We had to dispel the notion that the way to economic success lies through a sort of fiscal levitation. That was the abiding post-war delusion-that governments could spend and borrow their way to prosperity, and fine-tune the performance of the economy through something known pretentiously as demand management...It used to be an establishment nostrum that you need a budget deficit to get economic growth. That was the belief which lay behind the notorious letter by 364 economists in March 1981. We have given the lie to that, decisively. There can no longer be any argument about it. Everyone-or almost everyone-now accepts that the proper role of macro-economic policy is to keep downward pressure on inflation and to maintain a stable framework in which the private sector can expand.
Nigel LawsonRelated topics
abiding almost argument behind belief borrow budget deficit demand dispel economy establishment fiscal framework given growth inflation known lay letter levitation lie longer management march need nostrum notion performance policy pressure private proper prosperity role sector something sort spend stable success way liesRelated quotes
While Islamophobia like anti-Semitism is centuries old, it too will not be eradicated easily or soon. Therefore we all have a critical role to play: Government policy makers, educational institutions and the media, religious and political leaders, educators, media people, believers and unbelievers, the private and public sectors and international organisations like the UN are charged today to address and promote inter-religious and inter-cultural dialog to build a world based upon a modern notion of tolerance, that is grounded in mutual understanding and respect for others. For the end of the day Islamophobia, anti-Semitism and other forms of intolerance know no religious, racial, tribal or national bounderies or limits. The message at the end of the day is simple and clear: Islam is not the enemy, religious extremism is.
John Esposito
We of the Labour Party reject policies and measures which failed the nation then and will fail the nation now. We want to lay the foundations of a new and better Britain worthy of our great people. That is why we propose in the interests of the whole nation that the community should become the master of its economic progress and prosperity, instead of leaving control in private hands to be used primarily for the private advantage of a few. In short, we are standing for the common weal. But we need political power to enable us to give practical effect in Parliament to our great forward-looking policies. The nation has now the chance to give Labour the necessary power to do the job, and I appeal to the electors in the constituency which you are contesting to make certain of electing you to the new House of Commons.
Clement Attlee
I want to make sure you keep your eyes on the ball, that is, the two basic missions of a central bank. The first is maintaining macroeconomic stability: maintaining stable growth and keeping inflation low and stable. The principal policy tool for maintaining macroeconomic stability is monetary policy. In normal times, the Fed and other central banks use open market operations-purchases and sales of securities in markets-to move interest rates up or down, and in doing so try to create a more stable macroeconomic environment.
The second part of a central bank's mission is maintaining financial stability. Central banks are focused on trying to ensure that the financial system functions properly, and in particular, they want to prevent, if possible, and if not, to mitigate the effects of a financial crisis or a financial panic.
Ben Bernanke
With the publication of J. M. Keynes's General Theory in 1936 and the mathematical formalizations of his theory by J. R. Hicks (1937) and others, the language of macro-economic theory became systems of simultaneous equations. These are general equilibrium systems of interdependence in the sense that the relationships describe an entire national economy, not just a particular industry or sector. The systems are usually not completely closed; they depend on exogenous parameters including instruments controlled by policy-makers. Seeking definite relationships of economic outcomes to policies and other exogenous variables, qualitative and quantitative, these models sacrifice detail and generality, limiting the number of variables and equations by aggregations over agents, commodities, assets, and time.
James Tobin
Economic growth occurs if output grows faster than population. Given the described assumptions about the way people behave, economic growth will occur if property rights make it worthwhile to undertake socially productive activity. The creating, specifying and enacting of such property rights are costly... As the potential grows for private gains to exceed transaction costs, efforts will be made to establish such property rights. Governments take over the protection and enforcement of property rights because they can do it at a lower cost than private volunteer groups. However, the fiscal needs of government may induce the protection of certain property rights which hinder rather than promote growth; therefore we have no guarantee that productive institutional arrangements will emerge.
Douglass North
