Posts in Economics
Wish I'd said that - Jan. 23, 2020

“when people do not have a satisfactory narrative to generate a sense of purpose and continuity, a kind of psychic disorientation takes hood, followed by a frantic search for something to believe in or, probably worse, a resigned conclusion that there is nothing to find…. There is even one group… who, looking ahead, see a field of wonders encapsulated in the phrase ‘the information superhighway.’ They are information junkies, have no interest in narratives of the past, give little thought to the question of purpose…. Such people have no hesitation in speaking of building a bridge to the new century. But to the question ‘What will we carry across the bridge?’ they answer, ‘What else but high-definition TV, virtual reality, e-mail, the Internet, cellular phones, and all the rest that digital technology has produced?’ These, then, are the hollow men Eliot spoke of.”

Neil Postman Building a Bridge to the 18th Century

Wish I'd said that - Jan. 22, 2020

“theories [should] be examined for their implications for observable behaviour, and these specific implications compared with observable behaviour.”

George Stigler in 1950, quoted in Steven N.S. Cheung, The Myth of Social Cost: A critique of welfare economics and the implications for public policy (Hobart Paper 82 from the Institute for Economic Affairs, 1979)