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The economic history of the last half century offers two cases of serious international depressions in countries with an essential orientation towards a market economy: In the first half of the 1930ies and in the middle of the 1970ies. With some simplification one can say that in the former case recovery started after a few years without the aid of much conscious expansionist policy.
Our country is not flourishing. The enormous creative and spiritual potential of our nations is not being used sensibly. Entire branches of industry are producing goods that are of no interest to anyone, while we are lacking the things we need. A state which calls itself a workers' state humiliates and exploits workers. Our obsolete economy is wasting the little energy we have available.
Whether the influence of increasing returns on trade and geography is rising or falling, one thing is clear: much was learned from the intellectual revolution that brought increasing returns into the heart of how we think about the world economy. It wasn't just that economists could make sense of previously puzzling data, we found ourselves able to see things that had previously been in an intellectual blind spot. Many people contributed to this process of enlightenment; I'm proud to have been a part of the journey.
Technology policy - whether we should have one and what form such a policy should take - was a core issue of the 1992 presidential campaign, and in February 1993 the Clinton administration confirmed that fostering new technologies will be a critical part of its agenda for redirecting the American economy.
Public choice did not emerge from some profoundly new insight, some new discovery, some social science miracle. Public choice, in its basic insights into the workings of politics, in corporates an understanding of human nature that differs little, if at all, from that of James Madison and his colleagues at the time of the American Founding. The essential wisdom of the 18th century, of Adam Smith and classical political economy and of the American Founders, was lost through two centuries of intellectual folly. Public choice does little more than incorporate a rediscovery of this wisdom and its implications into economic analyses of modern politics.
Can we afford to let Laloo, whose knowledge of anything except caste structures is non-existent, damage the rural economy further? The long-suffering railway ministry, which has by now lost its ability to resist any absurd decision by any of their ministers, has agreed to budget Rs 250 crore a year to buy kulhars. While all that money comes from your pocket, where will it actually go?
Without an industrial economy, the modern army, as in America, could not exist; it is an army of machines. Professional economists usually consider military institutions as parasitic upon the means of production. Now, however, such institutions have come to shape much of the economic life of the United States.
The concept of man as mass robot was both an expression of and a powerful motive force in industrialized mass society. It was the basis for behavioural engineering in commercial, economic, political and other advertising and propaganda; the expanding economy of the 'affluent society' could not subsist without such manipulation. Only by manipulating humans ever more into Skinnerian rats, robots buying automata, homeostatically adjusted conformers and opportunists (or, bluntly speaking, into morons and zombies) can this great society follow its progress toward ever increasing gross national product.
If you want to have a nonmiraculous day, I suggest that newspaper and caffeine form the crux of your morning regimen. Listen to the morning news while you're in the shower, read the headlines as you are walking out the door, make sure you're keeping tabs on everything: the wars, the economy, the gossip, the natural disasters... But if you want the day ahead to be full of miracles, then spend some time each morning with God.
Intermediate between mathematics, statistics, and economics, we find a new discipline which, for lack of a better name, may be called econometrics. Econometrics has as its aim to subject abstract laws of theoretical political economy or "pure" economics to experimental and numerical verification, and thus to turn pure economics, as far as possible, into a science in the strict sense of the word.
Economics is harder than physics; luckily it is not quite as hard as sociology. Why is economics such a hard subject? Part of the answer has to do with complexity. The economy cannot be put in a box. [...] Another reason economics is hard is that the critical sociologist is right: it involves human beings, who do not behave in simple, mechanical ways.
I wanted to play it with an economy of words and create this whole feeling through attitude and movement. It was just the kind of character I had envisioned for a long time, keep to the mystery and allude to what happened in the past. It came about after the frustration of doing Rawhide for so long. I felt the less he said the stronger he became and the more he grew in the imagination of the audience.