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"There are many reasons there was higher inflation in the 1970s. But that is a complicated story that deals with much more than tax policies."
Lawrence KleinThe basic point is that economies are very complex — there are million — Lawrence Klein
"The basic point is that economies are very complex — there are millions of actors — and to understand how they will respond to some change is extremely challenging,” says n. “His contribution, building in part on the work of others, was developing a manageable way of representing economies and how they would change with different kinds of policy changes.”"
Lawrence Klein
Lawrence Klein
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Lawrence Robert Klein was an American economist. For his work in creating computer models to forecast economic trends in the field of econometrics in the Department of Economics at the University of Pennsylvania, he was awarded the Nobel Memorial Prize in Economic Sciences in 1980 specifically "for the creation of econometric models and their application to the analysis of economic fluctuations an
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"I believe that monetary policy has a chronic defect. It is asymmetric—it works better in restraining an economy than in stimulating an economy."
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"The centrally planned economics used to consider themselves well insulated against the economic ills of the rest of the world. This is no longer the case."
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"At the beginning of a decade it is tempting to look ahead for the next ten years."
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"Although I was not aware of it at the time, the experience of growing up during the Great Depression was to have a profound impact on my intellectual and professional career."
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"You can lead a horse to water, but you cannot make him drink. Or monetary policy is pulling on a string when the economy is strong. That works. But when the economy is weak and you are cutting interest rates, it can be like pushing on a string. It does not work as well."
Lawrence Klein