The way to get higher growth is to have lower inflation. The success of the Fed and the Bank of England has done much to convince people that that's the way to go.
More Quotes from Allan Meltzer:
Don't believe ... the widely reported loss of millions of manufacturing jobs since the Bush administration took office, ... All these alleged facts are either wrong or greatly exaggerated, based on the same faulty source.Allan Meltzer
I don't think that you can set policy according to possible contingencies that may occur, but about which you have no information.
Allan Meltzer
They'll want to see him tested, ... Greenspan had, in a sense, the good fortune that there was a crisis (Black Monday, Oct. 19, when the Dow lost more than 20) within the two months of the time he acceded to the chairmanship, and he handled the crisis very well. That established him in the market as a credible chairman.
Allan Meltzer
The borrowing paid for the imports that the United States bought from countries that were suffering from deep recessions and pulled them out of those recessions.
Allan Meltzer
What he's shown is that you can have full employment and low inflation at the same time. The Keynesian school didn't believe that, but Greenspan showed that it could be done.
Allan Meltzer
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