19 Aug 2011

Who Said It?

All Posts 6 Comments

It is a terrible blemish on the mixed economy and a sad reflection on my generation of economists that we’re not the Merlins that can solve the problem. Inflation is deep in the nature of the welfare state. Even when there is slack in the system, unemployment doesn’t exert downward pressure on prices the way it did under “cruel” competition.

The answer, and other cool quotes, here.

6 Responses to “Who Said It?”

  1. Rick Hull says:

    I’m guessing British from the first half of the 20th century. Game theory tells me it can’t be Keynes. Wild guess: MacMillan?

    • Rick Hull says:

      Welp, reading comprehension fail on my part. I missed the answer link. I won’t spoil it if anyone else wants to play.

  2. Subhi Andrews says:

    Wouldn’t have guessed it in a million years!

  3. Yancey Ward says:

    It had to be Paul Samuelson or Krugman (otherwise, why ask?), but I definitely would have chosen the first over the latter.

  4. Tom Harvey says:

    Muddled thinking and poor writing in that quote: if it takes a magical wizard to solve the problem, it shouldn’t be a “sad reflection” on anyone who fails. It should be the expected outcome.

  5. Bob Roddis says:

    Who wrote “Iggle biggle wiggle schmiggle mish mosh goo” in the Krugman comments upon the death of You Know Who?