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We had a booming stock market in 1929 and then went into the world's greatest depression. We have a booming stock market in 1999. Will the bubble somehow burst, and then we enter depression? Well, some things are not different.

Jeffrey Sachs

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Jeffrey Sachs
Age: 70
Born: 1954
Born: November 5
Economist
University Teacher
Writer
Detroit
Michigan
Jeffrey David Sachs
Jeffrey D. Sachs
Different
Depression
Things
Enter
World
Somehow
Booming
Market
Burst
Greatest
Bubble
Went
Bubbles
Wells
Finance
Well
Stock

More quotes by Jeffrey Sachs

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The truth of good economic doctoring is to know the general principles, and to really know the specifics. To understand the context, and also, to understand that an economy may need some tender loving care, not just the so-called hard truths, if it's going to get by.
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The great leaders of the second world war alliance, Franklin Roosevelt and Winston Churchill, understood the twin sides of destruction and salvation. Their war aims were not only to defeat fascism, but to create a world of shared prosperity.
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I believe myself that there's a great deal more interest and engagement among Americans than our politicians recognize.
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Let the future say of our generation that we sent forth mighty currents of hope and that we worked together to heal the world.
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Our interconnectedness on the planet is the dominating truth of the 21st century. One stark result is that the world's poor live, and especially die, with the awareness that the United States is doing little to mobilise the weapons of mass salvation that could offer them survival, dignity and eventually the escape from poverty.
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The defining challenge of the 21st century will be to face the reality that humanity shares a common fate on a crowded planet.
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The world got side-tracked from development issues during the post-9/11 crisis period.
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Russia has gone through eight years of continuing economic pain.
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It's the American leadership that has not played the role it should be playing and that leaders in other countries have been playing.
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History is written by the rich, and so the poor get blamed for everything.
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If we did go into a recession, something that's always possible for the U.S. or Europe, we could lower interest rates and expand the money supply without worrying about the price of gold.
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There's a lot of strength in the U.S., but there's a lot of froth also. The froth will blow off. We're going to have to face up to some realities that we're not fully facing up to right now.
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There is no economic imperative that will condemn us to deplete our vital resource base, but neither is there an invisible hand that will prevent us from doing so.
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Devaluations are never easy.
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The basic idea was that if a country would put its economy as an integrated piece of the world system, that it would benefit from that with economic growth. I concur with that basic view.
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My colleagues and I took a stand in our work several years ago that we would not look for the magic bullet, because there is none. These are just basic problems requiring basic work. Nothing magic about it.
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This is our greatest challenge: learning to live in a crowded and interconnected world that is creating unprecedented pressures on human society and on the physical environment.
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In Asia, a lot of successful economies that had been living on their own saving, decided to open up their financial markets to international capital in the early 1990s. So here were countries doing quite well, but they decided to borrow a bit more and do even better.
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In my view, there is an urgent need to communicate with the public and help to explain where there is consensus, and where are there doubts about the issues of sustainable development.
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White House and State Department foreign-policy experts are overwhelmingly directed towards military and diplomatic issues, not development issues.
Jeffrey Sachs