Thursday, October 23, 2008

The wise swedes

From Paul Krugman. President Bush, this morning: In the long run, the American people can have confidence that our economy will bounce back.
John Maynard Keynes: But this long run is a misleading guide to current affairs. In the long run we are all dead. Economists set themselves too easy, too useless a task if in tempestuous seasons they can only tell us that when the storm is long past the ocean is flat again.

I have a picture dated 1991 (0r 1990) with a bunch of other grad students and the famous quote. I need to dig it out. (I also have a picture of Keynes Hall in Cambridge University showing that somebody had peed on Keyenes' name, but these were the peak of the monetarist times).
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