The hangover theory, then, turns out to be intellectually incoherent; nobody has managed to explain why bad investments in the past require the unemployment of good workers in the present. Yet the theory has powerful emotional appeal. Usually that appeal is strongest for conservatives, who can't stand the thought that positive action by governments (let alone-horrors!-printing money) can ever be a good idea. Some libertarians extol the Austrian theory, not because they have really thought that theory through, but because they feel the need for some prestigious alternative to the perceived statist implications of Keynesianism. And some people probably are attracted to Austrianism because they imagine that it devalues the intellectual pretensions of economics professors. But moderates and liberals are not immune to the theory's seductive charms-especially when it gives them a chance to lecture others on their failings.
Paul KrugmanRelated topics
action alternative appeal austrian bad chance economics emotional gives good idea imagine immune intellectual lecture money need nobody past people positive present printing stand statist theory thought yet others hangover keynesianism unemployment austrianismRelated quotes
... a rather different class of applications of the idea of best allocation of scarce resources... usually referred to as the theory of optimal economic growth. In most studies of this kind made in the countries with market economies there is not an identifiable client to whom the findings are submitted as policy recommendations. Nor is there an obvious choice of objective function, such as cost minimization or profit maximization in the studies addressed to individual enterprises. The field has more of a speculative character. The models studied usually contain only a few highly aggregated variables. One considers alternative objective functions that incorporate or emphasize various strands of ethical, political, or social thought. These objectives are then tried out to see what future paths of the economy they imply under equally simplified assumptions of technology or resource availability.
Tjalling Koopmans
Why should we put up with the present evils in our society? As opposed to the society we are visualizing, the present one can be described as a diseased one. The evils are there on all levels, international and national, and even within the smaller units such as towns and families. Of course, the disease did not appear like a bolt from the blue, either yesterday, or last year. It is the result of factors that have deep roots and long lives. These consist of privations, discriminations oppressions, bigotries, hatreds, and hostilities; poverty, ignorance, hunger, and illiteracy. Each and all of these have been left to us as ar evil heritage from the past. The fundamental difference between our situation today and that of our forefathers is that now knowledge has enabled us to realize that these evils are neither natural nor inevitable in the same way as we have found that cholera or the bubonic plague are not necessary calamities.
Muhammad Reza Pahlavi
I have to inform the House that the present situation is so critical that the Government are compelled to seek special powers from the House by a Bill to be passed through all its stages in both Houses of Parliament to-day. The situation is grave. ... The Government are convinced that now is the time when we must mobilise to the full the whole resources of this country. We must throw all our weight into the struggle. Every private interest must give way to the urgent needs of the community. We cannot know what the next few weeks or even days may bring forth, but whatever may come we shall meet it as the British people in the past have met dangers and overcome them. But it is necessary that the Government should be given complete control over persons and property, not just some persons of some particular class of the community, but of all persons, rich and poor, employer and workman, man or woman, and all property.
Clement Attlee
And so it is, seven years nearly after the War, that we yet see this prolonged and intensified depression, and this horrible figure of unemployment...We stand to-day at a point where, roughly speaking, one out of every ten of the insured population is out of work...But there is no direct remedy from the State alone. There can be no direct remedy by private men alone. Nothing can be done unless we can all pull together with a will. And I am-and I speak seriously-quite profoundly thankful that the Labour Party have been in office, and for this reason: that they now know that they, no more than any other Government, have been able to produce a panacea that would remedy unemployment. And in their hearts they must admit that they have no remedy which can be guaranteed to cure this disease and at the same time maintain unimpaired the international position and power of the British Empire.
Stanley Baldwin
Take a moment to remember the times on your own spiritual quest when you felt most enthusiastic. We want to pinpoint the times in which we felt more God conscious and devotional than ever before. Conversely, look at the times when you felt unenthused and do a similar analysis. These questions might help stimulate your thought process: Are you enthusiastic about your existence as a servant of the Lord? Are you enthusiastic to follow the basic principles that will help elevate your consciousness? Are you enthusiastic in the association of saintly people? Are you enthusiastic about what you can experience in your purest state? We must examine our spiritual life on a daily, weekly, and even yearly basis. This examination will help us recognize how various activities and thoughts affect us. We should note how the quality of our experiences varies according to our absorption in the process of bhakti.
Bhakti Tirtha Swami
