How Do You Hold Down Government Spending?

The History Of Mankind Is The History Of Money Losing Value.

Thanks To Economists, All Of Us, From The Days Of Adam Smith And Before Right Down To The Present, Tariffs Are Perhaps One Tenth Of One Percent Lower Than They Otherwise Would Have Been. And Because Of Our Efforts, We Have Earned Our Salaries Ten-thousand Fold.

It Is True That A Competitive Market Is Not The Whole Of Society. A Great Deal Depends On The Qualities Of The Population And The Nation In How They Organize The Non-market Aspects Of Society.

Only A Crisis - Actual Or Perceived - Produces Real Change. When That Crisis Occurs, The Actions That Are Taken Depend On The Ideas That Are Lying Around. That, I Believe, Is Our Basic Function: To Develop Alternatives To Existing Policies, To Keep Them Alive And Available Until The Politically Impossible Becomes The Politically Inevitable.

I Think There Is Universal Agreement Within The Economics Profession That The Decline - The Sharp Decline In The Quantity Of Money Played A Very Major Role In Producing The Great Depression.