Something terrible has happened to the soul of the Republican Party. We've gone from bad economic doctrine. We've even gone beyond selfishness and special interests. At this point we're talking about a state of mind that takes positive glee in inflicting further suffering upon the already miserable.
It should be possible to emphasize to students that the level of employment is a macroeconomic issue, depending in the short run on aggregate demand and depending in the long run on the natural rate of unemployment, with microeconomic policies like tariffs having little net effect. Trade policy should be debated in terms of its impact on efficiency, not in terms of phoney numbers about jobs created or lost.
emphasize quotesstudents quoteslevel quotesemployment quotesmacroeconomic quotesissue quotesdepending quotesshort quotesrun quotesaggregate quotesdemand quoteslong quotesnatural quotesrate quotesunemployment quotesmicroeconomic quotespolicies quotestariffs quotesnet quoteseffect quotestrade quotespolicy quotesdebated quotesterms quotesimpact quotesefficiency quotesphoney quotesnumbers quotesjobs quotescreated quoteslost quotes
I think if you're a liberal, you believe that we all are, at least to some extent, our brothers' keepers, you really believe that we have a sumptuary responsibility to make sure that life is decent for everybody in America, that you believe that society out to be broadly shared, and you believe that you can't have a real democracy unless you have a little bit, at least, of economic democracy.
we should reject the attempt to divert the national conversation away from soaring inequality toward the alleged moral failings of those Americans being left behind. Traditional values aren't as crucial as social conservatives would have you believe — and, in any case, the social changes taking place in America's working class are overwhelmingly the consequence of sharply rising inequality, not its cause.
reject quotesattempt quotesdivert quotesnational quotesconversation quotessoaring quotesinequality quotesalleged quotesmoral quotesfailings quotesamericans quotesleft quotestraditional quotesvalues quotescrucial quotessocial quotesconservatives quotes— quotescase quotestaking quotesplace quotesamericas quotesworking quotesclass quotesoverwhelmingly quotesconsequence quotessharply quotesrising quotesinequality quotes
There has been plenty to criticize about President Obama's handling of the economy. Yet the overriding story of the past few years is not Mr. Obama's mistakes but the scorched-earth opposition of Republicans, who have done everything they can to get in his way - and who now, having blocked the president's policies, hope to win the White House by claiming that his policies have failed.
plenty quotescriticize quotespresident quotesobamas quoteshandling quoteseconomy quotesoverriding quotesstory quotespast quotesyears quotesmr quotesmistakes quotesscorchedearth quotesopposition quotesrepublicans quotesblocked quotespresidents quotespolicies quoteshope quoteswin quoteswhite quoteshouse quotesclaiming quotespolicies quotesfailed quotes
Now, it's true that some of the protesters are oddly dressed or have silly-sounding slogans, which is inevitable given the open character of the events. But so what? I, at least, am a lot more offended by the sight of exquisitely tailored plutocrats, who owe their continued wealth to government guarantees, whining that President Obama has said mean things about them than I am by the sight of ragtag young people denouncing consumerism.
true quotesprotesters quotesoddly quotesdressed quotessillysounding quotesslogans quotesinevitable quotesopen quotescharacter quotesevents quoteslot quotesoffended quotessight quotesexquisitely quotestailored quotesplutocrats quotesowe quotescontinued quoteswealth quotesgovernment quotesguarantees quoteswhining quotespresident quotesobama quotesthings quotesragtag quotesyoung quotespeople quotesdenouncing quotesconsumerism quotes
Raising the minimum wage and lowering the barriers to union organization would carry a trade-off - higher unemployment. A better idea is to have the government subsidize low-wage employment. The earned-income tax credit for low-income workers - which has been the object of proposed cuts by both President Clinton and congressional Republicans - has been a positive step in this direction.
raising quotesminimum quoteswage quoteslowering quotesbarriers quotesunion quotesorganization quotescarry quotestradeoff quoteshigher quotesunemployment quotesidea quotesgovernment quotessubsidize quoteslowwage quotesemployment quotesearnedincome quotestax quotescredit quoteslowincome quotesworkers quotesobject quotesproposed quotescuts quotespresident quotesclinton quotescongressional quotesrepublicans quotespositive quotesstep quotesdirection quotes
There is no economic policy. That's really important to say. The general modus operandi of the Bushies is that they don't make policies to deal with problems. They use problems to justify things they wanted to do anyway. So there is no policy to deal with the lack of jobs. There really isn't even a policy to deal with terrorism. It's all about how can we spin what's happening out there to do what we want to do.
