"But surely Adam cannot be excused; Her fault though great, yet he was most to blame; What weakness offered, strength might have refused, Being lord of all, the greater was the shame."

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Two hundred years ago the first liberal economist, Adam Smith, warned businessmen that they could absorb only a certain amount of rigidity. In the easy days after World War II... wage rises could be financed out of inflationary price increases.

— John Chamberlain