I define genuine full employment as a situation where there are at least as many job openings as there are persons seeking employment, probably calling for a rate of unemployment, as currently measured, of between 1 and 2 percent.

Balancing a nominal budget will solve nothing, and attempting to achieve such a spurious balance will produce much mischief.

... often analysis seems to be based on the assumption that future economic output is almost entirely determined by inexorable economic forces independently of government policy so that devoting more resources to one use inevitably detracts from availability for another.

Increasingly prices are set by sellers to raise their prices without a loss of sales sufficient to wipe out the gain.

Larger deficits are necessary and proper means to mitigate unemployment as the far greater evil in terms of human welfare.

The great increase in longevity has produced a surge in the desire to accumulate assets for retirement. It has outpaced the ability of the private sector to produce assets, so we need a larger government debt.

Currently a level of unemployment of 7% or more seems to be required to keep inflation from accelerating, a level quite unacceptable as a permanent situation.