Macro Quotes
Many developing countries are enjoying demographic changes. They have a younger demographic composition so they're not burdened by legacy policy. Now, if you combine this with a good macro policy and ambitious structural policy, those countries are able to move more flexibly and be more agile.
Sri Mulyani Indrawati
The proof of the pudding is in the eating. There was a widespread myth of the 1970s, a myth along Tom Kuhn's (1962) Structure of Scientific Revolutions lines. The Keynesianism, which worked so well in Camelot and brought forth a long epoch of price-level stability with good Q growth and nearly full employment, gave way to a new and quite different macro view after 1966. A new paradigm, monistic monetarism, so the tale narrates, gave a better fit. And therefore King Keynes lost self esteem and public esteem. The King is dead. Long live King Milton!
Contemplate the true facts. Examine 10 prominent best forecasting models 1950 to 1980: Wharton, Townsend–Greenspan, Michigan Model, St. Louis Reserve Bank, Citibank Economic Department under Walter Wriston's choice of Lief Olson, et cetera. ... M did matter as for almost everyone. But never did M alone matter systemically, as post-1950 Friedman monetarism professed.
Paul Samuelson
It's a great honour to be asked to give this talk, especially because I'm arguably not qualified to do so. I am, after all, not a Keynes scholar, nor any kind of serious intellectual historian. Nor have I spent most of my career doing macroeconomics. Until the late 1990s my contributions to that field were limited to international issues; although I kept up with macro research, I avoided getting into the frontline theoretical and empirical disputes.
Paul Krugman
What is the "cost of capital" to a, firm in a world in which funds are used to acquire assets whose yields are uncertain; and in which capital can be obtained by many different media, ranging from pure debt instruments, representing money-fixed claims, to pure equity issues, giving holders only the right to a pro-rata share in the uncertain venture? This question has vexed at least three classes of economists: (1) the corporation finance specialist concerned with the techniques of financing firms so as to ensure their survival and growth; (2) the managerial economist concerned with capital budgeting; and (3) the economic theorist concerned with explaining investment behavior at both the micro and macro levels.
Merton Miller
The central message is still that, as Keynes argued, fiscal policy is the answer to liquidity traps, financial or political. The arguments against fiscal policy in Japan, so far as I understand them are intellectually fallacious; they would receive failing grades in an undergraduate macro exam.
James Tobin
The whole purpose of college is to learn how to deal with difficult situations, not to run away from them. A micro-aggression is exactly that : micro. But in a macro sense, one of the most dangerous places on a college campus is the so-called 'safe space', because it creates a false impression that we can isolate ourselves from those who hold different views. We can't, and we shouldn't try-not in politics or in the workplace. Graduates, in the global economy, and in a democratic society, an open mind is the most valuable asset you can possess.
Michael Bloomberg
To explore the countercurrents of consciousness in a given circumstance-uncertain promises of other futures; to trace the struggle between spirit and structure in every domain of social and cultural life; to show how vision becomes embodied in institutions and practices and, in being embodied, is both undermined and corrected, but in any event transformed; to reveal how we forfeit our freedom to imagine and reconstruct, and then regain it, even against our will; to commandeer alien wisdom the better to criticize the established order and present experience; to give voice to what has lost a voice or not yet gained one; to display in every department of our experience, from the micro to the macro and from passion to calculation, the revolt of the infinite within us against the finite around us-all this is the work of the humanities when they recognize us for what we are and might become.
Roberto Mangabeira Unger
The interesting thing about the China story, getting back to the macro and micro, and as dire as I think the macro story is - due to bad credit and credit extension that makes Greece and Spain and the U.S. look like child's play - when you get to the micro of individual companies, they look even worse.
James Chanos
Macro rational expectations, as I have labeled the hypothesis, seems to say that expectations in an economist's model must be perfectly consistent with his model that embodies these expectations. In other words, the agents of his model must all share his views of the relevant economic mechanisms, as well as his data. Why? Because if he holds them they must believe they are God's truth and, if so, rational people can have no other views (and of course we should never ask how they would come by these views and data, that not even other specialists may have heard of yet, let alone accepted). I submit that this view is pretty absurd--I would almost say offensive! I certainly believe that I know more about economics and the economy than (almost) everybody else, and i can even prove it: If everybody shared my vies, then the economy could not be in today's troubles.
Franco Modigliani
