And learn that when you do make a mistake, you'll surface that mistake so you can get it corrected, rather than trying to hide it and bury it, and it becomes a much bigger mistake, and maybe a fatal mistake.
Our company is working with Disney to create a game for children between the ages of maybe four and 12, so we can teach them what the capitalist system is all about.
I think the research evidence on the benefits of early childhood programs for the local economy is extremely strong. However, the moral and political choice is still up to us, as citizens and as voters.
Thus, the questions we should ask here are what makes the current economic upswing different from the past two recoveries, and whether such differences are sufficient for the economy to reach the sustained growth path.
In fact, the recent increase in intra-firm trading enables businesses to shift their activities across borders smoothly, thereby strengthening the response of economic activity to exchange rate movements in the long run.
Well-functioning financial systems are important in achieving sustained economic growth. They play a crucial role in channeling household savings into the corporate sector and allocating investment funds among firms.
However, in spite of the general perception that monetary policy should be conducted so as to avert deflation, a central bank cannot lower interest rates below the zero lower bound.
I am afraid that if you don't find peaceful domestic solutions to our inequality and social problems, then it's always tempting to find other people responsible for our problems.
One way to have broader access to wealth is to reduce the tax on the large group and increase the tax on the very top so concentration of wealth doesn't get to extreme levels.
You need some inequality to grow... but extreme inequality is not only useless but can be harmful to growth because it reduces mobility and can lead to political capture of our democratic institutions.
I certainly agree that capital is not a one-dimensional object, and that the return on capital takes very different forms for different assets or different people.
One of the biggest problems of 'In Search of Excellence' is that it focused on giant, publicly-traded companies. There are thousands upon thousands of excellent companies. Some of them are two-person accountancies in a community of three thousand peo...
In the 1980s, there were occasions when it made sense to say, 'it is too difficult to maximize the likelihood function, and besides if we do, it will blow our model out of the water.'
Liberals seem to assume that, if you don't believe in their particular political solutions, then you don't really care about the people that they claim to want to help.
Stopping illegal immigration would mean that wages would have to rise to a level where Americans would want the jobs currently taken by illegal aliens.
It is hard to imagine a more stupid or more dangerous way of making decisions than by putting those decisions in the hands of people who pay no price for being wrong.
Capitalism knows only one color: that color is green; all else is necessarily subservient to it, hence, race, gender and ethnicity cannot be considered within it.
The Congressional Budget Office has been embarrassed repeatedly by making projections based on the assumption that tax revenues and tax rates move in the same direction.
In various countries and times, leaders of groups that lagged behind, economically and educationally, have taught their followers to blame all their problems on other people - and to hate those other people.
Like a baseball game, wars are not over till they are over. Wars don't run on a clock like football. No previous generation was so hopelessly unrealistic that this had to be explained to them.
My bottom line is that monetary policy should react to rising prices for houses or other assets only insofar as they affect the central bank's goal variables - output, employment, and inflation.
