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Quotes by Economist
"International lending banks need to focus on areas where private investment doesn't go, such as infrastructure projects, education and poverty relief."
"Macroeconomic policy can never be devoid of politics: it involves fundamental trade-offs and affects different groups differently."
"One of the things we worry about when we cut the tax on gasoline is that it basically stimulates additional use."
"The only way to eliminate the deficit in the long run is through growth."
"I think VAR is a very healthy development within the industry."
"Briefly speaking, our conclusion is that stochastic volatility does not make a huge difference as far as the pricing is concerned if you get the average volatility right. It makes a big difference as far as hedging is concerned."
"Our tree is actually a tree of the short-term interest rate. The average direction in which the short-term interest rate moves depends on the level of the rate. When the rate is very high, that direction is downward; when the rate is very low, it is upward."
"The HoLee model was the first term structure model. I remember reading their paper soon after it was published and as it was fairly different from many of the other papers that I had read, I had to read it quite a few times. I realized that it was a really important paper."
"In the interest rate area, traders have for a long time used a version of what is known as Black's model for European bond options; another version of the same model for caps and floors; and yet another version of the same model for European swap options."
"Value is consequently the necessary theoretical starting point whence we can elucidate the peculiar phenomenon of prices resulting from capitalist competition."
"The expansion of the market creates a need for enhanced and more regular supply, and this in turn impels commercial capital to acquire control of production as well."
"Since, however, the reduced surplus value is to be distributed among them in like manner, the modification of their respective parts in the production of surplus value must find expression in a modification of the prices."
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"It is obvious, moreover, that the formation of price in capitalist society must differ from the formation of price in social conditions based upon the simple production of commodities."
"As soon, however, as capitalist competition has definitively established the equal rate of profit, that rate becomes the starting point for the calculations of the capitalists in the investment of capital in newly-created branches of production."
"But whether, for example, a coat can be exchanged for twenty yards of linen cloth or for forty yards is not a matter of chance, but depends upon objective conditions, upon the amount of socially necessary labor time contained in the coat and in the linen respectively."
"The cure for capitalism's failing would require that a government would have to rise above the interests of one class alone."
"To find ways of practicing democracy, not ways of orating about it, is our great problem."
"We do not see the sort of fundamental changes that would be necessary to reduce the trajectory of federal health spending by a significant amount and, on the contrary, the legislation significantly expands the federal responsibility for health care costs."
"From where I am sitting much of the country now sees the President the way I have seen him since the campaign. He is an ambitious leftist, with little understanding of economics, and with far-reaching goals to create significant and irreversible growth of government and redistribution of wealth through dramatic changes in tax, regulatory, and spending policies."
"Our mission, as set forth by the Congress is a critical one: to preserve price stability, to foster maximum sustainable growth in output and employment, and to promote a stable and efficient financial system that serves all Americans well and fairly."
"Every effort needs to be made to try and offset the costs of Katrina and Rita by reductions in other government programs, especially those that are wasteful, duplicative and ineffective."
"I assure this committee that, if I am confirmed, I will be strictly independent of all political influences... essential to that institution's ability to function effectively and achieve its mandated objectives."
"If I am confirmed, I am confident that my colleagues on the Federal Open Market Committee and I will maintain the focus on long-term price stability as monetary policy's greatest contribution to general economic prosperity and maximum employment."
"Achieving price stability is not only important in itself, it is also central to attaining the Federal Reserve's other mandate objectives of maximum sustainable employment and moderate long-term interest rates."
"There are cultural issues everywhere - in Bangladesh, Latin America, Africa, wherever you go. But somehow when we talk about cultural differences, we magnify those differences."
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"Yes. I don't think it would be appropriate at this point to raise taxes on anyone, certainly not in 2011."
"Well, by the standards of a lot of countries, by Latin American standards, it wasn't so bad."
"Double-digit inflation is a terrible thing - and it got up to 14 or 15 percent on a monthly basis for a while, shortly after I became chairman of the Fed."
"You could not buy a house in those days without just assuming that the house was not only a place to live, but it was a good investment, because it was going to keep up with inflation or get ahead of inflation, and it was just - that was America."
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