If we are to understand where we are, we must understand where we have been. This is particularly true if we are to escape from the huge fiscal deficits being run by many governments. These deficits are not the result of government stupidity; they are mainly a consequence of – and response to – private behaviour. We must not ignore this connection.
我們要想弄清楚自己身在何處，就必須了解自己曾到過哪里。如果我們想避免許多政府目前面臨的巨額財政赤字，就更應該如此。這些赤字并非政府愚蠢的結果，它們主要是私人部門行為產生的后果和回應。我們不應忽視這種關聯。
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