Lawrence Klein: Quotes about war

Lawrence Klein was American economist. Explore interesting quotes on war.

Lawrence Klein: 30 quotes 0 likes

“It is my firm belief that the only satisfactory test of economics is the ability to predict, and in crucial predictive situations such as reconversion after World War II, the settlement of the Korean War, the settlement of the Vietnam War, the abrupt economic policy switch of the Nixon Administration in August 1972, the oil shock of 1973 (forecast of a world-wide succession by LINK), the recession of 1990. In these crucial periods, econometric models outperformed other approaches, yet there is considerable room for improvement, and that is precisely what is being examined in development of high-frequency models that aim to forecast the economy, every week, every fortnight, or every month, depending on the degree of fineness of the information flow.”

Lawrence Klein

War , World , Success , Dependency

“I think the Kennedy-Johnson tax cut was a marvelous success in 1964. It was too bad it was not implemented a little sooner, and Kennedy died, of course. After that, Johnson dallied for a while about raising taxes to pay for the war in Vietnam. The stimulus did not get reversed until the tax increase and expenditure cap of 1969, and that had a quick effect once it was enacted. As you know, we had a recession in 1969–1970.”

Lawrence Klein

"Keynsianism Again: Interview with Lawrence Klein", Challenge (May-June 2001)

War , Thinking , Success

“From Keynes' point of view the economic system, before the war failed in its solution of the unemployment problem”

Lawrence Klein

The Keynesian Revolution. Vol. 19. New York: Macmillan, 1947/66. p. 166

War , Problem