“It is indeed paradoxical that, while the apologists of capitalism usually consider the 'price mechanism' to be the great advantage of the capitalist system, price flexibility proves to be a characteristic feature of the socialist economy.”

Source: Theory of Economic Dynamics (1965), Chapter 5, Determination of National Income and Consumption, p. 63

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Michał Kalecki16

Polish economist 1899–1970

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.

“Market economy implies a self-regulating system of markets; in slightly more technical terms, it is an economy directed by market prices and nothing but market prices.”

Karl Polanyi book The Great Transformation

The Great Transformation (1944), Ch. 4 : Societies and Economic Systems

“Profits and prices are the street signs of the economy. Only fools flout them. The much–maligned price system works not only to secure supply but to conserve.”

Ilana Mercer South African writer

"The Goods on Gas," http://www.ilanamercer.com/phprunner/public_article_list_view.php?editid1=7 WorldNetDaily.com, July 13, 2008. <br class="br">2000s, 2008

“Capital, explaining the origins of the capitalist mode of production, points towards the inevitable historical decline and fall of this same social system. An economic theory based upon the historical relativity of every economic system, its strict limitation in time, tactlessly reminds Messrs the capitalists, their hangers-on and their apologists that capitalism itself is a product of history. It will perish in due course as it once was born. A new social form of economic organization will then take the place of the capitalist one: it will function according to other laws than those which govern the capitalist economy.”

Ernest Mandel (1923–1995) Belgian economist and Marxist philosopher

Introduction to Capital. Introduction to volume 1 (1976)

“Usually it is easier to obtain estimates for budget proportions and Engel elasticities than for elasticities with respect to price. By making certain want independence assumptions, the elasticities with respect to price can be deduced from the knowledge of budget proportions and Engel elasticities. In this connection the concept of the flexibility of the marginal utility of money is essential. A system of formulae decribing these relations is given.”

Ragnar Frisch (1895–1973) Norwegian economist

Ragnar Frisch. " A complete scheme for computing all direct and cross demand elasticities in a model with many sectors http://econ.ucdenver.edu/beckman/Research/readings/frisch-demand-econometrica.pdf." Econometrica 27.2 (1959): 177-196. <br class="br">1940-60s

“While local economies may experience significant price imbalances, a national severe price distortion seems most unlikely in the United States, given its size and diversity.”

Alan Greenspan (1926) 13th Chairman of the Federal Reserve in the United States

October 19, 2004 http://www.federalreserve.gov/boarddocs/speeches/2004/20041019/default.htm, playing down the threat of a national housing bubble. <br class="br">2000s