“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, "Notes on inflexible prices." The American Economic Review (1936): 23-35.

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Gardiner C. Means9

American economist 1896–1988

Gardiner C. Means (1896–1988) American economist

Gardiner C. Means, "Price inflexibility and the requirements of a stabilizing monetary policy." Journal of the American Statistical Association 30.190 (1935): 401-413.

“Important principles may, and must, be inflexible.”

Abraham Lincoln (1809–1865) 16th President of the United States

“What has been said of Louisiana will apply generally to other States. And yet so great peculiarities pertain to each state, and such important and sudden changes occur in the same state; and withal, so new and unprecedented is the whole case, that no exclusive, and inflexible plan can be safely prescribed as to details and colatterals. Such exclusive, and inflexible plan, would surely become a new entanglement. Important principles may, and must, be inflexible.”

Abraham Lincoln (1809–1865) 16th President of the United States

1860s, Last public address (1865)

“I believe that monetary policy has a chronic defect. It is asymmetric—it works better in restraining an economy than in stimulating an economy.”

Lawrence Klein (1920–2013) American economist

"Keynsianism Again: Interview with Lawrence Klein", Challenge (May-June 2001)

“The growth in money and credit has outpaced both savings and economic growth. These inflationary pressures have been concentrated in asset prices, not consumer price inflation--keeping monetary policy too easy. This increase in asset prices has fueled domestic borrowing and spending. Government policy and the increase in securitization are largely responsible for this bubble. In addition to loose monetary policies by the Federal Reserve, government-sponsored enterprises Fannie Mae and Freddie Mac have contributed to the problem. The fourfold increases in their balance sheets from 1997 to 1998 boosted new home borrowings to more than $1.5 trillion in 1998, two-thirds of which were refinances which put an extra $15,000 in the pockets of consumers on average--and reduce risk for individual institutions while increasing risk for the system as a whole.”

Ron Paul (1935) American politician and physician

CONFERENCE REPORT ON S. 900, GRAMM-LEACH-BLILEY ACT, November 8, 1999 http://www.house.gov/paul/congrec/congrec99/cr110899-glb.htm <br class="br">1990s

“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 (1920–2013) American economist

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

“Balancing fiscal and monetary policies is a problem. If you do just one thing, it is not necessarily enough—neither monetary policy alone nor fiscal policy alone, and neither tax cuts nor expenditure increases alone. You need to mix policy. By having the right balance, you can get high employment and stable prices.”

Lawrence Klein (1920–2013) American economist

"Keynsianism Again: Interview with Lawrence Klein", Challenge (May-June 2001)

“Language has always been important in politics, but language is incredibly important to the present political struggle.”

Stephen Colbert (1964) American political satirist, writer, comedian, television host, and actor

New York Magazine interview http://nymag.com/news/politics/22322/ (16 October 2006) <br class="br">Context: Language has always been important in politics, but language is incredibly important to the present political struggle. Because if you can establish an atmosphere in which information doesn't mean anything, then there is no objective reality. The first show we did, a year ago, was our thesis statement: What you wish to be true is all that matters, regardless of the facts. Of course, at the time, we thought we were being farcical.

“Could my right hon. Friend explain why the increase in oil prices is deflationary but the increase in all other international prices has apparently been inflationary?”

Enoch Powell (1912–1998) British politician

Question http://hansard.millbanksystems.com/commons/1974/feb/06/industrial-and-economic-situation#column_1232 to the Chancellor of the Exchequer Anthony Barber in the House of Commons (6 February 1974) <br class="br">1970s

“I suppose the pursuit of fashion has always carried a price, monetary or otherwise.”

Robert Charles Wilson book Julian Comstock: A Story of 22nd-Century America

Source: Julian Comstock: A Story of 22nd-Century America (2009), p. 234

“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.”

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Gardiner C. Means9

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