Monday, October 6, 2014

Lessons learned....................................

     Clearly, economists don't understand everything about how to prevent an economy's growth from slowing or going in reverse.  If we did, it wouldn't happen, and you wouldn't be reading this book.  But we have learned some things about how to understand, prevent and cure recessions.  And it's in talking about how to deal with these problems that I want to spend the first two-thirds of this book.

Two-thirds of a book!  Sheesh.  Are your sure there isn't a much simpler solution that you are missing?

     The world is full of people who will tell you there is.  Tie your currency to gold!  Always balance your budget!  Protect manufacturing!  Eliminate red tape!  That kind of thing.  You can safely ignore these people.  Anyone who insists that running a modern economy is a matter of plain common sense frankly doesn't understand much about running a modern economy.

-Tim Harford,   The Undercover Economist Strikes Back:  How To Run - Or Ruin - An Economy

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