“The centrally planned economies, dissatisfied with the outcome of their own efforts to achieve good economic growth performance, have changed strategy and decided to import high technology from the West. as well as necessary grains to supplement their domestic agicultural supplies. This new approach has opened their economies to Western inflation because imports have been reflecting rising world price. Gold and oil sales at correspondingly rising prices have been used by the Soviet Union to finance part of their import needs. but they are fully enmeshed in world inflation accounting in balancing rising export prices.”

— Lawrence Klein

"Some Economic Scenarios for the 1980's," 1980

Adopted from Wikiquote. Last update June 3, 2021. History

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Lawrence Klein 15

American economist 1920–2013

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“Sen. Obama thinks we can achieve energy independence without more drilling and without more nuclear power. But Americans know better than that. We must use all resources and develop all technologies necessary to rescue our economy from the damage caused by rising oil prices and restore the health of our planet.”

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“The increasing discussion of the importance of inflexible prices in the. American economy has been somewhat stimulated by previous articles by the present writer. In one of these, material was presented on inflexible administered prices and their importance for monetary policy.”

Gardiner C. Means (1896–1988) American economist

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David Ricardo (1772–1823) British political economist, broker and politician

Source: The Principles of Political Economy and Taxation (1821) (Third Edition), Chapter XXX, Influence of Demand and Supply, p. 260

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