A rise in the level of saving can reduce aggregate activity temporarily but only a sustained high level of saving makes it possible to have the sustained high level of business investment that contributes to the long-run growth of output.
“I don't get it. If you're saying, Tommy Lee, you don't fit the image of the East Coast, social elitist wealthy people who comprise Harvard, the only thing I can say is you have no idea what comprises Harvard.”
“For that story, I took as my subject a young woman whom I got to know over the course of a couple of visits. I never saw her having any health problems - but I knew she wanted to be married.”