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In fact, the wage-price spiral is the functional counterpart of unemployment. The latter occurs when there is insufficient demand; the spiral operates when there is too much and also,unfortunately, when there is just enough.

John Kenneth Galbraith
Demand, Too Much, Facts
"The New Industrial State". Book by John Kenneth Galbraith. Chapter XXII, Section 4, p. 255, 1967.
In fact, the wage-price spiral is the functional counterpart of unemployment. The latter occurs when there is insufficient demand; the spiral operates when there is too much and also,unfortunately, when there is just