Increased jobs are the consequence of increased trade. Increasing jobs more than output implies a fall in productivity and standards of living. That surely cannot be our goal.
Most high-income people in our country do not realize that their incomes are being subsidized by their protection from competition from highly skilled people who are prevented from immigrating to the United States. But we need such skills in order to staff our productive economy, so that the standard of living for Americans as a whole can grow.
There are winners and there are losers. And as much as we would like to help the losers, if we do it in the way that directs the limited capital of the society to support the low-productivity parts of the economy, it means that the rest of the economy - our overall standard of living - will not rise as much as it could.
I've always considered myself more of a mathematician than a psychologist.
I guess I should warn you, if I turn out to be particularly clear, you've probably misunderstood what I've said.
If I turn out to be particularly clear, you've probably misunderstood what I've said.
Anything that we can do to raise personal savings is very much in the interest of this country.
We need, in effect, to make the phantom 'lock-boxes' around the trust fund real.
It is very difficult to predict when a bond crisis could happen.
I always believed in animal spirits. It's not their existence that is new. It's the fact that they are not random events, but actually replicate in-bred qualities of human nature which create those animal spirits.
The problem is you cannot have free global trade with highly restrictive, regulated domestic markets.
Revolutions are something you see only in retrospect.
I don't know where the stock market is going, but I will say this, that if it continues higher, this will do more to stimulate the economy than anything we've been talking about today or anything anybody else was talking about.
Markets do very weird things because it reacts to how people behave, and sometimes people are a little screwy.