Keynes quipped that policy makers are all slaves of some long-dead economist. That was certainly true of Herbert Hoover, and that's why we had to suffer through the Great Depression. Keynes quipped that policy makers are all slaves of some long-dead economist. But in fact the course of the economy is governed not by what happened in the past, but by what people believe the future holds. Repaying the national debt that my generation built up will leave your generation impoverished.
Fiscal policy is the better gas pedal, monetary policy the better brake.
If only we'd all save more, we'd be a lot better off. Since by and large the U.S. is better than any other country at most economic endeavors, there is little gain to be had from trade. It's worth a little unemployment to squeeze inflation out of the economy. The World Economy. The last four years have not been kind to the Japanese economy.