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So more than 8 million people lost their jobs. It's going to take a significant push on our part and time before that comes down. I don't anticipate it coming down rapidly.
Imperfect substitutability of assets implies that changes in the supplies of various assets available to private investors may affect the prices and yields of those assets.
If you asked me which gives me more joy, my work or my family, there is no question that it's my family. Hands down. If I had to give one up, it wouldn't even be a contest.
But sometimes it's good to dare yourself to do the unthinkable. And rather than stand in front of an audience with no clothes on, I decided to have a go at stand-up comedy.
Rules are to be initiated for the allotment of scarce raw materials etc; and their use and processing for other than war, or otherwise absolutely vital, goods is prohibited
Will capitalist economies operate at full employment in the absence of routine intervention? Certainly not. Are deviations from full employment a social problem? Obviously.
The notion that you would initiate a new product without preparing the way by persuasion and advertising and salesmanship is fantastic. It's an integral part of the system.
There can be no question, however, that prolonged commitment to mathematical exercises in economics can be damaging. It leads to the atrophy of judgement and intuition. . .
I was suffering from my chronic delusion that one good share is safer than ten bad ones, and I am always forgetting that hardly anyone else shares this particular delusion.
There is a growing consensus that the European systems have worked better than the American: They have been able to deliver better health care to more people at lower cost.
Do you really think I'm going to go on record telling you the craziest thing I've ever done. There's a reel in my brain, and I think I'll keep it there. No regrets, though.
After World War II, we awoke to find our wartime ally, Stalin, had emerged as a greater enemy than Germany or Japan. Stalin's empire stretched from the Elbe to the Pacific.
The argument for the free market is a complicated and sophisticated one and depends on demonstration of secondary effects. I have confidence market efficiency will win out.
Philosophically, I believe that libertarianism - and the wider creed of sound individualism of which libertarianism is a part - must rest on absolutism and deny relativism.
A rise of 5C would be a temperature the world has not seen for 30 to 50 million years. We've been around only 100,000 years as human beings. We don't know what that's like.
Paul Krugman, a professor at MIT and a consultant to the IMF, the World Bank, the United Nations, and the Trilateral Commission, is certainly a member of the establishment.
If the Obama regime gave a hoot about 'humanitarian crisis,' the Obama regime would not have orchestrated humanitarian crisis in Syria, Iraq, Afghanistan, Libya, and Yemen.
Less emphasis on inventories, I think, may tend to dampen business cycles, because business cycles are typically in the grasp of inventory cycles and heavy industry cycles.
Changes that used to take place in 50 years now happen in a handful of years . . . or even months. And how we deal with that changing technology explains almost everything.
There is a paradox at the heart of our lives. Most people want more income and strive for it. Yet as Western societies have got richer, their people have become no happier.
As a general rule, the United States government is run by lawyers who occasionally take advice from economists. Others interested in helping the lawyers out need not apply.
Common sense tells us that the world is flat, that the sun goes around the earth, that heavy bodies always fall faster than light bodies, that boats made of iron will sink.
Young people in general - and young women in particular - need to understand that they cannot retrieve in their forties the opportunities they threw away in their twenties.
While local economies may experience significant price imbalances, a national severe price distortion seems most unlikely in the United States, given its size and diversity.
The term 'natural resources' confuses people. 'Natural resources' are not like a finite number of gifts under the Christmas tree. Nature is given, but resources are created.
The hope that poverty and ignorance may gradually be extinguished, derives indeed much support from the steady progress of the working classes during the nineteenth century.
I always felt my role was like the pit crew in a NASCAR race, and President Obama was Dale Jr.- he's driving, and my job is to change the tires and get him back on the road.
What happened is we went into a recession beginning in December of 2007 that was the worst since 1929. And it is a very deep hole that we have been struggling to get out of.
The decline in home equity makes it more difficult for struggling homeowners to refinance and reduces the financial incentive of stressed borrowers to remain in their homes.
In the same manner if any nation wasted part of its wealth, or lost part of its trade, it could not retain the same quantity of circulating medium which it before possessed.
African agriculture today is among, or is, the most under-capitalized in the world. Only seven percent of arable land in Africa is irrigated, compared to 40 percent in Asia.
Part of me always wanted to do something useful for the world. It came from my mother. She is a paediatrician and she was active in a small NGO for the child victims of war.
And this is what has taken place. The delusion of the day is to enrich all classes at the expense of each other; it is to generalize plunder under pretense of organizing it.
Rules are to be initiated for the allotment of scarce raw materials etc; and their use and processing for other than war, or otherwise absolutely vital, goods is prohibited.
The past few decades of widening inequality can be summed up as significant income and wealth gains for those at the very top and stagnant living standards for the majority.
The idea that UN commitments should be followed by action is indeed a radical one, especially for the United States, where wilful neglect of its own commitments is the rule.
Inventions that are not made, like babies that are not born, are rarely missed. In the absence of new developments, old ones may seem very impressive for quite a long while.
An investor who proposes to ignore near-term market fluctuations needs greater resources for safety and must not operate on so large a scale, if at all, with borrowed money.
Bankers own the earth. Take it away from them, but leave them the power to create money and control credit, and with a flick of a pen they will create enough to buy it back.
The reality is that the institutional framework in which Wall Street operates is fundamentally inappropriate, and it inevitably generates violent fluctuations of the market.
Most people might just as well buy a share of the whole market, which pools all the information, than delude themselves into thinking they know something the market doesn't.
The civil war in Rwanda and other ethnic massacres were an integral part of US foreign policy, carefully staged in accordance with precise strategic and economic objectives.
They think that the cure to big government is to have bigger government... the only effective cure is to reduce the scope of government - get government out of the business.
Man is born a tabula rasa; he must learn how to choose the ends that are proper for him and the means that he must adopt to attain them. All this must be done by his reason.
Being open to the concept that globalisation is only 10-20% complete leaves room for some expectation that there might be more gains to be achieved from further integration.
In short, it's a great economy if you're a high-level corporate executive or someone who owns a lot of stock. For most other Americans, economic growth is a spectator sport.
Since the fall of 2010, people associated with Charter Cities, a not-for-profit think tank that I founded, have been providing pro bono advice to the government of Honduras.
We should at least make sure that patients are given the opportunity to opt out of spending their final days in a hospital, hooked up to tubes and running up enormous bills.
Today and over the foreseeable future,traditional capitalism throughout most of the world has been thrown on a defensive from which it is doubtful that it can never recover.
The major challenge facing most foundations is that they are risk averse. This inhibits their ability to experiment and commit to the experimentation and innovation process.