Policy Quotes - page 24
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 Feldstein
As you know, I do not believe that the Mahatma's principle [of non-cooperation] can be the true foundation or his programme the true means of bringing out the genuine freedom and greatness of India, her Swarajya and Samrajya. On the other hand ... I hold that school [of Tilakite nationalism] to be out of date. My own policy, if I were in the field, would be radically different in principle and programme from both, however it might coincide in certain points. But the country is not yet ready to understand its principle or to execute its programme.... Because I know this very well, I am content to work still on the spiritual and psychic plane, preparing there the ideas and forces, which may afterwards at the right moment and under the right conditions precipitate themselves into the vital and material field....
Sri Aurobindo
[The decisionmaking role of the firm has progressed from the neoclassical standpoint of profit maximization to sales maximization, utility maximization, and satisficing. From the Operation Research point of view] ...the ideal picture is that someone, presumable the firm that hires the operations researcher, hands him, on a silver platter, an objective function. By talking to the engineers, or by looking into a few scientific laws, he determines the policy alternatives available and also the model.
Kenneth Arrow
The formal structure of a decision problem in any area can be put into four parts: ( 1 ) the choice of an objective function denning the relative desirability of different outcomes; (2) specification of the policy alternatives which are available to the agent, or decisionmaker, (3) specification of the model, that is, empirical relations that link the objective function, or the variables that enter into it, with the policy alternatives and possibly other variables; and (4) computational methods for choosing among the policy alternatives that one which performs best as measured by the objective function.
Kenneth Arrow
Are we making more mistakes now? I don't think so. Science is a high-risk activity. And when you do science-this is very important incidentally for the general public, and for policy makers-if you are not wasting some of your money, you are not doing good science. It's a funny way to say this. You've got to back high-risk opportunities. And high-risk opportunities means some fraction of them are going to fail. And I think in any science funding scenario, you've got to say, 10, 20, maybe even 30% of your funds are going to be invested in failures.
Leon M. Lederman
Of course, shedding the debt burden would be a happy development for our country, but it would nevertheless pose a big dilemma for the Fed. Our primary lever of monetary policy was buying and selling treasury securities-Uncle Sam's IOU's. But as the debt was paid down, those securities would grow scarce, leaving the Fed in need of a new set of assets to effect monetary policy.
Alan Greenspan
I cannot help regretting that honourable gentlemen on the other side of this House should, in all the views which they announce on questions of foreign policy, seem always, by some fatality, to sympathize with arbitrary and despotic government. I cannot help regretting that they should view with averted and disdainful eye the efforts of every country which is endeavouring to establish freedom, and that they should condemn those so pointedly, who, by good offices or friendly co-operation, engage in the attempt to assist such nations in forming free establishments.
Henry Temple, 3rd Viscount Palmerston
I see those pretended politicians who place all their subtlety, and who think they serve their country best, in circumventing those with whom they treat, interpreting the conditions of a treaty in such a manner, that all the advantage results to their own country. Far from blushing at conduct so contrary to equity, to right, and to national honesty, they boast of their dexterity, and pretend that they deserve the name of great negociators. How long shall public men boast of conduct which would disgrace a private individual? ...Shall powerful states abandon openly that which is honest, for that which may appear useful? It often happens for the happiness of the human race, that this pretended utility is fatal to the powers who follow it, and that, even among sovereigns, candour and right are found to be the safest policy.
Henry Temple, 3rd Viscount Palmerston
I therefore fearlessly challenge the verdict which this House, as representing a political, a commercial, a constitutional country, is to give on the question now brought before it; whether the principles on which the foreign policy of Her Majesty's government has been conducted, and the sense of duty which has led us to think ourselves bound to afford protection to our fellow subjects abroad, are proper and fitting guides for those who are charged with the government of England; and whether, as the Roman, in days of old, held himself free from indignity when he could say Civis Romanus sum; so also a British subject, in whatever land he may be, shall feel confident that the watchful eye and the strong arm of England will protect him against injustice and wrong.
Henry Temple, 3rd Viscount Palmerston
America has created the evil that is attacking it. The evil will not disappear even if I die and Osama dies and others die. This is U.S. policy. The U.S. should step back and review its policy. It should stop trying to impose its empire on the rest of the world, especially on Islamic countries.
Mohammed Omar
One of the Generals in charge of this war policy went on a speaking tour in his spare time to declare before evangelical groups that the US is in a holy war as "Christian Nation battling Satan." This same General Boykin was the person who ordered the officer who was in charge of the detainees in Guantanamo Bay to extend his methods to Iraq detainees, prisoners.
Al Gore
I believe that we must not waste this moment. A responsible foreign policy must look outward from a stance of forward engagement, to our broadest hopes for the world - not just inward, to our narrowest fears.
A responsible foreign policy must harness all our economic and military might - but it must also make use of our values and principles.
Al Gore
When all is said and done, I hope that when the people of our country next return the White House for a time to the Democratic Party, our leadership then will be big enough to salute the present administration for what it will have done that is wise and good. And to build upon it forthrightly.
Towards that end, we must now expand our concept of what is needed to reach the goals upon which we all agree. The United States needs to create a world made more just and more hopeful, not just a world made more profitable for ourselves. I hope that this President's record makes it damn hard for the competition to complain about his record in foreign policy. That may be bad for the loyal opposition. But it's good for the people, who deserve it. And I promise my support for whatever he may do in support of that prayer.
Al Gore
The abhorrent acts in the prison were a direct consequence of the culture of impunity encouraged, authorized and instituted by Bush and Rumsfeld in their statements that the Geneva Conventions did not apply. The apparent war crimes that took place were the logical, inevitable outcome of policies and statements from the administration.
To me, as glaring as the evidence of this in the pictures themselves was the revelation that it was established practice for prisoners to be moved around during ICRC visits so that they would not be available for visits. That, no one can claim, was the act of individuals. That was policy set from above with the direct intention to violate US values it was to be upholding. It was the kind of policy we see - and criticize in places like China and Cuba.
Al Gore
Why should we be closer to the Soviets? Because the Americans have challenged us. America is involved in a conspiracy [against the Arab world], primarily because of its policy toward Israel. In our view, whoever is against the Americans stands with us. The enemy of your enemy is your friend.
Muammar Gaddafi
It was a global depression, had many causes, the whole story requires you to look at the whole international system. But policy errors in United States, as well as abroad, did play an important role. And in particular as I said, the Federal Reserve failed in this first challenge in both parts of its mission. It did not use monetary policy aggressively to prevent deflation and the collapse in the economy, so it failed in its economic stability function. And it didn't adequately perform its function as lender of last resort allowing many bank failures and a resulting contraction in credit and also with the money supply. So, in that respect, again, the Fed did not fulfill its intended mission.
Ben Bernanke
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
