Economist Quotes

The consequences of a collapse would not be pretty. Whichever country precipitated it - Germany by threatening to abandon the euro, or Greece or Spain by actually doing so - would trigger economic chaos and incur its neighbours' wrath.
This crisis of long-term unemployment is having a profoundly damaging impact on the lives of those bearing the brunt of it. We know this thanks to a series of careful studies of the problem conducted in the depths of the 1930s Great Depression.
Why was there so much work-sharing in the 1930s? One reason is that government pushed for it. In his memoirs, President Herbert Hoover estimated that as many as two million workers avoided unemployment as a result of his efforts to promote work-sharing.
As mathematics had been my best subject at school, my parents proposed - and I accepted - studies at the University of Lund in mathematics, statistics, and economics. The choice of the latter subject is said to be due to the fact that at the age of five years, I was very fond of calculating the cost of the various cakes my mother used to bake.
I was born into an upper-middle class family in a village in the South of Sweden in April 1899. It was a large family with seven children, a large house, and a home which was very hospitable and open to friends and relatives.
In 1922, I got a small stipend from the Swedish-American Foundation and went to Cambridge, England, for a few months and thereafter to Harvard University. In the summer, Cambridge was rather empty, but I am grateful for many pleasant talks about economics with Austin Robinson who, in the summer of 1922, seemed to be about as lonely as I was.
My teacher, Professor Smil Sommarin, was a fine pedagogue, a very generous person, and a great admirer of Kurt Wicksell.
I think anyone who gets the Nobel Prize has to be a little bit embarrassed to be picked out when there have been so many people who have contributed.
There isn't much political coloration in my economic writing; it's not surprising that few people know my political views. They really aren't very important.
A natural way that an economist approaches a problem is to say, here's where I think the economy is going; this is what we need to deal with the problem.
A successful argument for a government manufacturing policy has to go beyond the feeling that it's better to produce 'real things' than services. American consumers value health care and haircuts as much as washing machines and hair dryers.
As a former member of President Obama's economic team, I have a soft spot for the fiscal stimulus legislation he signed just a month after his inauguration.
As an economic historian, I appreciate what manufacturing has contributed to the United States. It was the engine of growth that allowed us to win two world wars and provided millions of families with a ticket to the middle class. But public policy needs to go beyond sentiment and history.
Climate change and dependence on foreign oil are problems that won't go away on their own. Tabling plans to deal with them doesn't make it easier for companies to plan and invest; it makes it harder.
Cold-turkey deficit reduction would cause a significant recession. A recent analysis by the Congressional Budget Office estimated that going headlong over the cliff would cause our gross domestic product, which has been growing at an annual rate of around 2 percent, to fall at a rate of 2.9 percent in the first half of 2013.
Fewer people working means permanently lower tax revenues.
Honest talk about the deficit is risky. Voters are more enthusiastic about the abstract notion of deficit reduction than about the painful details of accomplishing it.
I think something that forces financial institutions to write down underwater mortgages, I think, would be a sensible thing to do.
If every other store in town is paying workers $9 an hour, one offering $8 will find it hard to hire anyone - perhaps not when unemployment is high, but certainly in normal times. Robust competition is a powerful force helping to ensure that workers are paid what they contribute to their employers' bottom lines.
If increasing income equality is the goal, it might be wiser to put money into infrastructure than to subsidize manufacturing. Construction also pays good wages, but with lower educational requirements. And America's infrastructure needs are enormous.
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