That does not mean that I am skeptical of the QQE’s effects, nor does it mean that I deny the ability of the QQE’s transmission mechanism – envisaged by the Policy Board – to shift people’s expectations.
If, on the other hand, social policy aims at granting a man complete security from the hour of birth, and protecting him absolutely from the hazards of life, then it cannot be expected that people will develop that full measure of energy, effort, enterprise and other human virtues which are vital to the life and future of the nation, and which, moreover, are the prerequisites for a social market economy based on individual initiative.