A Quote by Urjit Patel
Very few countries grow at high rate if inflation is high and volatile. I think, in a way, we are doing our bit to support a higher growth rate, but on a durable basis.
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The data does not support that high-income tax cuts are the main drivers of growth, so I don't think that uncertainty over what the tax rate will be for someone that makes a million dollars a year has that big an impact on the economic growth rate in the country.
The central predictions of the quantity theory are that, in the long run, money growth should be neutral in its effects on the growth rate of production and should affect the inflation rate on a one-for-one basis.
I will say this: the central banks can actually support growth beyond a point. When there is no inflation, they can cut interest rates, and that is the way they support growth, but if you cut interest rate to the bone, there is nothing more to cut. It is very hard to support growth beyond that.
Some entrepreneurs talk of a high burn rate, high advertising rate, and so on, with no outcome, so it doesn't impress me. But an entrepreneur who has that kind of a feeling of responsibility towards his investors is somebody who will have all my support.
When you are growing at a rapid rate, there is bound to be some inflation. I think a 5% rate of inflation is something that we should take in our stride.
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.
With the rather stable ratio of labor force to total population, a high rate of increase in per capita product means a high rate of increase in product per worker; and, with average hours of work declining, it means still higher growth rates in product per man-hour.
Most people can't say they put the ball in at a high rate each and every night. So that's my number one goal: putting the ball in, doing it a high rate, and doing it efficiently.
The rate of growth of the relevant population is much greater than the rate of growth in funds, though funds have gone up very nicely. But we have been producing students at a rapid rate; they're competing for funds and therefore they're more frustrated. I think there's a certain sense of weariness in the intellectual realm, it's not in any way peculiar to economics, it's a general proposition.
It is a fact that, if I single out Germany, our rate of growth is too low and we have very high unemployment.
You can't continue to have higher education tuition grow at a multiple of the rate of inflation.
In the event of atomic war there is a tremendous biological advantage in the so-called undeveloped areas that have a high birth rate and high death rate because, man, they can plow under those mutations.
It was shameful that, after Haiti, Colombia was the second most unequal country in Latin America. But we've achieved some things; the inequality is coming down, and coming down fast. The growing economy has provided us with the funds to finance a very progressive social policy that has reduced extreme poverty. We have the lowest inflation rate of all Latin-America countries and the highest growth rate.
The best way that a central bank can support growth on a durable basis is to ensure inflation is low, stable - there is financial stability - and that is the role that the central bank plays.
If you go to a second-rate place, and you are first-rate, it is very difficult to do first-rate work because you do not get that critical feedback you need for first-rate work on a daily basis.
Significant changes in the growth rate of money supply, even small ones, impact the financial markets first. Then, they impact changes in the real economy, usually in six to nine months, but in a range of three to 18 months. Usually in about two years in the US, they correlate with changes in the rate of inflation or deflation."
"The leads are long and variable, though the more inflation a society has experienced, history shows, the shorter the time lead will be between a change in money supply growth and the subsequent change in inflation.
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