“I sum up the prospects for 1967 in three short sentences. We are back on course. The ship is picking up speed. The economy is moving. Every seaman knows the command at such a moment: 'steady as she goes'.” KnowsMomentsMovingThreeCoursesEconomyPerspectiveSentencesSpeedShipsCommandSteadyProspectsSeamen Book:Time and chance Source: Time and chance
“We used to think that you could spend your way out of a recession and increase employment by cutting taxes and boosting government spending. I tell you in all candour that that option no longer exists, and in so far as it ever did exist, it only worked on each occasion since the war by injecting a bigger dose of inflation into the economy, followed by a higher level of unemployment as the next step.” ThinkingWayWarGovernmentUsedNextLevelsStepsEconomyCuttingHigherTaxesBiggerIncreaseSpendingEmploymentOccasionsUnemploymentInflationDoseRecessionsNext StepsHigher LevelGovernment SpendingCandour Author:James Callaghan
