The arrival of the new millennium offers us an opportunity to consider matters from a longer term point of view. While it is impossible to predict the events of the coming 1,000 years — pause to consider that of today’s seven leading industrialized coun- tries, only Japan, France and Britain existed 1,000 years ago — one is able to ponder what the coming 100 years has in store.

In economics, we should consider desirable policy aims, measures that can be recommended to realize those aims and, indeed, economic theories which befit the new environments in which we are to live.

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