Arthur F. Burns

“The pursuit of full employment and the pursuit of price stability are not always compatible.”

“The federal budget is out of control.”

“We have lived with inflation for a long time, and we have come to expect it.”

“The dominant feature of the economic landscape in recent years has been the persistence of inflation.”

“Progress in the battle against inflation has been disappointingly slow.”

“The business cycle is not dead.”

“There can be no doubt that the promise of greater price stability has not been fulfilled.”

“An economy in the grip of inflation is an unhappy economy, and... a society falling prey to the ravages of inflation is an unhappy society.”

“The first lesson of economics is scarcity: There is never enough of anything to satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics.”

“Monetary policy cannot do the job alone.”

“History is a better guide than good intentions.”