“Once the true relationship between inflation and unemployment is understood, with luck and skill, a free lunch is possible.”

—  Paul Ormerod , book The Death of Economics

Part II, Chapter 6, Unemployment and Inflation, p. 137
The Death of Economics (1994)

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

Help us to complete the source, original and additional information

Do you have more details about the quote "Once the true relationship between inflation and unemployment is understood, with luck and skill, a free lunch is possi…" by Paul Ormerod?
Paul Ormerod photo
Paul Ormerod 20
English economist

Related quotes

“In most Western economies, the general relationship is not in fact between the rate of inflation and the level of unemployment, but between the rate of change of inflation and the rate of change of unemployment.”

Paul Ormerod book The Death of Economics

Part II, Chapter 6, Unemployment and Inflation, p. 130
The Death of Economics (1994)

“It is indeed true that the reduction of inflation came at a big price—that Volcker's tightening, for instance, succeeded in lowering inflation only in the wake of a severe recession. But this possibility was, first of all, one concerning which monetarists were perfectly aware: they understood the danger that, once inflation, and accelerating inflation especially, came to be anticipated by the public, putting the breaks on money growth would result in prices and wages continuing for some time to rise beyond their new, less-rapidly rising equilibrium values, with a consequent rise in unemployment.”

George Selgin (1957) economist

In Defense of Monetarism (2008)

“A key element in all Keynesian models is a ‘trade-off between inflation and real output: the higher is the inflation rate; the higher is output (or equivalently, the lower is the rate of unemployment).”

Robert Lucas Jr. (1937) American economist

"After Keynesian macroeconomics" 1978

Eric Hoffer photo

“True loyalty between individuals is possible only in a loose and relatively free society.”

Eric Hoffer book The True Believer

Section 101
The True Believer (1951), Part Three: United Action and Self-Sacrifice
Context: Collective unity is not the result of the brotherly love of the faithful for each other. The loyalty of the true believer is to the whole — the church, party, nation — and not to his fellow true believer. True loyalty between individuals is possible only in a loose and relatively free society.

Alan Guth photo

“It is said that there’s no such thing as a free lunch. But the universe is the ultimate free lunch.”

Alan Guth (1947) American theoretical physicist and cosmologist

as quoted by [Stephen Hawking, A Brief History of Time, Bantam Books, 1988, 0-553-34614-8, 129]

Robert Greene photo

“Despise The Free Lunch”

Robert Greene book The 48 Laws of Power

Source: The 48 Laws of Power

Milton Friedman photo

“There's no such thing as a free lunch.”

Milton Friedman (1912–2006) American economist, statistician, and writer

Also often misattributed to Robert A. Heinlein because both helped popularize the expression – Friedman with a book with that title. The phrase actually dates to at least the 1930s.
Misattributed

“Journalism attracts people with exceptional linguistic talent, but I have found that very few have the mathematical sophistication to appreciate the difference between skill and luck.”

William J. Bernstein (1948) economist

Source: The Four Pillars of Investing (2002), Chapter 11, Oliver Stone Meets Wall Street, p. 220.

Douglas Adams photo

“Zaphod Beeblebrox, adventurer, ex-hippie, good-timer (crook? quite possibly), manic self-publicist, terribly bad at personal relationships, often thought to be completely out to lunch.”

Douglas Adams (1952–2001) English writer and humorist
Charles Krauthammer photo

“The free lunch is the essence of modern liberalism.”

Charles Krauthammer (1950–2018) American journalist

2010s, 2013, Obamacare laid bare (2013)

Related topics