up with rising demand; thus the outlook is for chronic scarcities and rising prices.
We described the coronavirus crisis as more of a shock to the system as opposed to a full-blown recession which would spiral into a depression as the economy shut down.
The spiral is a spiritualized circle. In the spiral form, the circle, uncoiled, has ceased to be vicious; it has been set free.
When minimum living wages, bargaining for fair wages, pensions, and job security are denied in too many countries, it is not rocket science to understand the drivers of inequality.
Kalecki thus precisely predicted the economic and political U-turn that occurred with the advent of neoliberalism. Kalecki also argued that fundamental institutional changes, especially regarding wage-setting and other aspects of the employment relationship, would be essential if full employment was to be sustained.
My bottom line is that monetary policy should react to rising prices for houses or other assets only insofar as they affect the central bank's goal variables - output, employment, and inflation.
Rising prices or wages do not cause inflation; they only report it. They represent an essential form of economic speech, sincemoney isjust another form of information.
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