With the exception of the instinct of self-preservation, the propensity for emulation is probably the strongest and most alert and persistent of the economic motives proper.
Thorstein VeblenRead
Thirty years ago, many economists argued that inflation was a kind of minor inconvenience and that the cost of reducing inflation was too high a price to pay. No one would make those arguments today.
Interpretation
What this quote means
The perception of inflation has changed significantly over time, with greater awareness of its impacts.
Martin Feldstein's quote emphasizes the evolution of economic thought regarding inflation. Previously considered a minor issue, inflation is now recognized as a serious economic concern, illustrating how the understanding and prioritization of economic factors can shift dramatically in response to real-world consequences.
Themes
InflationEconomicsCostUnderstandingChange
In practice
Example use cases
During a financial seminar discussing current economic policies.
Similar quotes
Those who advocate devaluation are calling for a reduction in the wage levels and the real wage standards of every member of the working class.
James CallaghanRead
Economics is a choice between alternatives all the time. Those are the trade-offs.
Paul SamuelsonRead
Four things have almost invariably followed the imposition of controls to keep prices below the level they would reach under supply and demand in a free market: (1) increased use of the product or service whose price is controlled, (2) Reduced supply of the same product or service, (3) quality deterioration, (4) black markets.
Thomas SowellRead
I'm quite worried about the fiscal imbalances that we've got and what that might mean in terms of financial crisis ahead.
Bill GatesRead
Income inequality is troubling because, among other things, it means that many people in our society don't have the opportunities to advance themselves.
Ben BernankeRead