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Crony capitalism is essentially a condition in which… public officials are giving favours to people in the private sector in payment of political favours.

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Capitalism Condition Crony Essentially Favour Private Public

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Marilyn Monroe Paulo Coelho Abraham Lincoln C. S. Lewis Khalil Gibran Charlie Chaplin Gautama Buddha Isaac Newton

But rules cannot substitute for character.
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Character Rule Substitute
Any informed borrower is simply less vulnerable to fraud and abuse.
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Abuse Borrower Fraud Inform Less Simply Vulnerable
Was sort of intellectually shocked. Contagion is the critical phenomenon which causes the thing to fall apart.
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Apart Contagion Critical Fall Intellectual Phenomenon Shock Sort
Excessive optimism sows the seeds of its own reversal.
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They then need to reach a judgment about the probabilities, costs, and benefits of the various possible outcomes under alternative choices for policy.
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Alternative Benefit Choice Judgement Policy Probability
If we are to remain preeminent in transforming knowledge into economic value, America’s system of higher education must remain the world’s leader in generating scientific and technological breakthrough, and in meeting the challenge to educate workers.
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Economic Knowledge Preeminent Remain Transform Value
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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Asset Banker Bubble Central Collapse Concern Do Economy Financial Threaten
Significantly opening up immigration to skilled workers solves two problems.
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Immigration Open Problem Significant Skill Solve Work
But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?
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Country Decade Escalate Irrational Past Subject
I love facts and figures. It’s like following a detective story, piecing together what’s going on in the economy.
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Detective Economy Fact Follow Love Piece Story Together
Recent episodes in which Fed officials hinted at a shift toward higher interest rates have unleashed significant volatility in markets.
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Episode Higher Interest Market Official Rate Recent Toward Unleash Volatility
Credit-default swaps, I think, have serious problems associated with them.
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Associate Credit Default Problem Serious Swap
And the percentage changes in wage rates would be the same for all job grades.
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All Change Job Percentage Rate Right Same Wage
It keeps interest rates lower than they otherwise would be and frees savings to finance increases in the capital stock, thereby boosting productivity and real incomes.
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Boost Finance Free Income Increase Interest Keep Lower Productive Rate Real Saving
No matter how skillful the trading scheme, over the long haul, abnormal returns are sustained only through abnormal exposure to risk.
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Abnormal Exposure Haul Long Matter No Return Scheme Skillful Sustain Trade
In the absence of the gold standard, there is no way to protect savings from confiscation through inflation.
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Absence Confiscation Good Inflation Protect Saving Standard

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