"Wages, profits, prices are determined, always have been determined, and always will be determined until we go Communist, by the market—by supply and demand working through the market. While we tie ourselves into knots trying to invent non-market criteria for our commissions to use, the market is there, noiselessly, efficiently, irresistibly doing the job for us all the time. Irresistibly—yes, and there's the rub. For there is one thing outside the market in a modern economy, and that is money itself. Governments can and do satisfy the demand for money, raise and lower the supply of money. In short, governments have the power to control money, which is so largely their own creation. If governments allow monetary demand to increase faster than productivity, the market will not stop the process, because it cannot stop it. The market will simply go on determining wages, profits and prices in ever higher monetary terms—until something busts."
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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 the National Liberal Forum (28 January 1964), quoted in A Nation Not Afraid: The Thinking of Enoch Powell (1965), p. 110
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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