There's no automatic mechanism in a market system that reconciles the desire to save and the desire to invest. And therefore, the government has to sort of do something or the Federal Reserve, the Fed, or the Central Bank, or whatever, it has to intervene. It has to create enough investment for the economy not to suffer from a fall in aggregate demand. So, if you don't have a balance within the market system itself, then you need an external balance and that's what I think Keynes believed.
Americans feel as though the only position they can possibly occupy is number one and if they're not number one, well, the end of the world has come. - Robert Skidelsky, Baron Skidelsky
Americans feel as though the only position they can possibly occupy is number one and if they're not number one, well, the end of the world has come.
- Robert Skidelsky, Baron Skidelsky
You do just have to go back to moral philosophy and you've got to say, okay, there is greed, people do want more and more, but then what restrains th… - Robert Skidelsky, Baron Skidelsky
You do just have to go back to moral philosophy and you've got to say, okay, there is greed, people do want more and more, but then what restrains th…
Bankers were scapegoats for the whole Reagan-Thatcher era, which exalted finance and humbled industry, and which had allowed the fruits of progress t… - Robert Skidelsky, Baron Skidelsky
Bankers were scapegoats for the whole Reagan-Thatcher era, which exalted finance and humbled industry, and which had allowed the fruits of progress t…
What would've happened, do you think, had the government not intervened in October 2008? The catastrophe to the economy would've been absolutely unbe… - Robert Skidelsky, Baron Skidelsky
What would've happened, do you think, had the government not intervened in October 2008? The catastrophe to the economy would've been absolutely unbe…
There's no automatic mechanism in a market system that reconciles the desire to save and the desire to invest. And therefore, the government has to s… - Robert Skidelsky, Baron Skidelsky
There's no automatic mechanism in a market system that reconciles the desire to save and the desire to invest. And therefore, the government has to s…
Hayek became in his later years the dominant intellectual influence of the last quarter of the twentieth century. - Robert Skidelsky, Baron Skidelsky
Hayek became in his later years the dominant intellectual influence of the last quarter of the twentieth century.
The psychology of the saver and the psychology of the investor is very closely connected with Keynes' distinction between risk and uncertainty. When … - Robert Skidelsky, Baron Skidelsky
The psychology of the saver and the psychology of the investor is very closely connected with Keynes' distinction between risk and uncertainty. When …
When you think of everything in terms of just money, then almost nothing is enough. I mean, how much money is enough? Because it's hard to translate … - Robert Skidelsky, Baron Skidelsky
When you think of everything in terms of just money, then almost nothing is enough. I mean, how much money is enough? Because it's hard to translate …
It's not enough say, "Look, bankers were immensely greedy and that they committed lots of frauds." I mean, that's not, they were set free, that sort … - Robert Skidelsky, Baron Skidelsky
It's not enough say, "Look, bankers were immensely greedy and that they committed lots of frauds." I mean, that's not, they were set free, that sort …
Login to join the discussion
Login to join the discussion