The economic policy issues that we debate today-trade policy, inflation, the proper role of government, the eradication of poverty, and the means of raising the rate of economic growth-have been discussed by economists for more than two centuries. Many of today's economic policies-both the good ones and the bad-are the result of the ideas of those past economists. And many of today's debates about economic policy can be understood only by those who have at least some familiarity with the ideas of earlier economists. The giants of economic science during the past two hundred years have been men concerned with the critical policy issues of their time. They studied the working of the economy in order to advocate better economic policies. But despite their concern with policy, they were not polemicists or politicians but men who sought to persuade their contemporaries in government and in the broader public by analysis and evidence that would meet the standards of professional debate.
Martin FeldsteinRelated topics
advocate analysis concern contemporaries critical debate despite early economy eradication evidence familiarity good government hundred inflation men least meet ones order past persuade policy poverty professional proper public raising rate result role science seek study time working means yearsRelated quotes
I would summarize the Keynesian view in terms of four points:1. Economies sometimes produce much less than they could, and employ many fewer workers than they should, because there just isn't enough spending. Such episodes can happen for a variety of reasons; the question is how to respond.
2. There are normally forces that tend to push the economy back toward full employment. But they work slowly; a hands-off policy toward depressed economies means accepting a long, unnecessary period of pain.
3. It is often possible to drastically shorten this period of pain and greatly reduce the human and financial losses by "printing money”, using the central bank's power of currency creation to push interest rates down.
4. Sometimes, however, monetary policy loses its effectiveness, especially when rates are close to zero. In that case temporary deficit spending can provide a useful boost. And conversely, fiscal austerity in a depressed economy imposes large economic losses.
Paul Krugman
[W]e prefer not to countenance the kinds of sacrifices the professional-grade athlete has made to get so good at one particular thing.... We prefer not to consider the shockingly vapid and primitive comments uttered by athletes in postcontest interviews, or to imagine what impoverishments in one's mental life would allow people actually to think in the simplistic way great athletes seem to think. Note the way "up-close and personal profiles" of professional athletes strain so hard to find evidence of rounded human life-outside interests and activities, charities, values beyond the sport. We ignore what's obvious, that most of this straining is farce. It's farce because the realities of top-level athletics today require an early and total commitment to one pursuit. An almost ascetic focus. A subsumption of almost all other features of human life to their one chosen talent and pursuit. A consent to life in a world that, like a child's world, is very serious and very small.
David Foster Wallace
The historical Jesus will be to our time a stranger and an enigma. The study of the Life of Jesus has had a curious history. It set out in quest of the historical Jesus, believing that when it had found Him it could bring Him straight into our time as a Teacher and Savior. It loosed the bands by which He had been riveted for centuries to the stony rocks of ecclesiastical doctrine, and rejoiced to see life and movement coming into the figure once more, and the historical Jesus advancing, as it seemed, to meet it. But He does not stay; He passes by our time and returns to His own. What surprised and dismayed the theology of the last forty years was that, despite all forced and arbitrary interpretations, it could not keep Him in our time, but had to let Him go. He returned to his own time, not owing to the application of any historical ingenuity, but by the same inevitable necessity by which the liberated pendulum returns to its original position.
Albert Schweitzer
Despite being born in an orthodox and religious Chitpawan Brahmin community, Vinayak despised the caste system right from childhood. This has been illustrated in the kinships he developed with children from various castes and strata of society, and how he dined at their homes. At a time when most members of his community forbade sea travel for fear of a loss of caste, Vinayak was among the few Brahmins who travelled to London for his education. He had no qualms about going non-vegetarian as well, unlike most Brahmins of the time. As his political thoughts matured during his long years of incarceration, he penned essays on the abhorrent practice of the caste system and untouchability and how these sapped the nation of all vitality. Advocating a strong case for their total, complete and unconditional eradication at a time when these ideas were not yet a part of the political discourse popularized by either Gandhi or Ambedkar, he was the first to envision a casteless India.
Vinayak Damodar Savarkar
The overall agenda here is quite simply the ruling classes, or the classes of Europe intend to stride on to the world stage as a powerful economic entity. And they want to be as powerful as the US, meaning they want a stronger foreign policy and a military wing to back them up. But I can assure the Government that the debate will be a very intensive debate, a very vigorous debate and I think the benefit perhaps this time is that certain distractions that were raised the last time would be set aside, and therefore we can concentrate on the more fundamental issues. [...] Take for example this notion that Irish youth would be conscripted into an army. The only people I heard that from was Government ministers in the course of the campaign who said this is being said. Nobody here raised any such red herring. These were the so-called concerns that were being addressed. But the major concerns as to what the Treaty was really about has not been changed one iota.
Joe Higgins
