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"Thirty years ago, many economists argued that inflation was a kind of minor inconvenience and that the cost of reducing inflation was too high a price to pay. No one would make those arguments today."
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"And so our goal on health care is, if we can get, instead of health care costs going up 6 percent a year, it's going up at the level of inflation, maybe just slightly above inflation, we've made huge progress. And by the way, that is the single most important thing we could do in terms of reducing our deficit. That's why we did it."
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Personal Development
"Major policy reform in the petroleum sector. Under the new Hydrocarbon Exploration Licensing Policy, there will be pricing and marketing freedom and a transparent revenue-sharing methodology. This will eliminate many layers of bureaucratic controls."
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Personal Development
"The world economy would collapse if a significant number of people were to realize and then act on the realization that it is possible to enjoy many if not most of the things that they enjoy without first having to own them."
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Personal Development
"Belonging to the working class is the economy's punishment for those who did what they were told to do in class."
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Personal Development
"If the farmer is rich, then so is the nation."
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Personal Development
"Now, anybody who thinks that we can move this economy forward with just a few folks at the top doing well, hoping that it's going to trickle down to working people who are running faster and faster just to keep up, you'll never see it."
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Personal Development
"India is undergoing profound transformations. We are today the fastest growing economy in the world. We want the Indian economy to be driven by smart and sustainable cities, robust farm sector, vibrant manufacturing and dynamic service sector. And, its engines to run on world class network of rails, roads, airports and digital connectivity."
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Personal Development
"Thrift is poetic because it is creative, waste is unpoetic because it is waste."
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Personal Development
"India is one of the world economy's brightest spots. We have low inflation, a low balance of payments current account deficit, and a high rate of growth. This is the result of good policy, not good fortune."
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Personal Development
"Money is representative, and follows the nature and fortunes of the owner...The farmer is covetous of his dollar, and with reason. It is no waif to him. He knows how many strokes of labor it represents. His bones ache with the days' work that earned it. He knows how much land it represents - how much rain, frost and sunshine. He knows that, in the dollar, he gives you so much discretion and patience, so much hoeing and threshing. Try to lift his dollar; you must lift all that weight. In the city, where money follows the skit of a pen or a lucky rise in exchange, it comes to be looked on as light."
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"But the primary reason for wanting the dollar to become more competitive in the near future is that we may need an increase in exports this year and in 2007 to sustain the economy's current pace of expansion."
Economy
"But then in April of 1985 the dollar began a sharp decline. The dollar's trade weighted value fell 23 percent in just 12 months and by a total of 37 percent by the beginning of 1988."
Economy
"Thirty years ago, many economists argued that inflation was a kind of minor inconvenience and that the cost of reducing inflation was too high a price to pay. No one would make those arguments today."
Economy
"Although economists have studied the sensitivity of import and export volumes to changes in the exchange rate, there is still much uncertainty about just how much the dollar must change to bring about any given reduction in our trade deficit."
Change
"A second reason why science cannot replace judgement is the behavior of financial markets."
Science
"After all, an overvalued dollar gives us the ability to buy foreign goods at lower prices. And the existing volume of exports brings more yen and euros than they would if the dollar were more competitive."
Ability
"We pay some price when necessary to bring down inflation but that price is temporary and is not large relative to the permanent gain from reduced inflation."
Gain
"Increased government spending can provide a temporary stimulus to demand and output but in the longer run higher levels of government spending crowd out private investment or require higher taxes that weaken growth by reducing incentives to save, invest, innovate, and work."
Government
"Homeowners who refinanced their mortgages took out cash and reduced their monthly payments at the same time. Much of the cash obtained by refinancing was spent on consumer durables, home improvements and the like."
Home
"My theme this evening is that America needs a competitive dollar."
Economy
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