"Enoch was right. He had made the two intellectual leaps in economic policy which Keith Joseph and I would only make some years later. First, he had grasped that it was not the unions which caused inflation by pushing up wages, but rather the Government which did so by increasing the supply of money in the economy. Consequently, incomes policies...were a supreme irrelevance to anti-inflation policy. The only aspect of the matter which Enoch then and later failed sufficiently to grasp was the importance of the indirect link between trade union power and inflation. This lay in the fact that over-powerful trade unions priced their own members out of jobs, and inflicted unemployment on both union and non-union workers alike. Governments...would then react by lowering interest rates and expanding the money supply. This would increase demand and jobs for a time, but it also increased inflation... That said, Enoch's insight into the cause of inflation was of supreme importance."
Quote Details
Added by wikiquote-import-bot
Unverified quote
0 likes
Members of the Parliament of the United KingdomPolitical leadersPoets from EnglandPeople from BirminghamAnglicans from the United Kingdom
Original Language: English
Available Languages (1)
Sources
Margaret Thatcher, The Path to Power (1995), p. 141
https://en.wikiquote.org/wiki/Enoch_Powell
Revision History
No revisions have been submitted for this quote.
Categories
Enoch Powell
politician, linguist, poet
1912 – 1998 · United Kingdom
John Enoch Powell (16 June 1912 – 8 February 1998) was a British politician, classical scholar, author, linguist, soldier, philologist, and poet. He served as a Conservative Member of Parliament (1950–1974), then Ulster Unionist Party (UUP) MP (1974–1987), and was Minister of Health (1960–1963).
352 quotes on TrueQuotesView all quotes by Enoch Powell →
Related Quotes
"Some problems are unavoidable. Some evils can be coped with to a certain extent, but not prevented. But that a nation…"
"Once you go nuclear at all, you go nuclear for good; and you know it. Here is the parting of the ways, for from this …"
"I find in my constituency in the last few weeks an ominous deterioration, which is taking the form not of discriminat…"
"Often when I am kneeling down in church, I think to myself how much we should thank God, the Holy Ghost for the gift …"
"He talks so fascinatingly on history, architecture and many subjects that politics seldom came up, but I should be di…"
"There is a sense of hopelessness and helplessness which comes over persons who are trapped or imprisoned, when all th…"
"She is becoming afraid to go out. Windows are broken. She finds excreta pushed through her letterbox. When she goes t…"
"As I look ahead, I am filled with foreboding. Like the Roman, I seem to see "the River Tiber foaming with much blood.""
"Integration of races of totally disparate origins and culture is one of the great myths of our time. It has never wor…"
"It is advertising that enthrones the customer as king. This infuriates the socialist...[it is] the crossing of the bo…"