Edwin Cannan (1915):

An old epigram says that high prices are their own cure.

Other variants of this "old epigram" include:

High prices cure themselves (1911).

High prices cure high prices (1915).

The best cure for high prices is high prices (1947).

This observation is a fairly elementary one to students of economics, but is still not widely grasped by laypersons.

I have a general interest in the history of economic thought and was wondering who was the first economist/writer to explicitly make this observation (possibly in not-so-epigrammatic and more long-winded form).

  • $\begingroup$ I don’t have an answer to your first question but I would question your assertion: >This observation is fairly elementary one to students of economics. This wasn’t what the experience of Europe after the hyper-inflation in Germany after WWI and which helped the Nazi party to power with the consequences that everyone knows about. $\endgroup$ – Mozibur Ullah Jan 25 at 3:17

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