“A decrease in the world supply of wheat has resulted in a very large increase in the price of that commodity. The position of all agricultural products indicates a better balanced supply, but we can not yet conclude that agriculture is recovered from the effects of the war period or that it is permanently on a prosperous basis. The cattle industry has not yet recovered and in some sections has been suffering from dry weather. Every effort must be made both by Government activity and by private agencies to restore and maintain agriculture to a complete normal relationship with other industries.”

— Calvin Coolidge

1920s, Second State of the Union Address (1924)

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Calvin Coolidge 412

American politician, 30th president of the United States (i… 1872–1933

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“The State must help to promote and encourage production. … There must be none of that shrinking from national organization, national production, and national assistance. Germany never made that mistake. Take the most important of national industries, agriculture. Agriculture in the past has been overlooked in this country. It has been neglected, with the result that we have been dependent very largely on lands across the seas for our food. We have realized during the war the perils of this position. … It is in the highest interests of the community that the land in this country should be cultivated to its fullest capacity, and I doubt whether there is a civilized country in the whole world where agriculture has received less attention at the hands of the State. … The cultivation of the land is the basis of national strength and prosperity.”

David Lloyd George (1863–1945) Former Prime Minister of the United Kingdom

Speech in Manchester (12 September 1918), quoted in The Times (13 September 1918), p. 8
Prime Minister

“It is estimated that the value of the crops for this harvest year may reach $13,000,000,000, which is an increase of over $3,000,000,000 in three years. It compares with $7,100,000,000 in 1913, arid if we make deduction from the figures of 1924 for the comparatively decreased value of the dollar, the yield this year still exceeds 1913 in purchasing power by over $1,000,000,000, and in this interval there has been no increase in the number of farmers. Mostly by his own effort the farmer has decreased the cost of production. A marked increase in the price of his products and some decrease in the price of his supplies has brought him about to a parity with the rest of the Nation. The crop area of this season is estimated at 370,000,000 acres, which is a decline of 3,000,000 acres from last year, and 6,000,000 acres from 1919. This has been a normal and natural application of economic laws, which has placed agriculture on a foundation which is undeniably sound and beginning to be satisfactory.”

Calvin Coolidge (1872–1933) American politician, 30th president of the United States (in office from 1923 to 1929)

1920s, Second State of the Union Address (1924)

“The time has come to speak out. Britain is now locked in a vicious spiralling interest rates…The net result of completing the vicious circle is that prices have increased, the rate of inflation has gone up, the money supply has increased, unemployment has gone up, the rate of bankruptcies has increased, the industrial base has been further eroded, the Government's borrowing requirement has increased and as a result there is more pressure to raise interest rates yet again, to be followed inevitably by the same vicious circle. It is this that must be broken.”

Edward Heath (1916–2005) Prime Minister of the United Kingdom (1970–1974)

Speech to the Federation of Conservative Students in Manchester (6 October 1981), quoted in The Times (7 October 1981), p. 6.
Post-Prime Ministerial

“No more important development has taken place in the last year than the beginning of a restoration of agriculture to a prosperous condition. We must permit no division of classes in this country, with one occupation striving to secure advantage over another. Each must proceed under open opportunities and with a fair prospect of economic equality. The Government can not successfully insure prosperity or fix prices by legislative fiat. Every business has its risk and its times of depression. It is well known that in the long run there will be a more even prosperity and a more satisfactory range of prices under the natural working out of economic laws than when the Government undertakes the artificial support of markets and industries. Still we can so order our affairs, so protect our own people from foreign competition, so arrange our national finances, so administer our monetary system, so provide for the extension of credits, so improve methods of distribution, as to provide a better working machinery for the transaction of the business of the Nation with the least possible friction and loss. The Government has been constantly increasing its efforts in these directions for the relief and permanent establishment of agriculture on a sound and equal basis with other business.”

Calvin Coolidge (1872–1933) American politician, 30th president of the United States (in office from 1923 to 1929)

1920s, Second State of the Union Address (1924)

“Humanity has not yet evolved and we do not as yet know a type of government superior to and better than the Soviets of Workers’, Agricultural Labourers’, Peasants’, and Soldiers’ Deputies.”

Vladimir Lenin (1870–1924) Russian politician, led the October Revolution

Collected Works, Vol. 24, pp. 38–41.
Collected Works

“Supply and demand constantly determine the prices of commodities; never balance, or only coincidentally; but the cost of production, for its part, determines the oscillations of supply and demand.”

Karl Marx (1818–1883) German philosopher, economist, sociologist, journalist and revolutionary socialist

Grundrisse (1857-1858)
Source: Notebook I, The Chapter on Money, p. 58.

“It has not yet been recorded that any human being has gained a very large or permanent contentment from meditation upon the fact that he is better off than others.”

Sinclair Lewis book Main Street

Main Street (1920)

“The opinions that the price of commodities depends solely on the proportion of supply and demand, or demand to supply, has become almost an axiom in political economy, and has been the source of much error in that science.”

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

“No one, I think, can deny that the depression of the agricultural interest is excessive. Though I can recall periods of suffering, none of them have ever equalled the present in its instances. … the agricultural interest is suffering from a succession of bad harvest, accompanied, for the first time, by extremely low prices. That is a remarkable circumstance that has never before occurred—a combination that has never before been encountered. In old days, when we had a bad harvest we had also the somewhat dismal compensation of higher prices; but now, when the harvests are bad the prices are lower rather than higher…nor is it open to doubt that foreign competition has exercised a most injurious influence on the agricultural interests of the country. The country, however, was perfectly warned that if we made a great revolution in our industrial system, that was one of the consequences that would accrue. I may mention that the great result of the returns we possess is this, that the immense importations of foreign agricultural produce have been vastly in excess of what the increased demands of our population actually require, and that is why the low prices are maintained…That is to a great degree the cause of this depression.”

Benjamin Disraeli (1804–1881) British Conservative politician, writer, aristocrat and Prime Minister

Speech in the House of Lords on the state of agriculture (28 March 1879), reported in The Times (29 March 1879), p. 8.
1870s

“Though we have achieved considerable success in our policy of increasing production and maintaining full employment, this has been accompanied by constant pressure for higher wages resulting in higher prices. We have not yet found out how we can maintain full employment in combination with stable or decreasing costs and prices.”

Stafford Cripps (1889–1952) British politician

Memorandum, 'The Dollar Situation: Forthcoming Discussions with U.S.A. and Canada' (4 July 1949), quoted in Correlli Barnett, The Lost Victory: British Dreams, British Realities: 1945–1950 (London: Pan, 1996), p. 353
Chancellor of the Exchequer

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