Economic Variables Quotes

When you talk about the economic process of a society, sometimes we separate it into two stories. One is about monetary variables. But then, we very often assume the underlying arrangement, the other variable, is 'perfect competition,' which means people do whatever they are supposed to do.

Relative income uses two variables: the dollar and time, usually hours.

The Fed's buying is far more important to the market price of U.S. debt than any other economic variable. If the Fed stops buying, it doesn't matter whether unemployment goes up or down. It doesn't matter whether inflation is higher or lower. Its influence on the market is dominant.

The proportions, too, in which the capital that is to support labour, and the capital that is invested in tools, machinery and buildings, may be variously combined.

The two important variables for the policy formulation are projected inflation and the output gap. There is no clear hidebound mathematics that we must give 'X' weight to inflation and 'Y' weight to growth and form the associated policy.

My research, even before 1972, moved in directions beyond those cited for the Nobel Memorial Prize. Most of it, in one way or another, deals with information as an economic variable, both as to its production and as to its use.

In the tradition of national income accounting, economic policymakers have typically focused on variables such as income, wealth, and consumption.

As chairman of the president’s Council of Economic Advisers during the 1990s, I had to make projections about where the economy was going to be one, two, or three years ahead; frankly, I often found myself facing a cloudy crystal ball. Forecasting a few years out is hard enough; forecasting seventy-five years out is essentially impossible. Slight changes in life expectancy, immigration, wage growth, and interest rates could have large effects on the solvency of the (Social Security System.)

Macroeconomics, even with all of our computers and with all of our information - is not an exact science and is incapable of being an exact science.

All economic forecasts are subject to considerable uncertainty. There is always a wide range of plausible outcomes for important economic variables, including the federal funds rate.