The media are desperately afraid of being accused of bias. And that's partly because there's a whole machine out there, an organized attempt to accuse them of bias whenever they say anything that the Right doesn't like. So rather than really try to report things objectively, they settle for being even-handed, which is not the same thing. One of my lines in a column-in which a number of people thought I was insulting them personally-was that if Bush said the Earth was flat, the mainstream media would have stories with the headline: 'Shape of Earth-Views Differ.' Then they'd quote some Democrats saying that it was round.
media quotesdesperately quotesafraid quotesaccused quotesbias quotespartly quotesmachine quotesorganized quotesattempt quotesaccuse quotesbias quotesreport quotesthings quotesobjectively quotessettle quotesevenhanded quotesthing quoteslines quotescolumnin quotesnumber quotespeople quotesthought quotesinsulting quotespersonallywas quotesbush quotesearth quotesflat quotesmainstream quotesstories quotesheadline quotesshape quotesearthviews quotesdiffer quotesquote quotesdemocrats quotesround quotes
[W]hat possible purpose does this lashing-out serve? Will activists be shamed into recovering their previous enthusiasm? Will Republicans stop their vicious attacks because Obama is lashing out to his left? It was pure self-indulgence; even if he feels aggrieved, he has to judge his words by their usefulness, not by his desire to vent. This isn't about him.
purpose quoteslashingout quotesserve quotesactivists quotesshamed quotesrecovering quotesprevious quotesenthusiasm quotesrepublicans quotesstop quotesvicious quotesattacks quotesobama quoteslashing quotesleft quotespure quotesselfindulgence quotesfeels quotesaggrieved quotesjudge quoteswords quotesusefulness quotesdesire quotesvent quotes
The appeal to the intellectually insecure is also more important than it might seem. Because economics touches so much of life, everyone wants to have an opinion. Yet the kind of economics covered in the textbooks is a technical subject that many people find hard to follow. How reassuring, then, to be told that it is all irrelevant - that all you really need to know are a few simple ideas! Quite a few supply-siders have created for themselves a wonderful alternative intellectual history in which John Maynard Keynes was a fraud, Paul Samuelson and even Milton Friedman are fools, and the true line of deep economic thought runs from Adam Smith through obscure turn-of-the-century Austrians straight to them.
appeal quotesintellectually quotesinsecure quotesimportant quoteseconomics quotestouches quoteslife quotesopinion quoteskind quotescovered quotestextbooks quotestechnical quotessubject quotespeople quotesfind quoteshard quotesfollow quotesreassuring quotestold quotesirrelevant quotessimple quotesideas quotessupplysiders quotescreated quoteswonderful quotesalternative quotesintellectual quoteshistory quotesjohn quotesmaynard quoteskeynes quotesfraud quotespaul quotessamuelson quotesmilton quotesfriedman quotesfools quotestrue quotesline quotesdeep quoteseconomic quotesthought quotesruns quotesadam quotessmith quotesobscure quotesturnofthecentury quotesaustrians quotesstraight quotes
These are tough times for state governments. Huge deficits loom almost everywhere, from California to New York, from New Jersey to Texas. Wait-Texas? Wasn't Texas supposed to be thriving even as the rest of America suffered? Didn't its governor declare, during his re-election campaign, that 'we have billions in surplus'? Yes, it was, and yes, he did. But reality has now intruded, in the form of a deficit expected to run as high as $25 billion over the next two years. And that reality has implications for the nation as a whole. For Texas is where the modern conservative theory of budgeting-the belief that you should never raise taxes under any circumstances, that you can always balance the budget by cutting wasteful spending-has been implemented most completely. If the theory can't make it there, it can't make it anywhere.
tough quotestimes quotesstate quotesgovernments quoteshuge quotesdeficits quotesloom quotescalifornia quotesyork quotesjersey quotestexas quoteswaittexas quotestexas quotessupposed quotesthriving quotesrest quotesamerica quotessuffered quotesgovernor quotesdeclare quotesreelection quotescampaign quoteswe quotesbillions quotessurplus quotesreality quotesintruded quotesform quotesdeficit quotesexpected quotesrun quoteshigh quotes$25 quotesbillion quotesyears quotesimplications quotesnation quotesmodern quotesconservative quotestheory quotesbudgetingthe quotesbelief quotesraise quotestaxes quotescircumstances quotesbalance quotesbudget quotescutting quoteswasteful quotesspendinghas quotesimplemented quotescompletely quotesmake quotes
We're living in a Dark Age of macroeconomics. Remember, what defined the Dark Ages wasn't the fact that they were primitive — the Bronze Age was primitive, too. What made the Dark Ages dark was the fact that so much knowledge had been lost, that so much known to the Greeks and Romans had been forgotten by the barbarian kingdoms that followed.
