Economics is a highly sophisticated field of thought that is superb at explaining to policymakers precisely why the choices they made in the past were wrong. About the future, not so much. However, careful economic analysis does have one important benefit, which is that it can help kill ideas that are completely logically inconsistent or wildly at variance with the data. This insight covers at least 90 percent of proposed economic policies.
Ben BernankeRelated topics
benefit datum economics field future help kill past thought variance wrong coversRelated quotes
I can imagine no greater disservice to the country than to establish a system of censorship that would deny to the people of a free republic like our own their indisputable right to criticise their own public officials. While exercising the great powers of the office I hold, I would regret in a crisis like the one through which we are now passing to lose the benefit of patriotic and intelligent criticism.
Woodrow Wilson
With all humility, I think, 'Whatsoever thy hand findeth to do, do it with thy might.' Infinitely more important than the vain attempt to love one's neighbor as one's self. If you want to hit a bird on the wing, you must have all your will in focus, you must not be thinking about yourself, and equally, you must not be thinking about your neighbor you must be living in your eye on that bird. Every achievement is a bird on the wing.
Oliver Wendell Holmes Jr.
Reporter: How many people who labor in the same musical vineyard in which you toil - how many are protest singers? That is, people who use their music, and use the songs to protest the, uh, social state in which we live today: the matter of war, the matter of crime, or whatever it might be.
Bob Dylan: Uh, I think there's about, uh...136.
Reporter: You say about 136, or you mean exactly 136?
Bob Dylan: Uh, it's either 136 or 142.
Bob Dylan
I view the work I've done related to statistics and economics as roughly speaking, how to do something without having to do everything. So economic models -- how any model by definition isn't right. When someone just says, 'Oh, your model is wrong.' That's not much of an insight. What you want to know is, is wrong in important ways or wrong in ways that are less relevant? And you want to know what does the data really say about the model?
Lars Peter Hansen
By stating that the analysis of the laws of motion governing the capitalist mode of production necessarily includes at least some essential elements of an analysis of economic phenomena valid for the whole historical epoch encompassing economic organizations in which commodity production exists, one extends the validity of parts of Marx's Capital not only into the past but also into the future.
Ernest Mandel