My recollection is that Bob Lucas and Ed Prescott were initially very enthusiastic about rational expectations econometrics. After all, it simply involved imposing on ourselves the same high standards we had criticized the Keynesians for failing to live up to. But after about five years of doing likelihood ratio tests on rational expectations models, I recall Bob Lucas and Ed Prescott both telling me that those tests were rejecting too many good models.
Thomas J. SargentRelated topics
enthusiastic five good high likelihood live ratio recollection telling years Lucas econometricsRelated quotes
But the three siblings were not born yesterday. Violet was born more than fifteen years before this particular Wednesday, and Klaus was born approximately two years after that, and even Sunny, who had just passed out of babyhood, was not born yesterday. Neither were you, unless of course I am wrong, in which case welcome to the world, little baby, and congratulations on learning to read so early in life.
Daniel Handler
Wherefore a monk's whole attention should thus be fixed on one point, and the rise and circle of all his thoughts be vigorously restricted to it; viz., to the recollection of God, as when a man, who is anxious to raise on high a vault of a round arch, must constantly draw a line round from its exact centre, and in accordance with the sure standard it gives discover by the laws of building all the evenness and roundness required....
John Cassian
The Phrygians select a natural hillock, run a trench through the middle of it, dig passages, and extend the interior space as widely as the site admits. Over it they build a pyramidal roof of logs fastened together, and this they cover with reeds and brushwood, heaping up very high mounds of earth above their dwellings. Thus their fashion in houses makes their winters very warm and their summers very cool.
Vitruvius
In science it often happens that scientists say, 'You know that's a really good argument; my position is mistaken,' and then they would actually change their minds and you never hear that old view from them again. They really do it. It doesn't happen as often as it should, because scientists are human and change is sometimes painful. But it happens every day. I cannot recall the last time someting like that happened in politics or religion.
Carl Sagan
Twenty or thirty years ago, in the army, we had a lot of obscure adventures, and years later we tell them at parties, and suddenly we realize that those two very difficult years of our lives have become lumped together into a few episodes that have lodged in our memory in a standardized form, and are always told in a standardized way, in the same words. But in fact that lump of memories has nothing whatsoever to do with our experience of those two years in the army and what it has made of us.
Václav Havel