Married couples who work together to build and maintain a business assume broad responsibilities. Not only is their work important to our local and national economies, but their success is central to the well-being of their families.
It would appear that, on the level of individual nations and of international relations, the free market is the most efficient instrument for utilizing resources and effectively responding to needs.
Economic science concerns itself primarily with theoretical and empirical generalizations about the behavior of individuals, institutions, markets, and national economies. Most academic research falls in this category.
One by one, trade and investment barriers will continue to be swept away by globalization, like leaves on an autumn day…The new challenge will be less to regulate relations among national economies, than to establish the rules and structures of a transnational economy.
Globalization is the result of powerful governments, especially that of the United States, pushing trade deals and other accords down the throats of the world’s people to make it easier for corporations and the wealthy to dominate the economies of nations around the world without having obligations to the peoples of those nations.
Business cycles lengthened greatly during the 20th century, as central banks learned to manage national economies by raising and lowering interest rates.
The challenge to our national economies and the collective economy of Europe will become - with the growth of China and the continuing productivity growth of the US - even more intense in the decades to come.
We have to remember we're in a global economy. The purpose of fiscal stimulus is not simply to sustain activity in our national economies, but to help the global economy as well, and that's why it's so critical that measures in those packages avoid anything that smacks of protectionism.
Part of the reason we're all committed to coordinated stimulus is we want to stimulate the global economy. We're in a global economy, not just our national economies.p
Our grandfathers lived in a world of largely self-sufficient, inward-looking national economies - but our great-great grandfathers lived, as we do, in a world of large-scale international trade and investment, a world destroyed by nationalism.
Let's start with the euro. What on earth were we thinking? How could anyone with the faintest grasp of economics have believed it was anything other than sheer insanity to yoke together diverse national economies such as Greece, Ireland, Germany and Finland under a single exchange rate and a single interest rate?
All over the world, as governments retreat from their traditional duty to foster the common good and reconceive of themselves as mere managers of national economies, universities have been coming under pressure to turn themselves into training schools equipping young people with the skills required by a modern economy.
