“Two hundred years ago the first liberal economist, Adam Smith, warned businessmen that they could absorb only a certain amount of rigidity. In the easy days after World War II... wage rises could be financed out of inflationary price increases.”
Quote by John Chamberlain
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Source: The Essential Gilbert K. Chesterton
Source: Special message, August 8th, 1893. Extract from third annual message, December 2nd, 1895
