Prices And Wages Quotes & Sayings

Deflation means a slowdown of income growth. Markets shrink, new capital investment and employment also taper off, so wages decline. That is what's happening as deliberate policy in Europe and the United States. Falling or stagnant prices are simply the result of having less income to spend. — Michael Hudson

Eli Willard just looked at her for a long moment, and then he announced, 'Lady of the Lake strikes iceberg in mid-Atlantic; 215 drown. New York City fire destroys 700 buildings. Japanese earthquake kills 12,000. Worldwide cholera epidemic kills millions. Wages rise, but prices rise faster. Financial crash occurs on Van Buren's 36th day in office. Nation begins first great depression. Bank failures and closings spread like plague. 200,000 are unemployed. Business bankrupt; only pawnbrokers prosper. Van Buren declares ten-hour days on all federal jobs. There. Does that make you feel any better? — Donald Harington

Global markets have a much bigger effect on prices and wages in the U.S. and elsewhere than they did before. — Kenneth Rogoff

It is impossible indeed not to look with considerable uneasiness at the type of the "modern economist" as he developed after Keynes' revolutionary book, whom Keynes himself regarded with alarm at the end of his days. It is the type of man who is obsessed by one thing, i.e. "effective demand," which he thinks must be kept up at whatever cost,
while he forgets the working of the mechanism of prices, wages, interest and exchange rates. — Wilhelm Ropke

The youth of Taiwan not only have to face the harsh reality of low wages and high commodity and housing prices, but due to the lack of employment opportunities, many young people are forced to leave their home towns to search for jobs in the cities. — Tsai Ing-wen

Mere inflation-that is, the mere issuance of more money, with the consequence of higher wages and prices-may look like the creation of more demand. But in terms of the actual production and exchange of real things it is not. — Henry Hazlitt

Summarized, the letter explained that he was all against the banks but all for the bankers-except the Jewish bankers who were to be driven out of finance entirely; that he had thoroughly tested (but unspecified) plans to make all wages very high and the prices of everything produced by these same highly paid workers very low; that he was 100 per cent for Labor, but 100 per cent against all strikes; and that he was in favor of the United States so arming itself, so preparing to produce its own coffee, sugar, perfumes, tweeds, and nickel instead of importing them, that it could defy the World...and maybe, if that World was so impertinent as to defy American in turn, Buzz hinted, he might have to take it over and run it properly. — Sinclair Lewis

W.A. supported fair wages, even opposing wage reductions when copper prices fell, and as a result he didn't suffer from strikes. He also offered model healthcare for workers, and when Daly opposed a law requiring safety cages in the mines, Clark supported it - even if only for political advantage. He also supported voting rights for women. — Bill Dedman

In an exchange economy everybody's money income is somebody else's cost. Every increase in hourly wages, unless or until compensated by an equal increase in hourly productivity, is an increase in costs of production. An increase in costs of production, where the government controls prices and forbids any price increase, takes the profit from marginal producers, forces them out of business, means a shrinkage in production and a growth in unemployment. Even where a price increase is possible, the higher price discourages buyers, shrinks the market, and also leads to unemployment. If a 30 percent increase in hourly wages all around the circle forces a 30 percent increase in prices, labor can buy no more of the product than it could at the beginning; and the merry-go-round must start all over again. — Henry Hazlitt

The combination of these two trends - declining real wages and inflated asset prices - led the American middle class to use debt as a substitute of income. People lacked adequate earnings but felt wealthier. A generation of Americans grew accustomed to borrowing against their homes to finance consumption, and banks were more than happy to be their enablers. In my generation, second mortgages were considered highly risky for homeowners. The financial industry re-branded them as home equity loans, and they became ubiquitous. Third mortgages, even riskier, were marketed as 'home equity lines of credit. — Robert Kuttner

They were men linked more to one another, their schools, their own social class and their own concerns than they were linked to the country. Indeed, about one of them, Averell Harriman, there would always be a certain taint, as if somehow Averell were a little too partisan and too ambitious (Averell had wanted to be President whereas the rest of them knew that the real power lay in letting the President come to them; the President could take care of rail strikes, minimum wages and farm prices, and they would take care of national security). — David Halberstam

One thing we're going to focus on is the middle class and the crushing prices and stagnant wages they're facing. What motivates me is looking at my 3-year-old son and thinking about what we're passing on to him and his future wife and their future kids. — Bobby Schilling

Nothing should be more obvious than that the business organism cannot function according to design when its most important "parameters of action" - wages, prices, interest - are transferred to the political sphere and there dealt with according to the requirements of the political game or, which sometimes is more serious still, according to the ideas of some planners. — Joseph Alois Schumpeter

Functional prices are those that encourage the largest volume of production and the largest volume of sales. Functional wages are those that tend to bring about the highest volume of employment and the largest real payrolls. — Henry Hazlitt

It is the principal paradox of this period that the only sphere of our economic system in which government intervention is urgently necessary is also the only point at which action of the State is now effectively inhibited. It is in the region of wages and prices that we really require the continual economic leadership of government, but in our prevailing trade structure any such suggestion has come to be regarded as impious. — Oswald Mosley

Research has shown that middle-income wage earners would benefit most from a large reduction in corporate tax rates. The corporate tax is not a rich-man's tax. Corporations don't even pay it. They just pass the tax on in terms of lower wages and benefits, higher consumer prices, and less stockholder value. — Lawrence Kudlow

