"The only freedom deserving the name, is that of pursuing our own good in our own way, so long as we do not attempt to deprive others of theirs, or impede their efforts to obtain it. Each is the proper guardian of his own health, whether bodily, or mental and spiritual. Mankind are greater gainers by suffering each other to live as seems good to themselves, than by compelling each to live as seems good to the rest." ~ John Stuart Mill
What Became of the Liquidity Trap?
"Over half a century ago at Oxford, when along with my research appointment I was also doing some teaching, I had an Indian student who was a graduate of an Indian university but, for reasons of prestige, came to read an undergraduate course. Once I gave him an essay to do on the Natural Rate of Interest. At his next tutorial, he read out aloud an immensely complicated and confused text that I did not comprehend and I was sure that he did not either. I gathered all my forces of didactic persuasion and explained to him, or I thought I had, where he had gone astray and how the problem can be reduced to its essentials. Then, exhausted, I sat back, proud of myself and full of admiration for the quality of Oxford teaching of which I have just shown such a glowing example."
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