It is with considerable reluctance that I criticize the monetarists, because, though I consider their proposed monetary policy unfeasible, they are after all much more nearly right in their assumptions and prescriptions than the majority of present academic economists. The simplistic form of the quantity theory of money that they hold is not tenable; but they are overwhelmingly right in insisting on how much "money matters," and they are right in insisting that in most circumstances, and over the long run, it is the quantity of money that is most influential in determining the purchasing power of the monetary unit. Other things being equal, the more dollars that are issued, the smaller becomes the value of each individual dollar. So at the moment the monetarists are more effective opponents of further inflation than the great bulk of politicians and even putative economists who still fail to recognize this basic truth.
Henry HazlittRelated topics
academic basic bulk equal fail form great hold inflation insisting moment money power present purchasing right run truth unit value influential circumstances thingsRelated quotes
The paper develops a new theory for the analysis of games with incomplete information where the players are uncertain about some important parameters of the game situation, such as the payoff functions, the strategies available to various players, the information other players have about the game, etc. However, each player has a subjective probability distribution over the alternative possibilities.
In most of the paper it is assumed that these probability distributions entertained by the different players are mutually "consistent," in the sense that they can be regarded as conditional probability distributions derived from a certain "basic probability distribution" over the parameters unknown to the various players. But later the theory is extended also to cases where the different players' subjective probability distributions fail to satisfy this consistency assumption.
John Harsanyi
The evil of marriage, as is it practiced in the European countries, extends further than we have yet described. The method is for a thoughtless and romantic youth of each sex, to come together, to see each other, for a few times, and under circumstances full of delusion and then to vow eternal attachment. What is the consequence of this? In almost every instance they find themselves deceived. They are reduced to make the best of an irretrievable mistake. They are led to conceive it their wiser policy, to shut their eyes upon realities, happy, if by any perversion of intellect, they can persuade themselves that they were right in their first crude opinion of each other. Thus the institution of marriage is made a system of fraud; and men who carefully mislead their judgement in the daily affair of their life, must be expected to have a crippled judgement in every other concern.
William Godwin
For a period of roughly 35 years, Keynesian theory provided a central paradigm for macroeconomists, and considerable progress was made on several empirical fronts. It was widely recognized that some of the ingredients of Keynesian economics (e.g. money illusion and/or nominal wage rigidity) rested on slender to non-existent microtheoretic foundations; and there were always dissenters. But, thought of as a collection of empirical regularities that fit together into a coherent whole, the theory worked tolerably well. In the 1970s, however, the Keynesian paradigm was rejected by a great many academic economists, especially in the United States, in favour of what we now call new classical economics. By about 1980, it was hard to find an American academic macroeconomist under the age of 40 who professed to be a Keynesian. That was an astonishing intellectual turnabout in less than a decade, an intellectual revolution for sure.
Alan Blinder
To elevate every desire, however obscene, into a good because it is desired may be the way of all flesh, but it is not the way of the Cross. And the moral anarchy which is said to pervade our youth...is not going to be countered by lowering the demands of religion, but by insisting on them. The notion that to enlist the support and enthusiasm of youth it is necessary to condone their vices is entirely to misjudge them, and to forfeit their respect. The churches are much more likely to fail in the long run because they demand too little than because they demand too much of human nature. The real tragedy of the position in which the young find themselves to-day arises from the collapse of the orthodoxy of past generations, and the failure to replace it by a confident coherent faith applicable to the conditions of to-day. Principles may be eternal, but their embodiment must be temporal.
Stanley Baldwin
I believe that animals have descended from at most only four or five progenitors, and plants from an equal or lesser number.Analogy would lead me one step further, namely, to the belief that all animals and plants have descended from some one prototype. But analogy may be a deceitful guide. Nevertheless all living things have much in common, in their chemical composition, their germinal vesicles, their cellular structure, and their laws of growth and reproduction. We see this even in so trifling a circumstance as that the same poison often similarly affects plants and animals; or that the poison secreted by the gall-fly produces monstrous growths on the wild rose or oak-tree. Therefore I should infer from analogy that probably all the organic beings which have ever lived on this earth have descended from some one primordial form, into which life was first breathed by the Creator.
Charles Darwin