The more I see of democracy the more I dislike it. It just brings everything down to the mere vulgar level of wages and prices, electric light and water closets, and nothing else. — D.H. Lawrence

Despite a lingering low inventory and increasing prices, consumers still have the confidence to purchase a home. More and more people recognize the many opportunities in this market and the significant value of low interest rates. As job creation and wages continue to improve, many more first-time buyers are now making the decision to become homeowners. — Dave Liniger

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. — John F. Kennedy

Morgan then formed the U.S. Steel Corporation, combining Carnegie's corporation with others. He sold stocks and bonds for $1,300,000,000 (about 400 million more than the combined worth of the companies) and took a fee of 150 million for arranging the consolidation. How could dividends be paid to all those stockholders and bondholders? By making sure Congress passed tariffs keeping out foreign steel; by closing off competition and maintaining the price at $28 a ton; and by working 200,000 men twelve hours a day for wages that barely kept their families alive. And so it went, in industry after industry - shrewd, efficient businessmen building empires, choking out competition, maintaining high prices, keeping wages low, using government subsidies. These industries were the first beneficiaries of the welfare state. — Howard Zinn

Individual guarantees stated in writing in the constitution are of no use to a nation if it is not the people, but a third party, whether government or trade-union, that fixes prices and wages — Faustino Ballve

the real causes of any existing depression. For the real causes, most of the time, are maladjustments within the wage-cost-price structure: maladjustments between wages and prices, between prices of raw materials and prices of finished goods, or between one price and another or one wage and another. — Henry Hazlitt

As Louis Uchitelle has reported in the New York Times, many employers will offer almost anything - free meals, subsidized transportation, store discounts - rather than raise wages. The reason for this, in the words of one employer, is that such extras "can be shed more easily" than wage increases when changes in the market seem to make them unnecessary.7 In the same spirit, automobile manufacturers would rather offer their customers cash rebates than reduced prices; the advantage of the rebate is that it seems like a gift and can be withdrawn without explanation. — Barbara Ehrenreich

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

Modern capitalism benefited the masses in a double way - both by greatly increasing the wages of the masses of workers and greatly reducing the real prices they had to pay for what was produced. — Henry Hazlitt

Asking liberals where wages and prices come from is like asking six-year-olds where babies come from. — Thomas Sowell

The theory of economic shock therapy relies in part on the roleof expectations on feeding an inflationary process. Reining in inflation requires not only changing monetary policy but also changing the behavior of consumers, employers and workers. The role of a sudden, jarring policy shift is that it quickly alters expectations, signaling to the public that the rules of the game have changed dramatically - prices will not keep rising, nor will wages. — Naomi Klein

If workmen are denied any increase in real wages and they can look forward only to a better standard of living through reduction of prices, progress for them is terribly slow, and they become impatient and dissatisfied. — Charles E. Wilson

We wish to control big business so as to secure among other things good wages for the wage-workers and reasonable prices for the consumers. Wherever in any business the prosperity of the business man is obtained by lowering the wages of his workmen and charging an excessive price to the consumers we wish to interfere and stop such practices. We will not submit to that kind of prosperity any more than we will submit to prosperity obtained by swindling investors or getting unfair advantages over business rivals. — Theodore Roosevelt

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. — G. Edward Griffin

Once America's CEOs get back to the business of growing their companies rather than growing their share prices, shareholder value will take care of itself, and all Americans will share in the higher wages and other benefits of a renewed era of economic growth. — Nick Hanauer

The Reichswirtschaftsministerium ('Reich Ministry of Economic Affairs') tells the shop managers what and how to produce, at what prices and from whom to buy, at what prices and to whom to sell. It assigns every worker to his job and fixes his wages. It decrees to whom and on what terms the capitalists must entrust their funds. Market exchange is merely a sham. — Ludwig Von Mises

The military-industrial complex corporations never complain of higher prices for bombs, planes, drones, and missiles. They benefit when prices rise and when cost overruns are covered with more money from the US Treasury. Those who profit are the greatest champions of the military readiness and armed conflict. They are represented by lobbyists who greatly influence both political parties. Corporate war profits and high union wages bring about remarkable cooperation between the two parties despite the political rhetoric suggesting passionate disagreement. And these militaristic policies are defended with patriotic zeal, and in appeals regarding our moral obligation to take care of all the world's needs and to meet our obligation to spread our "goodness" around the world. — Ron Paul

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. — Henry Ford

What had once been grand houses were divided meanly into many small apartments, let at prices out of all proportion to what wages it was possible to earn. Rooms were sub-let, and sub-let again, so that what constituted a family had long been forgotten. — Sarah Perry

Those who had the remaining jobs would have to buy the cheapest stuff possible with their drastically reduced wages, and in order for the manufacturers to keep that stuff cheap, it would have to be made by fifteen-year-olds in China. — Michael Moore

Germany cannot get out of the euro. What it has to do, therefore, is make the economy more flexible - to eliminate the restrictions on prices, on wages and on employment; in short, the regulations that keep 10 percent of the German workforce unemployed. — Milton Friedman

You know, I've got experiences going back to the wage price controls in the Nixon administration where, in effect, we had what I think was a terrible mistake, in that case a Republican administration, where moved in and tried to control the wages, prices and profits of every enterprise in America. It was a huge mistake. — Dick Cheney