I find it amazing now that my first economics class, taught by Alan Sweezy, used John Maynard Keynes's General Theory of Income and Employment as the textbook. Although this book is one of the most influential works of the twentieth century, it makes a really lousy textbook. Moreover, since I now regard Keynes's analysis as seriously flawed, it is surprising that I enjoyed the course so much. As a student, I appreciated the simple way that the Keynesian model explained the workings and failings of the overall economy. Especially appealing were the clever policy remedies, such as increased government spending and tax cuts, that Keynes recommended to combat unemployment. Too bad that I discovered later that the model was theoretically and empirically deficient!
Robert BarroRelated topics
alan bad book century combat course deficient economics find general government john later model now overall simple spending surprising tax teach way influential works Keynes Keynesian textbook workings cutsRelated quotes
The philosophy of black nationalism involves a re-education program in the black community in regards to economics. Our people have to be made to see that any time you take your dollar out of your community and spend it in a community where you don't live, the community where you live will get poorer and poorer, and the community where you spend your money will get richer and richer. [...] If we own the stores, if we operate the businesses, if we try and establish some industry in our own community, then we're developing to the position where we are creating employment for our own kind. Once you gain control of the economy of your own community, then you don't have to picket and boycott and beg some cracker downtown for a job in his business.
Malcolm X
A great many individuals ever since the rise of the mathematical method, have, each for himself, attacked its direct and indirect consequences. ...I shall call each of these persons a paradoxer, and his system a paradox. I use the word in the old sense: ...something which is apart from general opinion, either in subject-matter, method, or conclusion. ...Thus in the sixteenth century many spoke of the earth's motion as the paradox of Copernicus, who held the ingenuity of that theory in very high esteem, and some, I think, who even inclined towards it. In the seventeenth century, the depravation of meaning took place... Phillips says paradox is "a thing which seemeth strange"-here is the old meaning...-"and absurd, and is contrary to common opinion," which is an addition due to his own time.
Augustus De Morgan
I'm aware of the made up declarations about me that have recently begun to appear on the Internet and in emails as "Chuck Norris facts." I've seen some of them. Some are funny. Some are pretty far out. Being more a student of the Wild West than the wild world of the Internet, I'm not quite sure what to make of it. It's quite surprising. I do know that boys will be boys, and I neither take offense nor take these things too seriously. Who knows, maybe these made up one-liners will prompt young people to seek out the real facts as found in my recent autobiographical book, "Against All Odds?" They may even be interested enough to check out my novels set in the Old West, "The Justice Riders," released this month. I'm very proud of these literary efforts.
Chuck Norris
The central idea is that government fiscal policy, its spending and taxing, its borrowing and repayment of loans, its issue of new money and withdrawal of money, shall be undertaken with an eye only to the results of these actions on the economy and not to any established traditional doctrine what is sound and what is unsound ...Government should adjust its rates of expenditure and taxation such that total spending is neither more or less than that which is sufficient to purchase the full employment level of output at current prices. If this means there is deficit, greater borrowing, "printing money," etc., then these things in themselves are neither good or bad, they are simply the means to the desired ends of full employment and price stability.
Abba Lerner
A long decade ago economic growth was the reigning fashion of political economy. It was simultaneously the hottest subject of economic theory and research, a slogan eagerly claimed by politicians of all stripes, and a serious objective of the policies of governments. The climate of opinion has changed dramatically. Disillusioned critics indict both economic science and economic policy for blind obeisance to aggregate material "progress," and for neglect of its costly side effects. Growth, it is charged, distorts national priorities, worsens the distribution of income, and irreparably damages the environment. Paul Erlich speaks for a multitude when he says, "We must acquire a life style which has as its goal maximum freedom and happiness for the individual, not a maximum Gross National Product."
James Tobin