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.
我们要想弄清楚自己身在何处，就必须了解自己曾到过哪里。如果我们想避免许多政府目前面临的巨额财政赤字，就更应该如此。这些赤字并非政府愚蠢的结果，它们主要是私人部门行为产生的后果和回应。我们不应忽视这种关联。
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