Keynes’s contribution was not just to advocate spending government money in the middle of a recession. Every government had done that going back to the
Avoiding inflation is not an absolute imperative but rather is one of a number of conflicting goals that we must pursue and that we may
We’ve become a debtor nation. I don’t mean just on fixed-loan terms, but we own increasingly less abroad than is owned from abroad here.
Economics is not an exact science. It’s a combination of an art and elements of science. And that’s almost the first and last lesson to
To a person of analytical ability, perceptive enough to realise that mathematical equipment was a powerful sword in economics, the world of economics was his
There are no easy pickings.’ That would be a more accurate, less dramatic statement than ‘There’s no such thing as a free lunch.’
U.S. capital formation, which has been pretty high in the ’90s and very high in the late 1990s, is what is being financed by the
The Keynesian idea is once again accepted that fiscal policy and deficit spending has a major role to play in guiding a market economy. I
Self-deception ultimately explains Japan’s plight. The Japanese have never accepted that change is in their interest – and not merely a response to U.S. criticism.
Let me acknowledge that I realize that, in honoring me, the Committee of the Royal Academy of Sciences is in fact saying a good word
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