Attack Quote by Murray Rothbard
“Hoover had prevented 'an immediate attack upon wages as a basis of maintaining profits,' but the result of wiping out profits and maintaining artificial wage rates was chronic, unprecedented depression.”
About This Quote
Source Book: Man, Economy, and State, 1962
Wage controls intended to protect workers can backfire, leading to deeper economic downturns and loss of profit.
In simple terms: Protecting wages may cause worse economic problems.
Key Takeaway
Consider market forces before imposing wage caps.
Themes
economics
policy
labor
inflation
depression
Mood
analytical
critical
thoughtful
Type
economic
political
historical
When to use this quote
- government regulation
- business planning
- worker negotiations
Key Concepts
price controls
market equilibrium
unintended consequences
Questions to Reflect On
- Are wage caps always harmful?
- What alternatives protect workers without harming the economy?
A Different Perspective
Such policies can hurt the very workers they aim to help.
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