A Quote by Paul Keating
If this Government cannot get the adjustment, get manufacturing going again, and keep moderate wage outcomes and a sensible economic policy, then Australia is basically done for. We will end up being a third rate economy... a banana republic.
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In the general economy, you get government involved in making market decisions - first of all, they're going to get it wrong. For a minimum wage, you will actually reduce the number of jobs available.
For food service industry and retail, I'm for the minimum wage being increased to at least $12. Not for manufacturing. Software and robotics are going to revolutionize manufacturing in the next 10 years. In the meantime, we have to compete with overseas manufacturing.
By keeping labor supply down, immigration policy tends to keep wages high. Let us underline this basic principle: Limitation of the supply of any grade of labor relative to all other productive factors can be expected to raise its wage rate; and increase in supply will, other things being equal, tend to depress wage rates.
We are a republic, very inefficient. If you want a really efficient form of government, you have a king or a dictator. And in the end, you hope it's a benevolent one. But then you could get things done. There's no lurching; there's no bumps. That's the cornerstone of checks and balances.
But can we please stop insisting that if low-wage workers earn a little bit more, unemployment will skyrocket and the economy will collapse? There is no evidence for it. The most insidious thing about trickle-down economics is not the claim that if the rich get richer, everyone is better off. It is the claim made by those who oppose any increase in the minimum wage that if the poor get richer, that will be bad for the economy. This is nonsense.
I believe we can do much more to adapt to the structural changes in the global economy, get high-end manufacturing back here, set up clusters of economic activity where you have, among other things, continuous retraining of people well into their middle years so they never become irrelevant to the current job market.
Forcing your employees to follow required steps only prevents customer dissatisfaction. If your goal is truly to satisfy, to create advocates, then the step-by-step approach alone cannot get you there. Instead, you must select employees who have the talent to listen and to teach, and then you must focus them toward simple emotional outcomes like partnership and advice....Identify a person's strenths. Define outcomes that play to those strengths. Find a way to count, rate or rank those outcomes. And then let the person run.
If I am forced to come up with organizing tips, I use my iPhone and I have my to-do list that I keep there, and I try to go in weekly and have at it. I am never going to get through that entire list, so I have to weekly, as I check in, push up the priority and the three or four things that I absolutely have to get done, and constantly reorder the list. If anything, I feel like I have gotten more comfortable with that fact: knowing that what is really, truly important will get done and then being comfortable when other things fall by the wayside.
The reality is the most important thing that can be done are these permanent changes like to the tax code, reduction of government spending. These are the things that pop up in economy and move it in the right direction, start to make it an economy that is moving because of the money in the private economy. When you think about it, when the Fed is lowering an interest rate, what it's doing is it's creating more liquidity. It's putting more money into the economy. The same thing happens when you reduce the tax except if happens from physical policy.
When you see government leaders really bullying business, you know that government's economic policy is failing. They get angry and they get desperate.
Germany is a fascinating role model. The Germans have maintained their manufacturing edge despite being a high-tax, high-regulation economy. Why? Because the government really set about ensuring that it maintained funding for technical training, technical advancements and programs. It made a concerted effort to retain high-end, complex manufacturing -- the kind of BMW model, if you will. And they've done that so successfully that Germany, which has a quarter of America's population, exports more than America does.
Hillary Clinton would say I'm going to fund a program that will find the local, you know, industrial or manufacturing jobs that are available and train you to do that job. And then you're going to get that job. And it's a much more of a nuts and bolts sort of policy vision.
Only by transforming our own economy to one of peace can we make possible economic democracy in the Third World or our own country. The present economy generates wars to protect its profits and its short-term interests, while squandering the future. Unless we transform the economy, we cannot end war.
I would step into a place of being lined up with a sense of purpose and my inner compass, and everything was going in the same direction. Then I'd get lazy and get off the track. And then things would start to fall apart, and I'd back up and get it together again.
I was influenced by the Beats because I actually just began to commit adolescence around 1955, when "Howl" and Rebel Without a Cause and a lot of other new things were popping up. (Again I'm trying to give you a finite version of this career.) And then I came under the sway of Wallace Stevens when I was in college and graduate school, and basically set as a life goal the ambition of writing third-rate Wallace Stevens. I thought I would be completely content if I was recognized at some later point in my life as a third-rate Wallace Stevens.
The future path of the federal funds rate is necessarily uncertain because economic activity and inflation will likely evolve in unexpected ways. For example, no one can be certain about the pace at which economic headwinds will fade. More generally, the economy will inevitably be buffeted by shocks that cannot be foreseen.
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