Even if the dollar does decline during the coming months, the delays in the response of exports and imports to the more competitive dollar will mean that the increase in aggregate demand from this source may not happen for a year or more.
“I must stress here the point that I appreciate clarity, order, meaning, structure, rationality: they are necessary to whatever provisional stability we have, and they can be the agents of gradual and successful change.”
“There is sometimes a peculiar confusion in the West that equates progress to whatever is recent or whatever is new, and it is time we understood that progress has nothing to do with the chronology of an idea.”