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The art of economics consists in looking not merely at the immediate hut at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups—Henry Hazlitt

Showing posts with label John Cochrane. Show all posts
Showing posts with label John Cochrane. Show all posts
Saturday, September 21, 2013

Quote of the Day: On the New Keynesian Liquidity Trap: Every law of economics seems to change sign at the zero bound

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New-Keynesian models produce some stunning predictions of what happens in a "liquidity trap" when interest rates are stuck at ze...
Thursday, November 08, 2012

Quote of the Day: Business Advise: Get Lawyers and Lobbyists

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If you run a business, get a lot of lawyers and lobbysists. He who writes the regulations will make a lot of money. He who does not will l...
Tuesday, September 04, 2012

Quote of the Day: Economic Numbers Cannot Stand Without the Logic that Produces Them

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Economic models aren’t engineering models. If you ask several aeronautical engineers to project how adding flaps affects an airplane’s ta...
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