“What with the doctrines that are now widely accepted and the policies accordingly expected from the monetary authorities, there can be little doubt that current union policies must lead to continuous and progressive infl ation. The chief reason for this is that the dominant “fullemployment” doctrines explicitly relieve the unions of the responsibility for any unemployment and place the duty of preserving full employment on the monetary and fiscal authorities. The only way in which the latter can prevent union policy from producing unemployment is, however, to counter through inflation whatever excessive rises in real wages unions tend to cause.” UnionsWagesInflationMonetary PolicyLabor LawsReal WagesInflationism Book:The Constitution of Liberty Source: The Constitution of Liberty
“The absolute impoverishment of the working class and other toiling masses is expressed in the continuous decline of real wages [purchasing power] - that is, in the reduction of the amount of material values which the working people can buy with their money income” Purchasing PowerReal Wages Book:The Basic Economic Law of Modern Capitalism Source: The Basic Economic Law of Modern Capitalism