*  *  *  I try not to reflect too much on my growing role as the one left behind who speaks at retirements and occasions such as this; but I am pleased, nonetheless, to participate in this conference and to have the opportunity to pay tribute to these three leaders of research at the Federal Reserve.
All I am saying is that we shouldn’t assume that our future is unfavourable just because we happen to have started with the industry mix we have. A corollary of my view, of course, is that it would be very unwise for the government to provide incentives for the private sector to move out of one activity into the other.