Yes, over the centuries economic progress has reduced some gross disparities - modern Americans are relatively unlikely to simply starve to death (though it can happen), so in that sense the gap between rich and poor has narrowed. But the question isn't whether society is, in some sense, more equal than it was in 1900. It's whether it is radically more unequal than it was in 1970. And of course it is.
centuries quoteseconomic quotesprogress quotesreduced quotesgross quotesdisparities quotesmodern quotesamericans quotessimply quotesstarve quotesdeath quoteshappen quotessense quotesgap quotesrich quotespoor quotesnarrowed quotesquestion quotessociety quotessense quotesequal quotes1900 quotesradically quotesunequal quotes1970 quotes
The raw fact is that every successful example of economic development this past century - every case of a poor nation that worked its way up to a more or less decent, or at least dramatically better, standard of living - has taken place via globalization, that is, by producing for the world market rather than trying for self-sufficiency.
You know that Republicans will yell about the evils of partisanship whenever anyone tries to make a connection between the rhetoric of Beck, Limbaugh, etc. and the violence I fear we're going to see in the months and years ahead. But violent acts are what happen when you create a climate of hate. And it's long past time for the GOP's leaders to take a stand against the hate-mongers.
republicans quotesyell quotesevils quotespartisanship quotesmake quotesconnection quotesrhetoric quotesbeck quoteslimbaugh quotesviolence quotesfear quotesmonths quotesyears quotesahead quotesviolent quotesacts quoteshappen quotescreate quotesclimate quoteshate quoteslong quotespast quotestime quotesgops quotesleaders quotesstand quoteshatemongers quotes
So, very early reports are that Obamacare exchanges are, as expected, having some technical glitches on the first day "" maybe even a bit worse than expected, because it appears that volume has been much bigger than predicted. Here's what you need to know: this is good, not bad, news for the program. Lots of people logging on and signing up on the very first day is an early indication that it's going to be fine, that plenty of people will sign up for the first year of health reform.
early quotesreports quotesobamacare quotesexchanges quotesexpected quotestechnical quotesglitches quotesday quotesbit quotesworse quotesappears quotesvolume quotesbigger quotespredicted quotes heres quotesgood quotesbad quotesnews quotesprogram quotes lots quotespeople quoteslogging quotessigning quotesindication quotesfine quotesplenty quotessign quotesyear quoteshealth quotesreform quotes
Some years down the pike, we're going to get the real solution, which is going to be a combination of death panels and sales taxes. It's going to be that we're actually going to take Medicare under control, and we're going to have to get some additional revenue, probably from a VAT. But it's not going to happen now.
The fact is that the two years or so after 9/11 were a terrible time in America - a time of political exploitation and intimidation, culminating in the deliberate misleading of the nation into the invasion of Iraq. It's probably worth pointing out that I'm not saying anything now that I wasn't saying in real time back then, when Bush had a sky-high approval rating and any criticism was denounced as treason. And there's nothing I've done in my life of which I'm more proud.
fact quotesyears quotes911 quotesterrible quotestime quotesamerica quotespolitical quotesexploitation quotesintimidation quotesculminating quotesdeliberate quotesmisleading quotesnation quotesinvasion quotesiraq quotesworth quotespointing quotesreal quotesback quotesbush quotesskyhigh quotesapproval quotesrating quotescriticism quotesdenounced quotestreason quoteslife quotesproud quotes
The key reason executives are paid so much now is that they appoint the members of the corporate board that determines their compensation and control many of the perks that board members count on. So it's not the invisible hand of the market that leads to those monumental executive incomes; it's the invisible handshake in the boardroom.
key quotesreason quotesexecutives quotespaid quotesappoint quotesmembers quotescorporate quotesboard quotesdetermines quotescompensation quotescontrol quotesperks quotescount quotesinvisible quoteshand quotesmarket quotesleads quotesmonumental quotesexecutive quotesincomes quoteshandshake quotesboardroom quotes
Where's that toxic rhetoric coming from? Let's not make a false pretense of balance: it's coming, overwhelmingly, from the right. It's hard to imagine a Democratic member of Congress urging constituents to be "armed and dangerous" without being ostracized; but Representative Michele Bachmann, who did just that, is a rising star in the G.O.P.
