... 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.

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.

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

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.

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

Practically, the desirable situation ought to be one in which any reasonably responsible person willing to accept available employment can find a job paying a living wage within 48 hours.

The nominal budget is a poor indicator of the impact of government outlays and revenues.