“The mechanism of reaching equilibrium by means of a rising cost of living, which is vainly pursued by a rising level of wages, will be described in the next chapter. But it is admitted on all hands that this is the worst possible solution.”

— John Maynard Keynes

Source: How to Pay for the War (1940), Ch. 8 : Rationing Price Control and Wage Control

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John Maynard Keynes 122

British economist 1883–1946

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