Observation is so wide awake, and facts are being so rapidly added to the sum of human experience, that it appears as if the theorizer would always be in arrears, and were doomed forever to arrive at imperfect conclusion; but the power to perceive a law is equally rare in all ages of the world, and depends but little on the number of facts observed.
John Kenneth Galbraith
No politician can praise unemployment or inflation, and there is no way of combining high employment with stable prices that does not involve some control of income and prices. Otherwise the struggle for more consumption and more income to sustain it-a struggle that modern corporations, modern unions and modern democracy all facilitate and encourage-will drive up prices. Only heavy unemployment will then temper this upward thrust. Not many wish to confront the truth that the modern economy gives a choice only between inflation, unemployment, or controls.
