But a theory is not like an airline or bus timetable. We are not interested simply in the accuracy of its predictions. A theory also serves as a base for thinking. It helps us to understand what is going on by enabling us to organize our thoughts. Faced with a choice between a theory which predicts well but gives us little insight into how the system works and one which gives us this insight but predicts badly, I would choose the latter, and I am inclined to think that most economists would do the same.
Ronald CoaseRelated topics
base choice choose enabling gives thinking well works airline timetableRelated quotes
Parliament is not a congress of ambassadors from different and hostile interests which interests each must maintain, as an agent and advocate, against other agents and advocates but parliament is a deliberative assembly of one nation, with one interest, that of the whole where, not local purposes, not local prejudices ought to guide, but the general good, resulting from the general reason of the whole. You choose a member indeed but when you have chosen him, he is not a member of Bristol, but he is a member of parliament.
Edmund Burke
O God, enlarge within us the sense of fellowship with all living things, even our brothers, the animals, to whom Thou gavest the earth as their home in common with us. We must remember with shame that in the past we have exercised the high dominion of man with ruthless cruelty so that the voice of the earth, which should have gone up to thee in song, has been a groan of pain. May we realize that they live, not for us alone, but for themselves and for Thee and that they love the sweetness of life.
Basil of Caesarea
It is not our free will but 'it is the Lord who sets the captive free' (Ps. 145:7). It is not our own virtue but 'it is the Lord who lifts up those who were laid low' (Ps. 145:8). It is not application to reading but 'it is the Lord who gives light to the blind' (Ps. 145:8). It is not our cautiousness but 'it is the Lord who protects the stranger' (Ps. 145:9). It is not our endurance but 'it is the Lord who raises or gives support to the fallen' (Ps. 144:14).
John Cassian
God always was, and always is, and always will be. Or rather, God always Is. For Was and Will be are fragments of our time, and of changeable nature, but He is Eternal Being. And this is the Name that He gives to Himself when giving the Oracle to Moses in the Mount. For in Himself He sums up and contains all Being, having neither beginning in the past nor end in the future; like some great Sea of Being, limitless and unbounded, transcending all conception of time and nature, only adumbrated [intimated] by the mind, and that very dimly and scantily.
Gregory of Nazianzus
It is time to recognize that financial markets are inherently unstable. Imposing market discipline means imposing instability, and how much instability can society take? ... To put it bluntly, the choice confronting us is whether we will regulate global financial markets internationally or leave it to each individual state to protect its interests as best it can. The latter course will surely lead to the breakdown of the gigantic circulatory system, which goes under the name of global capitalism.
George Soros