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The more flexible an economy, the greater its ability to self-correct in response to inevitable, often unanticipated, disturbances and thus to contain the size and consequences of cyclical imbalances.

Alan Greenspan

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Alan Greenspan
Age: 98
Born: 1926
Born: March 6
Banker
Economist
Entrepreneur
Jazz Musician
Politician
New York City
New York
Economy
Flexible
Greater
Correct
Unanticipated
Consequences
Imbalances
Ability
Inevitable
Cyclical
Often
Thus
Disturbances
Self
Consequence
Imbalance
Size
Disturbance
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Contain

More quotes by Alan Greenspan

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At the risk of some oversimplification, if the skill composition of our work force meshed fully with the needs of our increasingly complex capital-stock, wage-skill differentials would be stable, and the percentage changes in wage rates would be the same for all job grades.
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I'm not denying that monopolies are terrible things, but I am denying that it is readily easy to resolve them through legislation of that nature.
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I've always argued that this country has benefited immensely from the fact that we draw people from all over the world.
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I'm always amazed that my wife can handle different subjects - one day politics, the next day foreign policy. And she always has so much fun doing it. We make a good team.
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Now, I only play very occasionally, and in fact, more piano than clarinet or sax.
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I guess I should warn you, if I turn out to be particularly clear, you've probably misunderstood what I've said.
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Without calling the overall national issue a bubble, it's pretty clear that it's an unsustainable underlying pattern.
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Indeed, better risk management may be the only truly necessary element of success in banking.
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It seems superfluous to constrain trading in some of the newer derivatives and other innovative financial contracts of the past decade. The worst have failed investors no longer fund them and are not likely to in the future.
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I was a fairly good amateur musician, and I was an average professional. But the one thing I saw was that the big band business was fading.
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We may be in a rapidly evolving international financial system with all the bells and whistles of the so-called new economy. But the old-economy rules of prudence are as formidable as ever. We violate them at our own peril.
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But rules cannot substitute for character.
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Cash is available and we should use that in larger amounts, as is necessary, to solve the problems of the stress of this.
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Stripped of its academic jargon, the welfare state is nothing more than a mechanism by which governments confiscate the wealth of the productive members of a society to support a wide variety of welfare schemes.
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If we are to remain preeminent in transforming knowledge into economic value, America's system of higher education must remain the world's leader in generating scientific and technological breakthrough, and in meeting the challenge to educate workers.
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No matter how skillful the trading scheme, over the long haul, abnormal returns are sustained only through abnormal exposure to risk.
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I do not deny that many appear to have succeeded in a material way by cutting corners and by manipulating associates, both in their professional and in their personal lives. But material success is possible in this world and far more satisfying when it comes without exploiting others.
Alan Greenspan
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The true measure of a career is to be able to be content, even proud, that you succeeded through your own endeavors without leaving a trail of casualties in your wake.
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The recent evidence increasingly suggests that an economic expansion is already well under way, although an array of influences unique to this business cycle seems likely to moderate its speed.
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All taxes are a drag on economic growth. It's only a question of degree.
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