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).