Posts in Life
Words Worth Noting - Feburary 3, 2022

“Or perhaps not only the seasons but everything else, social history included, moves in cycles. Not, however, that earlier times were better than ours in every way – our own epoch too has produced moral and intellectual achievements for our descendants to copy. And such honourable rivalry with the past is a fine thing.”

Tacitus The Annals of Imperial Rome

Words Worth Noting - February 2, 2022

“I am constantly asked what we are going to do with the [Nobel economics] prize money – $1.2 million before Uncle Sam takes his very large bite. The answer to that is a simple lesson in economics. Wants always expand to take advantage of new opportunities, which explains why consumers in rich countries feel no more satiated than do those in poor countries. My wife and I won’t have the slightest difficulty spending the prize money.”

Gary Becker in Business Week November 2 1992 [but if so then the marginal utility of new income is zero which surely is not true]