toxic quotesrhetoric quotescoming quotesmake quotesfalse quotespretense quotesbalance quotescoming quotesoverwhelmingly quoteshard quotesimagine quotesdemocratic quotesmember quotescongress quotesurging quotesconstituents quotesarmed quotesdangerous quotesostracized quotesrepresentative quotesmichele quotesbachmann quotesrising quotesstar quotesgop quotes
Whenever you see some business person quoted complaining about how he or she can't find workers with the necessary skills, ask what wage they're offering. Almost always it turns out what said business person really wants is highly (and expensively) educated workers at a manual-labor wage. No wonder they come up short.
To the extent that sacrifices need to be made, shouldn't the people who've made out like bandits this past generation be first in line? The problem with getting out of the slump is that we need to spend more. It's not that somebody needs to spend less. We have idle workers who have the skills and the willingness to work. We have idle factories. Dealing with this is not about saying somebody needs to suffer. It's saying that we need to be prepared to open the taps.
extent quotessacrifices quotesmade quotespeople quoteswhove quotesmade quotesbandits quotespast quotesgeneration quotesline quotesproblem quotesslump quotesspend quotesidle quotesworkers quotesskills quoteswillingness quoteswork quotesfactories quotesdealing quotessuffer quotesprepared quotesopen quotestaps quotes
If you had to explain America's economic success with one word, that word would be "education".... Until now, the results of educational neglect have been gradual - a slow-motion erosion of America's relative position. But things are about to get much worse, as the economic crisis ... deals a severe blow to education across the board.... We need to wake up and realize that one of the keys to our nation's historic success is now a wasting asset. Education made America great; neglect of education can reverse the process.
explain quotesamericas quoteseconomic quotessuccess quotesword quotesword quoteseducation quotesresults quoteseducational quotesneglect quotesgradual quotesslowmotion quoteserosion quotesrelative quotesposition quotesthings quotesworse quotescrisis quotesdeals quotessevere quotesblow quoteseducation quotesboard quoteswake quotesrealize quoteskeys quotesnations quoteshistoric quoteswasting quotesasset quoteseducation quotesmade quotesamerica quotesgreat quotesreverse quotesprocess quotes
For decades the G.O.P. has won elections by appealing to social and racial divisions, only to turn after each victory to deregulation and tax cuts for the wealthy — a process that reached its epitome when George W. Bush won re-election by posing as America's defender against gay married terrorists, then announced that he had a mandate to privatize Social Security.
decades quotesgop quoteswon quoteselections quotesappealing quotessocial quotesracial quotesdivisions quotesturn quotesvictory quotesderegulation quotestax quotescuts quoteswealthy quotes— quotesprocess quotesreached quotesepitome quotesgeorge quotesw quotesbush quotesreelection quotesposing quotesamericas quotesdefender quotesgay quotesmarried quotesterrorists quotesannounced quotesmandate quotesprivatize quotessocial quotessecurity quotes
If we discovered that, you know, space aliens were planning to attack and we needed a massive buildup to counter the space alien threat and really inflation and budget deficits took secondary place to that, this slump would be over in 18 months. ... There was a Twilight Zone episode like this in which scientists fake an alien threat in order to achieve world peace. Well, this time, we don't need it, we need it in order to get some fiscal stimulus.
discovered quotesspace quotesaliens quotesplanning quotesattack quotesneeded quotesmassive quotesbuildup quotescounter quotesalien quotesthreat quotesinflation quotesbudget quotesdeficits quotessecondary quotesplace quotesslump quotes18 quotesmonths quotestwilight quoteszone quotesepisode quotesscientists quotesfake quotesorder quotesachieve quotesworld quotespeace quotestime quotesfiscal quotesstimulus quotes
Obama is very much an establishment sort of guy. The whole image of him as a transcendent figure was based on style rather than substance. If you actually looked at what he said, not how he said it, he said very establishment things. He's a moderate, cautious, ameliorative guy. He tends to gravitate toward Beltway conventional wisdom.
