Monetarism-both of the older Friedman version stressing adherence to money stock targets and of the newer rational expectations variety-has been badly discredited. The stage has been set for recovery in the popularity of Keynesian diagnoses and remedies. I do not mean to imply, of course, that there is some Keynesian truth, vintage 1936 or 1961, to which economists and policymakers will or should now return, ignoring the lessons of economic events and of developments in economics itself over these last turbulent fifteen years. I do mean that in the new intellectual synthesis which I hope and expect will emerge to replace the divisive controversies and chaotic debates on macroeconomic policies, Keynesian ideas will have a prominent place.
James TobinRelated topics
adherence chaotic course diagnosis economics emerge expect hope intellectual last mean money now place recovery return set should synthesis truth version years Keynesian FriedmanRelated quotes
In real life, too, it takes a long time for a woman to bring the animus into consciousness, and it costs her a great deal of suffering. But if she succeeds in freeing herself from his possession, he changes into an "inner companion" of the highest value, who confers on her positive masculine qualities such as initiative, courage, objectivity, and intellectual clarity. Like the anima in a man, the animus also commonly exhibits four stages of development. In the first stage he manifests as a symbol of physical force, for example, a sports hero. In the next stage, in addition he possesses initiative and focused ability to act. In the third stage, he becomes "the word" and is therefore frequently projected onto noteworthy intellectuals, like doctors, ministers, and professors.
Marie-Louise von Franz
The very name of my subject, economics, suggests economizing or maximizing. But Political Economy has gone a long way beyond home economics. Indeed, it is only in the last third of the century, within my own lifetime as a scholar, that economic theory has had many pretensions to being itself useful to the practical businessman or bureaucrat. I seem to recall that a great economist of the last generation, A. C. Pigou of Cambridge University, once asked the rhetorical question, "Who would ever think of employing an economist to run a brewery?” Well, today, under the guise of operational research and managerial economics, the fanciest of our economic tools are being utilized in enterprises both public and private.
Paul Samuelson
When the Sachar Committee members met and asked me, "Mr. Modi what have you done for Muslims in Gujarat?” I told them: Nothing, I have done nothing for Muslims. But please go on to note that I have done nothing for Hindus or Jains or Sikhs either. I am responsible for 5.5 crore Gujaratis and whatever I do, is aimed at serving the interests of all these 5.5 crore people of my state. When the pure waters of Narmada flow into Sabarmati on account of our river linking project, do you expect me to measure how many litres are consumed by Hindus and how much water goes to Muslim households? My job is to ensure that every person, every household gets adequate supplies of clean drinking water. Please don't expect me to adopt your divisive terminology and vision.
Narendra Modi
Economics is a science of thinking in terms of models joined to the art of choosing models which are relevant to the contemporary world. It is compelled to be this, because, unlike the typical natural science, the material to which it is applied is, in too many respects, not homogeneous through time. The object of a model is to segregate the semi-permanent or relatively constant factors from those which are transitory or fluctuating so as to develop a logical way of thinking about the latter, and of understanding the time sequences to which they give rise in particular cases.
Good economists are scarce because the gift for using "vigilant observation" to choose good models, although it does not require a highly specialised intellectual technique, appears to be a very rare one.
John Maynard Keynes
Think of the firm as a gigantic tub of whole milk. The farmer can sell the whole milk as it is. Or he can separate out the cream, and sell it at a considerably higher price than the whole milk would bring. (Selling cream is the analog of a firm selling debt securities, which pay a contractual return.) But, of course, what the farmer would have left would be skim milk, with low butter-fat content, and that would sell for much less than whole milk. (Skim milk corresponds to the levered equity.) The Modigliani-Miller proposition says that if there were no cost of separation (and, of course, no government dairy support program), the cream plus the skim milk would bring the same price as the whole milk.
Merton Miller