It seems to me more and more that the immense efforts which during the great popularity of macroeconomics over the last thirty or forty years have been devoted to it, were largely misspent, and that if we want to be useful in the future we shall have to be content to improve and spread the admittedly limited insights which microeconomics conveys.I believe it is only microeconomics which enables us to understand the crucial functions of the market process: that it enables us to make effective use of information about thousands of facts of which nobody can have full knowledge.
Friedrich HayekRelated topics
believe content forty full future great knowledge last limited market nobody spread thirty use years macroeconomics microeconomics factsRelated quotes
It's absolutely crucial that we don't conflate this internal reality with the external reality that it's tracking, because the two are very different. My brain's internal reality is like the dashboard of my car: a convenient summary of the most useful information. Just as my car's dashboard tells me my speed, fuel level, motor temperature, and other things useful for a driver to be aware of, my brain's dashboard/reality model tells me my speed and position, my hunger level, the air temperature, highlights of my surroundings and other things useful for the operator of a human body to be aware of.
Max Tegmark
Now, such an enterprise as would be the drawing and printing [by lithography ] of a series of, for instance, thirty pages of types of workmen, a sower, a digger, a woodcutter, a plowman, a wash-woman, then also a child's cradle or a man from the almshouse - well, the whole immeasurable field lies open, there are plenty of beautiful subjects - I should think the following would be the best way: as it is useful and necessary that Dutch drawings are made, printed, and spread, destined for the houses of workmen, a few persons should unite in order to use their full strength for this end.
Vincent van Gogh
Think about the strangeness of today's situation. Thirty, forty years ago, we were still debating about what the future will be: communist, fascist, capitalist, whatever. Today, nobody even debates these issues. We all silently accept global capitalism is here to stay. On the other hand, we are obsessed with cosmic catastrophes: the whole life on earth disintegrating, because of some virus, because of an asteroid hitting the earth, and so on. So the paradox is, that it's much easier to imagine the end of all life on earth than a much more modest radical change in capitalism.
Slavoj Žižek
That country will have the greatest security whose informational and scientific situation is adequate to meet the demands that may be put on it-the country in which it is fully realized that information is important as a stage in the continuous process by which we observe the outer world, and act effectively upon it. In other words, no amount of scientific research, carefully recorded in books and papers, and then put into our libraries with labels of secrecy, will be adequate to protect us for any length of time in a world where the effective level of information is perpetually advancing.
Norbert Wiener
If you're too stupid to understand that a philosophy that favors a federally structured republic, with numerous restraints on the scope and power of government to interfere with individual rights or the free market, is a lot different from an ethnic-nationalist, atheistic, and socialist program of genocide and international aggression, you should use this rule of thumb: If someone isn't advocating the murder of millions of people in gas chambers and a global Reich for the White Man you shouldn't assume he's a Nazi and you should know it's pretty damn evil to call him one.
Jonah Goldberg