"Anyway, the equations and diagrams of formal economics are, more often than not, no more than a scaffolding used to help construct an intellectual edifice. Once that edifice has been built to a certain point, the scaffolding can be stripped away, leaving only plain English behind."
"For the first time since 1917, then, we live in a world in which property rights and free markets are viewed as fundamental principles, not grudging expedients; where the unpleasant aspects of market system -- inequality, unemployment, injustice -- are accepted as facts of life. As in the Victorian "
""With the rise of the modern corporation, the emergence of the organization required by modern technology and planning and divorce of the owner of capital from control of the enterprise, the entrepreneur no longer exists as an individual person in the mature industrial enterprise." ...... The inform"
"The benefits of export-led economic growth to the mass of people in the newly industrializing economies were not a matter of conjecture......These improvements did not take place because well-meaning people in the West did anything to help -- foreign aid, never large, shrank in the 1990s to virtuall"
"Over the course of the 1970s a "new class" had become increasingly influential within Mexico's ruling party and government. Well educated, often with graduate degrees from Harvard or MIT, fluent in English and internationalist in outlook, they were Mexican enough to navigate the PRI's boss-and-patro"
"Dornbusch and others argued that the problem lay in the value of the peso: an excessively strong currency was pricing Mexican goods out of world markets, preventing economy from taking advantage of its growing capacity What Mexico needed, then, was a devaluation -- a onetime reduction in the dollar "
"What is supposed to happend when a country's currency is devalued is that speculators say, "Okay, that's over," and stop betting on the currency continued decline. That's the way it worked for Britain and Sweden in 1992. The danger is that speculatrors will instead view the first devaluation as a si"
"......Argentina's curency board system was supposed to make the credibility of its peso invulnerable......But once speculation against the Argentine peso began, it became clear that the currency board did not provide the kind of insulation its creators had hoped for. True, every peso in circulation "