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Quote by John Maynard Keynes

“Gold is a relic from a time when government's were less trustworthy in these matters (currency debasement) than they are now.”

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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.”

Quote by John Maynard Keynes

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