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.

Nearly all educational expenditure should be considered a capital outlay. Education provides a future return in the form of enhanced taxable income and an enhanced quality of life.

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.

Deficits do not in themselves produce inflation, nor does a balanced budget assure a stable price level.

The supply-side effect of a restrictive monetary policy, moreover, is likely to be perverse. High interest rates enter into costs and thus exert inflationary pressure, as well as inhibiting the expansion of capacity or the introduction of cost -reducing capital improvements.

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

To stick to the present situation would be something like a man who was observed in Times Square looking earnestly along the pavement. He was asked what he was looking for. He said "I lost my watch."