Quote of the Day
In the long-run every Government is the exact symbol of its People, with their wisdom and unwisdom; we have to say, Like People like Government.
I am not a long-run actor. I admire actors who can do that.
David Ogden Stiers
What I tell everyone, and I really do for myself is, I have a long-run dream, which is I want to work on stuff that I think matters.
It is absolutely clear that government plays a key role, as a catalyst, in promoting long-run growth.
There are signs that the age of petroleum has passed its zenith. Adjusted for inflation, a barrel of crude oil now sells for three times its long-run average. The large western oil companies, which cartellised the industry for much of the 20th century, are now selling more oil than they find, and are thus in the throes of liquidation.
A rise in the level of saving can reduce aggregate activity temporarily but only a sustained high level of saving makes it possible to have the sustained high level of business investment that contributes to the long-run growth of output.
What I am against is false optimism: the notion either that things have to go well, or else that they tend to, or else that the default condition of historical trajectories is characteristically beneficial in the long-run.
Past experience with fiscal austerity at home and overseas strongly suggests that it is best for the economy's long-run performance to restrain government spending rather than raise taxes.
The Federal Reserve's job is to do the right thing, to take the long-run interest of the economy to heart, and that sometimes means being unpopular. But we have to do the right thing.
Monetary policy cannot do much about long-run growth, all we can try to do is to try to smooth out periods where the economy is depressed because of lack of demand.
The goal of long-run economic growth without asset price bubbles is not only achievable, but is something we should expect if we put a sound regulatory framework in place and if policymakers remain vigilant.
If you think about it, candidate Obama, Sen. Obama, was running on sort of long-run economic issues, like restoring prosperity to the middle class, dealing with the perennial problem of health care in the United States. He talked a lot about the budget deficit, about the need to transition to clean energy.
It's clear that the medium and long-run fiscal challenges facing the country have to do with the rise of entitlement spending, they have to do with the longer run imbalances that we've created in the structure of the system.
I've been very lucky to work on a wide variety of projects, including two long-run and top-10 dramatic television shows. That is why it is so important to offer a helping hand to the next generation of young Latinos coming up behind me.
The development of a political-economic framework to explore long-run institutional change occupied me during all of the 1980s and led to the publication of Institutions, Institutional Change and Economic Performance in 1990.
Just as an individual's ability to delay gratification at a young age is a powerful predictor of future academic and professional achievement, discipline is also central to the long-run economic health of nations.
Peter Blair Henry
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