“The problem is easy to state: developing countries borrow too much—or are lent too much—and in ways that force them to bear most or all of the risk of subsequent increases in interest rates, fluctuations in the exchange rate, or decreases in income. Given this, it is not surprising that they often cannot repay what is owed.”

— Joseph E. Stiglitz, book Making Globalization Work

§8
Making globalization work (2006)

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Joseph E. Stiglitz39

American economist and professor, born 1943. 1943

Rudiger Dornbusch (1942–2002) German economist

Rudiger Dornbusch, "Expectations and exchange rate dynamics." The journal of political economy (1976): 1161-1176. p. 1161

“Booze, pot, too much sex, failure in one's private life, too much attrition, too much recognition, too little recognition. Nearly everything in the scheme of things works to dull a first-rate talent. But the worst probably is cowardice.”

Norman Mailer (1923–2007) American novelist, journalist, essayist, playwright, film maker, actor and political candidate

As quoted in The Sunday Herald http://web.archive.org/web/20071112125539/http://www.sundayherald.com/news/heraldnews/display.var.1824217.0.norman_mailer_1923_2007.php [Scotland] (11 November 2007)

“What is the right exchange rate at one point is not necessarily the right exchange rate at another.”

Norman Lamont (1942) British politician

As he stated on Channel 4 News, 15th December 2008

“The two preponderant forces at work are technological development, which made for a relative increase in demand and hence in the income ratio… and increased access to schooling, which made for a relative decrease.”

Jan Tinbergen (1903–1994) Dutch economist

Source: Income Distribution (1975), p. 35; Cited in: Acemoglu (2000, p. 16)

“The time has come to speak out. Britain is now locked in a vicious spiralling interest rates…The net result of completing the vicious circle is that prices have increased, the rate of inflation has gone up, the money supply has increased, unemployment has gone up, the rate of bankruptcies has increased, the industrial base has been further eroded, the Government's borrowing requirement has increased and as a result there is more pressure to raise interest rates yet again, to be followed inevitably by the same vicious circle. It is this that must be broken.”

Edward Heath (1916–2005) Prime Minister of the United Kingdom (1970–1974)

Speech to the Federation of Conservative Students in Manchester (6 October 1981), quoted in The Times (7 October 1981), p. 6.
Post-Prime Ministerial

“some evidence is available to indicate that, in India, an increase in the income of the poorer people leads to an increase in the size of the family; and also that this tapers off after a certain critical level of income is attained, and is followed by a reduction in the size of the family at higher levels of living When a sufﬁcient number of people reach the critical income, there would be a gradual decrease in the average birth rate with further increase in income.”

Prasanta Chandra Mahalanobis (1893–1972) Indian scientist

Quote, Professor P.C. Mahalanobis and the Development of Population Statistics in lndia

“The first problem I propose to tackle is this: how much of its income should a nation save? To answer this a simple rule is obtained valid under conditions of surprising generality; the rule, which will be further elucidated later, runs as follows.
The rate of saving multiplied by the marginal utility of money should always be equal to the amount by which the total net rate of enjoyment of utility falls short of the maximum possible rate of enjoyment.”

Frank P. Ramsey (1903–1930) British mathematician, philosopher

"A Mathematical Theory of Saving", The Economic Journal, Vol. 38, No. 152 (Dec., 1928)

“This country has given me so much that I am only too happy to be allowed to help it to develop and to be able to give back to it a fraction of what it has given to me.”

Hans Merensky (1871–1952) German South African geologist, prospector, scientist, conservationist and philanthropist

Hans Merensky, 15 April 1938 at the opening of the Merensky Library, University of Pretoria https://www.up.ac.za/dspace/handle/2263/6526

“In short, it is a paradoxical truth that tax rates are too high today and tax revenues are too low and the soundest way to raise the revenues in the long run is to cut the rates now.”

John F. Kennedy (1917–1963) 35th president of the United States of America

1962, Address and Question and Answer Period at the Economic Club of New York (549)

“But further analysis and experience soon raised doubts about the efficacy of these new tools. Empirical research indicated that the Keynesian multiplier was much smaller than earlier analyses had assumed, reduced by a crowding out of interest-sensitive spending caused by an induced increase in the demand for money and by the effect of the larger national debt on long-term interest rates. The leakage of demand through imports and the effect of the fiscal expansion on the exchange rate further reduced the multiplier.”

Martin Feldstein (1939–2019) American economist

"Rethinking the Role of Fiscal Policy" (2009).

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Joseph E. Stiglitz39

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