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Quotes from Monetary Equilibrium — Gunnar Myrdal

1898–1987 Sweden

← All quotes by Gunnar Myrdal

6 quotes

A criticism of Keynes and Hayek would have to begin by pointing out the fact that in their theoretical systems there is no place for the uncertainty factor and anticipations.

Monetary Equilibrium (1939)

It is good proof of Keynes’ intuitive genius that he reaches practical results that in many respects are very much superior to his deficient statements of certain theoretical problems.

Monetary Equilibrium (1939)

For these anticipations determine the behaviour of the economic subjects and consequently those changes in the whole price system which during a period actually occur as a result of the actions of individuals.

Monetary Equilibrium (1939)

Quantities defined in terms of measurements made at the end of the period in question are referred to as ex post; quantities defined in terms of action planned at the beginning of the period in question are referred to as ex ante.

Monetary Equilibrium (1939)

There is in fact no contradiction at all between the statement of an exact bookkeeping balance ex post and the obvious inference that in a situation when saving is increasing without a corresponding increase of investment, or perhaps with an adverse movement in investment, there must be a tendency ex ante to a disparity.

Monetary Equilibrium (1939)

Some of these quantities refer directly to a point of time. That is true of "capital value" as also of such quantities as demand and supply prices. Other terms – as e.g. "income", "revenue", "return", "expenses", "savings", "investments" – imply, however, a time period for which they are reckoned. But in order to be unambiguous they must also refer to a point of time at which they are calculated.

Monetary Equilibrium (1939)

Attribution

Quotes and notes from Wikiquote: Gunnar Myrdal (page history), available under CC BY-SA 4.0.