In effect, Japan in the Nineties offered a fresh opportunity to test the views of Friedman and Keynes regarding the effectiveness of monetary policy in depression conditions. And the results clearly supported Keynes's pessimism rather than Friedman's optimism.
Paul KrugmanRelated topics
depression effect effectiveness fresh japan nineties opportunity optimism pessimism policy regarding test conditions keynes friedmanRelated quotes
The most common cause of low prices is pessimism - some times pervasive, some times specific to a company or industry. We want to do business in such an environment, not because we like pessimism but because we like the prices it produces. It's optimism that is the enemy of the rational buyer.
Warren Buffett
While political and cultural factors are important as explanations for differences in national technology policy and industrial practices, emergent trends in science, engineering and management are leading to new paradigms for high-technology innovation in both Japan and the United States.
Lewis M. Branscomb
