“In fact, the wage-price spiral is the functional counterpart of unemployment. The latter occurs when there is insufficient demand; the spiral operates when there is too much and also, unfortunately, when there is just enough.”

— John Kenneth Galbraith, book The New Industrial State

Source: The New Industrial State (1967), Chapter XXII, Section 4, p. 255

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John Kenneth Galbraith207

American economist and diplomat 1908–2006

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