A Quote by Steve Hanke
During the last two centuries, there have been many deflations throughout the world. Almost all of them have been good ones precipitated by technological innovation, rising productivity, global capital flows, and sustained economic growth. If farm mechanization cuts the price of wheat, you get a rising living standard. This is good.
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Productivity and the growth of productivity must be the first economic consideration at all times, not the last. That is the source of technological innovation, jobs, and wealth.
The standard growth theory tells us that economic growth in per capita basis comes from mainly two sources: capital deepening and total factor productivity growth, or TFP growth.
Silicon Valley has been this global engine of innovation and economic growth over the last few decades, but a tidal wave of innovation that has been focused very much in the digital realm.
There's no question that California, in the last three or four years, has been privileged to add disproportionately to the economic growth of America, and to contribute to its technological productivity.
Properly targeted public investment can do much to boost economic performance, generating aggregate demand quickly, fueling productivity growth by improving human capital, encouraging technological innovation, and spurring private-sector investment by increasing returns.
What an economy really wants, after all, is not more investment per se but better investment. It wants capital to flow to companies that will create value - not in the form of a rising stock price but in the form of more goods for less cost, more jobs, and rising wages - by enhancing productivity.
For equity markets, the combination of low interest rates, strong economic growth and low inflation has proved very beneficial, with global share markets rising solidly in each of the past three years. This has been underpinned by strong growth in profits so that, notwithstanding the rise in share prices, P/E ratios have been declining on average.
I think it's fairly easy to provide a moral defense of capitalism. It has been - over the last 200 years - the underlying basis for enormous increases in productivity and human welfare and rising living standards, particularly in the United States, and in the industrialized nations but in fact, in most parts of the world.
The world has not warmed up very much since the millennium. Twelve years is a reasonable time... it (the temperature) has stayed almost constant, whereas it should have been rising - carbon dioxide is rising, no question about that.
America's peak years of indigenous innovation ran from the 1820s to the 1960s. There were a few financial panics and two depressions, to be sure. But in this period, a frenzy of creative activity, economic competition and rapid growth in national income provided widening economic inclusion, rising wages for all, and engaging careers for most.
Now we stand at our own crossroads, looking out upon two futures: one with rising temperatures, rising oceans, and rising violence on a hot and strip-mined planet and another with expanding organic harvests, growing solar arrays, and deepening global partnerships on a green and thriving Earth.
We have many advantages in the fight against global warming, but time is not one of them. Instead of idly debating the precise extent of global warming, or the precise timeline of global warming, we need to deal with the central facts of rising temperatures, rising waters, and all the endless troubles that global warming will bring. We stand warned by serious and credible scientists across the world that time is short and the dangers are great. The most relevant question now is whether our own government is equal to the challenge.
Rising unemployment and the recession have been the price that we have had to pay to get inflation down. That price is well worth paying.
Ambition without knowledge is like a boat on dry land -movie - Karate kid"What is the calculus of innovation?" "The calculus of innovation is really quite simple: knowledge drives innovation, innovation drives productivity, productivity drives our economic growth."
Economic growth must be the central issue because it is only through growth that the devastating threat of national bankruptcy can be averted. Furthermore, it is only by reviving American economic growth that the West's global predominance can be sustained, and peace and freedom kept secure around the world.
Since the 1980s, we've been living in this era, really, of corporate rule, based on this idea that the role of government is to liberate the power of capital so that they can have as much economic growth as quickly as possible, and then all good things will flow from that.
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