There's more consensus . . . within the economics profession about how the world works than there was in the 1950s, '60s and '70s.
More Quotes from 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
His big failing is that he hasn't provided the Fed with a replicable method of re-creating Alan Greenspan. He hasn't left behind an institutional framework that will guide his successor.
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
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.
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
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
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