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Quote by John Maynard Keynes

“I expect to see the State, which is in a position to calculate the marginal efficiency of capital-goods on long views and on the basis of the general social advantage, taking an ever greater responsibility for directly organizing investments.”

Book:Keynes and Public Policy After Fifty Years: Theories and method

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Keynes and Public Policy After Fifty Years: Theories and method

Keynes and Public Policy After Fifty Years: Theories and Method is a scholarly work that delves into the legacy of John Maynard Keynes' economic theories. The book analyzes how these theories have shaped public policy discussions and implementations over the past fifty years. It provides a comprehensive overview of the development and adaptation of Keynesian economics in various policy domains, offering insights into both theoretical advancements and practical applications. more

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John Maynard Keynes

John Maynard Keynes, born on June 5, 1883, was a prominent British economist whose work had a profound impact on the field of economics, particularly in the area of macroeconomics. His theories advocating for government intervention to stabilize the economy gained widespread application during the Great Depression of the 1930s. more

“Raising the minimum wage and lowering the barriers to union organization would carry a trade-off - higher unemployment. A better idea is to have the government subsidize low-wage employment. The earned-income tax credit for low-income workers - which has been the object of proposed cuts by both President Clinton and congressional Republicans - has been a positive step in this direction.”

“I've always believed that a speculative bubble need not lead to a recession, as long as interest rates are cut quickly enough to stimulate alternative investments. But I had to face the fact that speculative bubbles usually are followed by recessions. My excuse has been that this was because the policy makers moved too slowly - that central banks were typically too slow to cut interest rates in the face of a burst bubble, giving the downturn time to build up a lot of momentum.”

“In fact, I'd say that the sources of the economy's expansion from 2003 to 2007 were, in order, the housing bubble, the war, and - very much in third place - tax cuts.”

War Philosophy Facts Political Order Economy Cutting Source Taxes Economics Thirds Bubbles Expansion Housing Tax Cuts Third Place Housing Bubble

Author:Paul Krugman

“Governments do not necessarily act in the national interest, especially when making detailed microeconomic interventions. Instead, they are influenced by interest group pressures. The kinds of interventions that new trade theory suggests can raise national income will typically raise the welfare of small, fortunate groups by large amounts, while imposing costs on larger, more diffuse groups.”

“It should be possible to emphasize to students that the level of employment is a macroeconomic issue, depending in the short run on aggregate demand and depending in the long run on the natural rate of unemployment, with microeconomic policies like tariffs having little net effect. Trade policy should be debated in terms of its impact on efficiency, not in terms of phoney numbers about jobs created or lost.”

“Close the weak banks and impose serious capital requirements on the strong ones...You see, it may sound hard-hearted, but you cannot keep unsound financial institutions operating simply because they provide jobs.”

May Hard Philosophy Jobs Political Strong Sound Serious Economics Weak Institutions Financial Requirements Hearted Financial Institutions

Author:Paul Krugman

Quote by John Maynard Keynes

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