Quotes of All Topics . Occasions . Authors
The Clinton years were not an economic Nirvana; as chairman of the president's Council of Economic Advisers during part of this time, I'm all too aware of mistakes and lost opportunities.
If Trump wants to withdraw the U.S. from the Paris climate agreement, the rest of the world should impose a carbon-adjustment tax on U.S. exports that do not comply with global standards.
Interest rates do not have to be identical across the whole euro area, but it is unacceptable if major differences arise from broken capital markets or concern about a euro area break-up.
Gorbachev's stance contrasts admirably with the policy of the sainted Abraham Lincoln, who used massive force and mass murder to force the seceding Southern states to remain in the Union.
Oxytocin connects us to other people; oxytocin makes us feel what other people feel. And it's easy to cause people's brains to release oxytocin. Let me show you. Come here. Give me a hug.
So what are the effects of increasing minimum wages? Any Econ 101 student can tell you the answer: The higher wage reduces the quantity of labor demanded, and hence leads to unemployment.
There are many signs of the value created by all the exchange that takes place in a city. We see it in productivity and wage data. We also see it in the increase in the value of the land.
I decided that there was only one place to make money in the mutual fund business, as there is only one place for a temperate man to be in a saloon: behind the bar and not in front of it.
Go out and collect data and, instead of having the answer, just look at the data and see if the data tells you anything. When we're allowed to do this with companies, it's almost magical.
It is bad enough that so many people believe things without any evidence. What is worse is that some people have no conception of evidence and regard facts as just someone else's opinion.
Life in general has never been even close to fair, so the pretense that the government can make it fair is a valuable and inexhaustible asset to politicians who want to expand government.
One of the big differences between Democrats and Republicans is that we at least know what the Democrats stand for, whether we agree with it or not. But, for Republicans, we have to guess
You don't send people to prison on the basis of what other people imagine, or on the basis of media sound bites like 'shooting an unarmed child,' when that 'child' was beating him bloody.
Wherefore the race being not to the swift, etc. but time and chance happening to all men, I leave the Judgement of the whole to the Candid, of whose correction I shall never be impatient.
Economics is a highly sophisticated field of thought that is superb at explaining to policymakers precisely why the choices they made in the past were wrong. About the future, not so much.
The crisis in Europe has affected the U.S. economy by acting as a drag on our exports, weighing on business and consumer confidence, and pressuring U.S. financial markets and institutions.
If bankers become overly conservative in response to past lending mistakes - or if examiners force such behavior - it will hurt bankers' own long-term interests and the economy in general.
Why don’t we have libertarian anarchy? Why does government exist? The answer implicit in previous chapters is that government as a whole exists because most people believe it is necessary.
Whether a bank lent one million, ten million, or a hundred millions, they would not permanently alter the market rate of interest; they would alter only the value of the money they issued.
The ultimate decision about what is accepted as right and wrong will be made not by individual human wisdom but by the disappearance of the groups that have adhered to the "wrong" beliefs.
It is impossible to objectively define how free a market is. This is a political definition. Government is always involved, and those free marketers are as politically motivated as anyone.
Many people think that the U.S. is ahead in the frontier technology sectors as a result of private sector entrepreneurship. It's not. The U.S. federal government created all these sectors.
By adopting the other trade, we place ourselves by the side of those whose measures tend not only to the improvement of their own subjects, but to the emancipation of the slave everywhere.
After the many rumours that we had heard about Hitler and the published criticisms we had read about him, we were pleasantly impressed. His appearance was neither pretentious nor affected.
The countries that share this conception should be able to go further together, without excluding the others, since they can still live in a greater community of exchange and co-operation.
We need to increase the transparency of shadow banking markets so that authorities can monitor for signs of excessive leverage and unstable maturity transformation outside regulated banks.
A treasure does not always contribute to the political security of its possessors. It rather invites attack, and very seldom is faithfully applied to the purpose for which it was destined.
But my lord, when we addressed this issue a few years ago, didn't you argue the other side?" He said, "That's true, but when I get more evidence I sometimes change my mind. What do you do?
The destruction of the inducement to invest by an excessive liquidity-preference was the outstanding evil, the prime impediment to the growth of wealth, in the ancient and medieval worlds.
Does anybody remember, back in the depths of the recession of 1981-82, how President Reagan kept his chin up and exhorted American businesses to work hard and produce an economic recovery?
Hillary is a combination of Barack Obama 3.0 and Bernie Sanders 2.0. This is not change. This will not yield strong growth, lift jobs and wages, and make America more globally competitive.
AT&T invented the cellular telephone, but saw no future in it. It takes entrepreneurs, who are angels of destruction, to take advantage of things which the inventor cannot or does not see.
The sole missing link is the recognition that the acquisition of capital ownership by the millions is an indispensable goal. That is the turning point - our recognition of the proper goal.
The growing role that the government has played in financing and administering schooling has led not only the enormous waste of taxpayers money but also to a far poorer educational system.
Adam Smith's key insight was that both parties to an exchange can benefit and that, so long as cooperation is strictly voluntary, no exchange can take place unless both parties do benefit.
The most famous and one of the most thoroughgoing opponents of bank credit was Thomas Jefferson. Jefferson reacted to the panic of 1819 as a confirmation of his pessimistic views on banks.
Terrorists can endanger some of us, but the war on terror endangers us all. How much more can the Constitution be diminished before it is completely replaced by arbitrary government power?
When people begin anticipating inflation, it doesn't do you any good anymore, because any benefit of inflation comes from the fact that you do better than you thought you were going to do.
In the periods of crisis, the bigger firms absorb the smaller ones,and when the industrial monsters eventually go down, the wreckage is far greater than when the little enterprises buckle.
People who stay unemployed for a long time start to look like damaged goods, and they don't get such good offers. Also, they're not learning anything. Most learning is on-the-job learning.
When I see the Trump supporters on television explaining themselves, I don't get a feeling of supreme confidence. They've created a revolution, and now maybe they're a little scared by it.
I do think it's often a mistake to call them climate skeptics. I think they're deniers, just as I think president Ahmadinejad of iran who claims not to believe that the Holocaust occurred.
When all is said and done, the Constitution of the United States is a set of words on a piece of paper. The only way that the Constitution can protect us is if we protect the Constitution.
What 'eminent domain' laws mean in practice is that politicians have a right to seize your property and turn it over to someone else, in order to gain campaign contributions and win votes.
You need to be empathetic in your own personal life and we help our neighbors and our friends out who are struggling in our neighborhoods. But we don't make bad decisions based on empathy.
Both free speech rights and property rights belong legally to individuals, but their real function is social, to benefit vast numbers of people who do not themselves exercise these rights.
There is a kind of a cascading chain, ... If one can't sell, then that business doesn't buy and that means the next business doesn't sell, and the previous business doesn't sell, and so on.
There is nothing to guarantee the superior judgment, knowledge, and integrity of an inspector or a bureaucrat-and the deadly consequences of entrusting him with arbitrary power are obvious.
Raising taxes is not a frivolous venture that you do on the editorial page of 'The New Republic,' for god sakes. It's something that you really have to think about and go through carefully.
The Federal Reserve, like other central banks, wields powerful tools; democratic accountability requires that the public be able to see how and for what purposes those tools are being used.