I've Been In And Out Of Wall

While Local Economies May Experience Significant Price Imbalances, A National Severe Price Distortion Seems Most Unlikely In The United States, Given Its Size And Diversity.

We Ought To Be Opening Up Our Borders To Skilled Labour From All Parts Of The World Because [the State Of The World Is As Follows: ] If We Were To Do That We Would Increase The Supply Of Skilled Workers That Our Schools Have Been Unable To Create And As A Consequence Of That We Would Lower The Average Wage Of Skills And Reduce The Degree Of Income Inequality In This Country.

But How Do We Know When Irrational Exuberance Has Unduly Escalated Asset Values, Which Then Become Subject To Unexpected And Prolonged Contractions As They Have In Japan Over The Past Decade?

The Process Of Innovation Is, Of Course, Never Ending.

Look, I'm Very Much In Favor Of Tax Cuts, But Not With Borrowed Money. And The Problem That We've Gotten Into In Recent Years Is Spending Programs With Borrowed Money, Tax Cuts With Borrowed Money, And At The End Of The Day That Proves Disastrous. And My View Is I Don't Think We Can Play Subtle Policy Here.