Let me make a very basic and important point here. Policy stimulus has a cost, whatever form it takes. Whether delivered by monetary or fiscal policies, stimulus encourages growth by bringing forward household spending and business investment, financed with debt. I spoke about these debt dynamics in the Purvis lecture two years ago.
Mr. Greenspan comments on the importance of technological development and the value of education for economic growth in the United States Remarks by the Chairman of the US Federal Reserve System, Mr. Alan Greenspan, at the Building Dedication Ceremonies at the Kenan-Flagler Business School, University of North Carolina on 12/9/97.