Posts in Famous quotes
Wish I'd said that - June 24, 2020

“We think of economics as strangled in math because of the formulas and graphs filling most economics textbooks. But you can (and I did) search the entire founding volume of economics, Adam Smith’s An Inquiry into the Nature and Causes of the Wealth of Nations, without encountering a mathematical formula. In New Ideas, Buchholz quotes Alfred Marshall, the preeminent economist of the late nineteenth century (and a mathematician): ‘(1) Use mathematics as a shorthand language, rather than as an engine of inquiry. (2) Keep to them until you have done. (3) Translate into English. (4) Then illustrate by examples that are important in real life. (5) Burn the mathematics.’”

P.J. O’Rourke Eat the Rich

Wish I'd said that - June 22, 2020

“Nearly all the most awful and abstruse statements can be put in words of one syllable, from ‘A child is born’ to ‘A soul is damned.’ If the ordinary man may not discuss existence, why should he be asked to conduct it?… Only the mass of men, for instance, have authority to say whether life is good. Whether life is good is an especially mystical and delicate question, and, like all such questions, is asked in words of one syllable. It is also answered in words of one syllable, and Bernard Shaw (as also mankind) answers ‘yes.’”

G.K. Chesterton, “Shaw, The Philosopher,” in Alberto Manguel, ed., On Lying in Bed and Other Essays by G.K. Chesterton

Wish I'd said that - June 17, 2020

"A recession is very possible. We have been having them for two hundred years. The world hasn’t changed. But nobody has a good record of predicting a recession in advance. There’s an enormous amount of noise in an economic system. You have daily, monthly, weekly ups and downs.”

Milton Friedman in an interview in National Review September 28, 1998