In short, what the living wage is really about is not living standards, or even economics, but morality. Its advocates are basically opposed to the idea that wages are a market price-determined by supply and demand, the same as the price of apples or coal. And it is for that reason, rather than the practical details, that the broader political movement of which the demand for a living wage is the leading edge is ultimately doomed to failure: For the amorality of the market economy is part of its essence, and cannot be legislated away.
short quotesliving quoteswage quotesstandards quoteseconomics quotesmorality quotesadvocates quotesbasically quotesopposed quotesidea quoteswages quotesmarket quotespricedetermined quotessupply quotesdemand quotesprice quotesapples quotescoal quotesreason quotespractical quotesdetails quotesbroader quotespolitical quotesmovement quotesdemand quotesleading quotesedge quotesultimately quotesdoomed quotesfailure quotesamorality quoteseconomy quotespart quotesessence quoteslegislated quotes
Many people ... prefer to describe themselves as progressives rather than liberals. To some extent that's a response to the decades-long propaganda campaign conducted by movement conservatives, which has been quite successful in making Americans disdain the word liberal but much less successful in reducing support for liberal policies.
people quotesprefer quotesdescribe quotesprogressives quotesliberals quotesextent quotesresponse quotesdecadeslong quotespropaganda quotescampaign quotesconducted quotesmovement quotesconservatives quotessuccessful quotesmaking quotesamericans quotesdisdain quotesword quotesliberal quotesreducing quotessupport quotespolicies quotes
What happened after 9/11 - and I think even people on the right know this, whether they admit it or not - was deeply shameful. [The] atrocity should have been a unifying event, but instead it became a wedge issue. Fake heroes like Bernie Kerik, Rudy Giuliani, and, yes, George W. Bush raced to cash in on the horror. And then the attack was used to justify an unrelated war the neo-cons wanted to fight, for all the wrong reasons....The memory of 9/11 has been irrevocably poisoned; it has become an occasion for shame. And in its heart, the nation knows it.
happened quotes911 quotespeople quotesadmit quotesdeeply quotesshameful quotesatrocity quotesunifying quotesevent quoteswedge quotesissue quotesfake quotesheroes quotesbernie quoteskerik quotesrudy quotesgiuliani quotesgeorge quotesw quotesbush quotesraced quotescash quoteshorror quotesattack quotesjustify quotesunrelated quoteswar quotesneocons quoteswanted quotesfight quoteswrong quotesreasonsthe quotesmemory quotesirrevocably quotespoisoned quotesoccasion quotesshame quotesheart quotesnation quotes
I know that when I look at today's Mexicans and Central Americans, they seem to me fundamentally the same as my grandparents seeking a better life in America. On the other side, however, open immigration can't coexist with a strong social safety net; if you're going to assure health care and a decent income to everyone, you can't make that offer global. So Democrats have mixed feelings about immigration; in fact, it's an agonizing issue.
todays quotesmexicans quotescentral quotesamericans quotesfundamentally quotesgrandparents quotesseeking quoteslife quotesamerica quotesside quotesopen quotesimmigration quotescoexist quotesstrong quotessocial quotessafety quotesnet quotesassure quoteshealth quotescare quotesdecent quotesincome quotesmake quotesoffer quotesglobal quotesdemocrats quotesmixed quotesfeelings quotesimmigration quotesfact quotesagonizing quotesissue quotes
Governments do not necessarily act in the national interest, especially when making detailed microeconomic interventions. Instead, they are influenced by interest group pressures. The kinds of interventions that new trade theory suggests can raise national income will typically raise the welfare of small, fortunate groups by large amounts, while imposing costs on larger, more diffuse groups.
governments quotesnecessarily quotesact quotesnational quotesinterest quotesmaking quotesdetailed quotesmicroeconomic quotesinterventions quotesinfluenced quotesinterest quotesgroup quotespressures quoteskinds quotesinterventions quotestrade quotestheory quotessuggests quotesraise quotesincome quotestypically quoteswelfare quotessmall quotesfortunate quotesgroups quoteslarge quotesamounts quotesimposing quotescosts quoteslarger quotesdiffuse quotesgroups quotes
It has been obvious all along, to anyone paying attention, that the politicians shouting loudest about deficits are actually using deficit hysteria as a cover story for their real agenda, which is top-down class warfare. To put it in Romneyesque terms, it's all about finding an excuse to slash programs that help people who like to watch Nascar events, even while lavishing tax cuts on people who like to own Nascar teams.
