In contrast to Smith's incomplete modeling, his follower, David Ricardo, provides a coherent setting- basically, the first macroeconomic model-that can be tested, modified, and applied. Although Ricardo is surely narrower and less imaginative and insightful than Smith, he is also a lot better organized. That is why Ricardo's analysis of macroeconomics-for example, of the implications of public debt-is more coherent and useful than Smith's.
Robert BarroRelated topics
contrast example less modeling modified public RicardoRelated quotes
Since the narrower or wider community of the peoples of the earth has developed so far that a violation of rights in one place is felt throughout the world, the idea of a cosmopolitan right is not fantastical, high-flown or exaggerated notion. It is a complement to the unwritten code of the civil and international law, necessary for the public rights of mankind in general and thus for the realization of perpetual peace.
Immanuel Kant
The usage of the words "public" and "public sphere" betrays a multiplicity of concurrent meanings. Their origins go back to various historical phases and, when applied synchronically to the conditions of a bourgeois society that is industrially advanced and constituted as a social-welfare state, they fuse into a clouded amalgam. Yet the very conditions that make the inherited language seem inappropriate appear to require these words, however confused their employment.
Jürgen Habermas
In fact the opposition of instinct and reason is mainly illusory. Instinct, intuition, or insight is what first leads to the beliefs which subsequent reason confirms or confutes; but the confirmation, where it is possible, consists, in the last analysis, of agreement with other beliefs no less instinctive. Reason is a harmonising, controlling force rather than a creative one. Even in the most purely logical realms, it is insight that first arrives at what is new.
Bertrand Russell
In fact, the science of thermodynamics began with an analysis, by the great engineer Sadi Carnot, of the problem of how to build the best and most efficient engine, and this constitutes one of the few famous cases in which engineering has contributed to fundamental physical theory. Another example that comes to mind is the more recent analysis of information theory by Claude Shannon. These two analyses, incidentally, turn out to be closely related.
Richard Feynman
Variable but forecastable renewables (wind and solar cells) are very reliable when integrated with each other, existing supplies and demand. For example, three German states were more than 30 percent wind-powered in 2007-and more than 100 percent in some months. Mostly renewable power generally needs less backup than utilities already bought to combat big coal and nuclear plants' intermittence.
Amory Lovins