"The economic losses are those which are common to all monopolistic and restrictive practices. Whenever relatively more is paid for one set of services, and therefore less for all the rest, than would be paid in the absence of restrictive practices, the result is that the pattern of production is not as nearly as "right" as it would otherwise be: we waste part of our resources—human as well as material—by not putting them to the uses which yield the best return. In the modern state this is corrected not, as in the past, by unemployment and the forcing down of money wages, but by inflation and the devaluation of money: if one group succeeds in raising the price of its services by restrictive methods, then everyone else will also get around to being paid more for theirs, until a pattern which corresponds with the balance of supply and demand is again restored. The resultant inflation not only has the familiar inconvenient consequences for a country with a fixed parity of exchange. It also creates injustice for those persons and classes whose expectations are defined in fixed money terms."
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Members of the Parliament of the United KingdomPolitical leadersPoets from EnglandPeople from BirminghamAnglicans from the United Kingdom
Original Language: English
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Speech to City of London Young Conservatives (29 July 1964), quoted in A Nation Not Afraid: The Thinking of Enoch Powell (1965), p. 126
https://en.wikiquote.org/wiki/Enoch_Powell
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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).
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