Productivity is notoriously difficult to predict.
ALAN GREENSPANIf we are dealing with psychology, then the thermometers one uses to measure it have an effect.
More Alan Greenspan Quotes
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The arts develop skills and habits of mind that are important for workers in the new economy of ideas.
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In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value.
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In an economy that already has lost some momentum, one must remain alert to the possibility that greater caution and weakening asset values in financial markets could signal or precipitate an excessive softening in household and business spending.
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People dont realize that we cannot forecast the future. What we can do is have probabilities of what causes what, but thats as far as we go. And Ive had a very successful career as a forecaster, starting in 1948 forward.
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I was raising the question on the side with Governor Mullins of what would happen if the Treasury sold a little gold in this market.
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It has been my experience that competency in mathematics, both in numerical manipulations and in understanding its conceptual foundations.
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At the risk of some oversimplification, if the skill composition of our work force meshed fully with the needs of our increasingly complex capital-stock, wage-skill differentials would be stable.
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History demonstrates that participants in financial markets are susceptible to waves of optimism.
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I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil.
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Given our inevitably incomplete knowledge about key structural aspects of our ever-changing economy and the sometimes asymmetric costs or benefits of particular outcomes, a central bank.
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We as central bankers need not be concerned if a collapsing financial asset bubble does not threaten to impair the real economy, its production, jobs and price stability.
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The recent evidence increasingly suggests that an economic expansion is already well under way, although an array of influences unique to this business cycle seems likely to moderate its speed.
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But material success is possible in this world and far more satisfying when it comes without exploiting others.
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I have one other issue I’d like to throw on the table. I hesitate to do it, but let me tell you some of the issues that are involved here.
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Anyone willing to do what is required to become president of the United States is thereby barred from taking that office. I’m only half joking
ALAN GREENSPAN