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Written by Jacques Rueff
- The Quarterly Journal of Economics |
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Thursday, May 01, 1947 |
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"[I]f the spectre of "under-employment" appears again in the world tomorrow, as is probable, (the Keynesian philosophy) will be the universal recourse of peoples and governments. If it is true, it will be the salvation of the world; if it is false, it may lead to catastrophe by turning the world to ineffective remedies which may make the evil much worse. ... Whom Jupiter wishes to destroy, he first makes mad."
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Written by Jacques Rueff
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Tuesday, November 01, 2011 |
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One of my neighbors in the country, an old peasant, recently explained that he had found a very good horse – there are still a few horses in Normandy – that worked extremely well. There was only one trouble with it: it had died.
That is exactly what happened to the Bretton Woods regime. It provided the world with the benefit of stable parities and a very decent rate of growth – about 3.7 per cent per year in constant dollars in the U.S. But after 27 years of good service, it collapsed: de facto, on August 15, 1971; de ju Read more |
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