Wages Quotes - page 15
If employment is falling off, what is the lesson? The lesson is that our home trade, our domestic consumption, must have decreased in a larger proportion than our foreign trade has increased. (Hear, hear.) The competition from abroad has grown more and more severe, and, on the whole, taking our trade as a whole, it must have declined if the employment in trade has decreased. (Hear, hear.) Wages have been reduced. You have only to read the papers to see almost daily some trade or another has to submit to a reduction. That, then, is not a proof of boundless prosperity. It is a proof of comparative decline, and, in my judgment, the handwriting is on the wall, there to be read by every impartial man; and, though I contemplate no immediate catastrophe, I say the situation calls for preparation while there is still time to find a remedy. (Cheers.)
Joseph Chamberlain
Actually, the labor market was allowed to retain its main function only on condition that wages and conditions of work, standards and regulations should be such as would safeguard the human character of the alleged commodity, labor. To argue that social legislation, factory laws, unemployment insurance, and, above all, trade unions have not interfered with the mobility of labor and the flexibility of wages, as is sometimes done, is to imply that those institutions have entirely failed in their purpose, which was exactly that of interfering with the laws of supply and demand in respect to human labor, and removing it from the orbit of the market.
Karl Polanyi
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.
Enoch Powell