Goods move in response to price differences from points of low to points of higher price, the movement tending to obliterate the price difference and come to rest.

America’s planned contribution to the global AIDS fund is around a sixth of what is needed in 2003, according to the fund itself.

Well, I think the best thing we can do for the short term is move good energy legislation through to the Congress; I’m encouraged that there’s some prospect for that now.

If you have a lot of short-term debt, it means that all of that money can be demanded in a very short period of time. Technically, short-term debt means money that’s coming due within a...

And our big theme has been, you have made so much progress, we urge you on with the openings and market openings that have occurred. They clearly work and continuing on that path will produce...

Less emphasis on inventories, I think, may tend to dampen business cycles, because business cycles are typically in the grasp of inventory cycles and heavy industry cycles.

I was born in Champaign in 1918. From the neighborhood elementary and intermediate schools, I went to the University High School in the twin city, Urbana.

The Russian drama began at the end of 1991, when the Soviet Union mercifully ended. Russia and 14 other new countries emerged from the ruins of the Soviet Union. Every one of those 15 new...

The global economy is in pretty good shape.

In the long run all producers are forced to use the most efficient methods or give place to others who do.

We, being the Western world, wouldn’t let Russia off the hook on debt. So there were demands on debt servicing in the early days until they ran out of reserves. There was no real aid...

Well, I think the global economy is in the position for continuing good growth with inflation well in check.

It’s not so unusual to run out of someone else’s currency.

And we have abundant natural energy resources in the country. We haven’t been taking adequate advantage of them, and we can burn coal in a clean way; we could improve the grid.

Well, I started out in the Federal Reserve as a young economist and spent about five years in the Federal Reserve Bank of New York.

In 1947 I was elected Junior Fellow of the Society of Fellows, an appointment that allowed me three years of freedom for study, research, and writing.

Unfortunately, the real focus in this country has not been on the rest of the world. It’s been on our own issues and our own problems. Fair enough. But it means that our simple hopes...

We can get more energy out of the north slope of Alaska; we have available the ability to make ourselves less dependent on those uncertain sources of supply from the Middle East. And it’s important...

It is true practically if not altogether without exception that the changes studied by any science tend to equilibrate or neutralize the forces which bring them about, and finally to come to rest.

Let’s start fresh with Russia on some real help and some real reform.

Well, such as opening up some sectors of banking, branch banking for instance. It isn’t a legislative matter, it’s a matter for administrative action.

There’s a lot of strength in the U.S., but there’s a lot of froth also. The froth will blow off. We’re going to have to face up to some realities that we’re not fully facing...

But clearly an economy that’s growing and expanding like this one – and it certainly is doing that with high GDP output, employment numbers strong, capacity utilization strong – that’s an environment in which the...

When people begin anticipating inflation, it doesn’t do you any good anymore, because any benefit of inflation comes from the fact that you do better than you thought you were going to do.

Most important, I have learned from my colleagues and students.

If we did go into a recession, something that’s always possible for the U.S. or Europe, we could lower interest rates and expand the money supply without worrying about the price of gold.

We continue to have a strong dollar policy; we continue to support the strong dollar policy. It’s been our policy and will continue to be our policy.

The possibility of saying anything about a thing rests on the assumption that it preserves its identity, or continues to be the same thing in the respect described, that it will behave in future situations...

Senior development specialists in the Treasury can be counted on one hand. America’s government is not even aware of the gap between its commitments and action, because almost nobody in authority understands the actions that...

Well, the U.S. is running a current account deficit; we are creating lots of investment opportunities in the United States that exceed our own domestic savings rates, so the issue here is to encourage higher...

Wall Street people learn nothing and forget everything.

We’re going to have to forgive a great deal of the Soviet era debt. There’s no question about that. Let’s face up to that. We’re going to have to put in money if Russia is...

Everybody you talk to about insurance says the insurance market has become a lot more vibrant as a result of lifting, allowing the foreign direct investment.

The speed of communication, the speed of information transfer, the cheapness of communication, the ease of moving things around the world are a difference in kind as well as degree.

My father also happened to be an intellectual, as learned, literate, informed, and curious as anyone I have known. Unobtrusively and casually, he was my wise and gentle teacher.

The idea that the UN system could provide real leadership on the great development challenges will strain credulity in some quarters.

We have a serious structural deficit problem. And it needs to be addressed. The president is trying to address it through reforms of Social Security, but the problem is there with other entitlement programs like...

There is no sense in making statements that will not continue to be true after they are made.

I think the IMF helped to detonate the Indonesian crisis.

Well, there’s no doubt about the fact that, that higher energy prices lead to greater conservation, greater energy efficiency, and they also, of course, play a useful role on the supply side.

Most of the time common stocks are subject to irrational and excessive price fluctuations in both directions as the consequence of the ingrained tendency of most people to speculate or gamble… to give way to...

In the early 1990s, when a lot of the developing world opened up to international capital flows… they ended up in very good long-term projects, but projects that weren’t going to pay off for five...

Higher energy prices act like a tax. They reduce the disposable income people have available for other things after they’ve paid their energy bills.

You could not buy a house in those days without just assuming that the house was not only a place to live, but it was a good investment, because it was going to keep up...

The crisis triggered a fertile period of scientific ferment and revolution in economic theory.

White House and State Department foreign-policy experts are overwhelmingly directed towards military and diplomatic issues, not development issues.

We have the deepest and most liquid capital markets in the world.

In my view, there is an urgent need to communicate with the public and help to explain where there is consensus, and where are there doubts about the issues of sustainable development.

Devaluations are never easy.

What’s the subject of life – to get rich? All of those fellows out there getting rich could be dancing around the real subject of life.