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Like fanners, the other groups wanted higher prices for 

 their products, more commonly known as wages, salaries, 

 and the like. Since wages and salaries were not generally con- 

 sidered as prices, farmers were the only large group whose 

 income was dependent on "price" in the strict sense of the 

 word. For this reason farmers appeared to be the only group 

 that was high-price-minded. Since all others eat what the 

 farmer produces, they appeared to be low-price-minded. 



The interests of the individuals and groups of individuals 

 are all in constant conflict. The idea that imperfect admin- 

 istrators can reconcile the conflicting interests of the 125 mil- 

 lion imperfect individuals when it is essential that the stand- 

 ard of living be reduced is fantastic. 



Every man is first a seller of his product and services, and 

 second a buyer of the products and services of others. Every 

 man is therefore first an inflationist and second a price con- 

 troller. Since everyone is for both control and inflation, it is 

 probable that we shall have both. 



Price like a Thermometer 



Temperature registers the innumerable combinations of 

 the many factors affecting the condition or health of man 

 relative to normal. When it rises, something has happened to 

 the stomach, the heart, the lungs, or the liver. 



Price merely registered the net effect of a myriad of com- 

 binations of innumerable supplies of and demands for both 

 commodities and money. When price rose, the normal equi- 

 librium was disturbed; something happened to one of the 

 many factors that made price. 



When our temperature rises and we do not like it, we could 

 smash the thermometer or fix the thermometer so it would 

 not tell us what we should but don't want to know. Similarly, 

 by fixing prices we are kept from finding out what we should 

 but don't want to know. 