obvious quotespaying quotesattention quotespoliticians quotesshouting quotesloudest quotesdeficits quotesdeficit quoteshysteria quotescover quotesstory quotesreal quotesagenda quotestopdown quotesclass quoteswarfare quotesput quotesromneyesque quotesterms quotesfinding quotesexcuse quotesslash quotesprograms quotespeople quoteswatch quotesnascar quotesevents quoteslavishing quotestax quotescuts quotesteams quotes
Most people, I suspect, still have in their minds an image of America as the great land of college education, unique in the extent to which higher learning is offered to the population at large. That image used to correspond to reality. But these days young Americans are considerably less likely than young people in many other countries to graduate from college. In fact, we have a college graduation rate that's slightly below the average across all advanced economies.
people quotessuspect quotesminds quotesimage quotesamerica quotesgreat quotesland quotescollege quoteseducation quotesunique quotesextent quoteshigher quoteslearning quotesoffered quotespopulation quoteslarge quotescorrespond quotesreality quotesdays quotesyoung quotesamericans quotesconsiderably quotespeople quotescountries quotesgraduate quotescollege quotesfact quotesgraduation quotesrate quotesslightly quotesaverage quotesadvanced quoteseconomies quotes
consumer quotesspending quotesplunging quotesseriousrecession quotesrate quotesrescue quotestrain quotessucceeds quotesunfreezing quotescredit quotesmarkets quotesreal quoteseconomy quotesimmense quotesdownward quotesmomentum quotesaddition quotesfinancial quotesrescues quotesmajor quotesstimulus quotesprograms quotes
I've always believed that a speculative bubble need not lead to a recession, as long as interest rates are cut quickly enough to stimulate alternative investments. But I had to face the fact that speculative bubbles usually are followed by recessions. My excuse has been that this was because the policy makers moved too slowly - that central banks were typically too slow to cut interest rates in the face of a burst bubble, giving the downturn time to build up a lot of momentum.
believed quotesspeculative quotesbubble quoteslead quotesrecession quoteslong quotesinterest quotesrates quotescut quotesquickly quotesstimulate quotesalternative quotesinvestments quotesface quotesfact quotesbubbles quotesrecessions quotesexcuse quotespolicy quotesmakers quotesmoved quotesslowly quotescentral quotesbanks quotestypically quotesslow quotesburst quotesbubble quotesgiving quotesdownturn quotestime quotesbuild quoteslot quotesmomentum quotes
[T]he next time you hear serious-sounding people explaining the need for fiscal austerity, try to parse their argument. Almost surely, you'll discover that what sounds like hardheaded realism actually rests on a foundation of fantasy, on the belief that invisible vigilantes will punish us if we're bad and the confidence fairy will reward us if we're good. And real-world policy - policy that will blight the lives of millions of working families - is being built on that foundation.
time quoteshear quotesserioussounding quotespeople quotesexplaining quotesfiscal quotesausterity quotesparse quotesargument quotessurely quotesdiscover quotessounds quoteshardheaded quotesrealism quotesrests quotesfoundation quotesfantasy quotesbelief quotesinvisible quotesvigilantes quotespunish quotesbad quotesconfidence quotesfairy quotesreward quotesgood quotesrealworld quotespolicy quotesblight quoteslives quotesmillions quotesworking quotesfamilies quotesbuilt quotesfoundation quotes
...academic credentials are neither a necessary nor a sufficient condition for having your ideas taken seriously. If a famous professor repeatedly says stupid things, then tries to claim he never said them, there's no rule against calling him a mendacious idiot - and no special qualifications required to make that pronouncement other than doing your own homework.Conversely, if someone without formal credentials consistently makes trenchant, insightful observations, he or she has earned the right to be taken seriously, regardless of background.
academic quotescredentials quotessufficient quotescondition quotesideas quotesfamous quotesprofessor quotesrepeatedly quotesstupid quotesthings quotesclaim quotesrule quotescalling quotesmendacious quotesidiot quotesspecial quotesqualifications quotesrequired quotesmake quotespronouncement quoteshomeworkconversely quotesformal quotesconsistently quotesmakes quotestrenchant quotesinsightful quotesobservations quotesearned quotesbackground quotes
Until the Great Depression, most economists clung to a vision of capitalism as a perfect or nearly perfect system. That vision wasn't sustainable in the face of mass unemployment, but as memories of the Depression faded, economists fell back in love with the old, idealized vision of an economy in which rational individuals interact in perfect markets.
great quotesdepression quoteseconomists quotesclung quotesvision quotescapitalism quotesperfect quotessystem quotessustainable quotesface quotesmass quotesunemployment quotesmemories quotesdepression quotesfaded quotesfell quotesback quoteslove quotesidealized quoteseconomy quotesrational quotesindividuals quotesinteract quotesmarkets quotes