No politician can praise unemployment or inflation, and…
“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.”
About This Quote
This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation.
High employment with stable prices requires income and price controls; otherwise inflation rises.
In simple terms: Balancing jobs and prices needs controls.
Key Takeaway
Consider policy trade‑offs.
Themes
economics
inflation
employment
Mood
analytical
critical
Type
economic
academic
When to use this quote
- government budgeting
- business planning
- public debate
Key Concepts
macroeconomic theory
policy design
market dynamics
Questions to Reflect On
- What alternatives exist to control inflation?
- How do you balance employment with price stability?
A Different Perspective
Controls may limit market freedom.