Milton Friedman was not surprised. In 1968, in one of the decisive intellectual achievements of postwar economics, Friedman not only showed why the apparent tradeoff embodied in the idea of the Phillips curve was wrong; he also predicted the emergence of combined inflation and high unemployment, which Paul Samuelson dubbed "stagflation."
Paul KrugmanRelated topics
curve dub economics emergence high idea inflation intellectual wrong Milton Friedman PhillipsRelated quotes
In church I was told that if I so much as smoked a cigarette or tasted alcohol, I'd be damned in hell for all eternity[...]it didn't take long for me to start thinking that sounded all wrong [...]I didn't cotton to the idea that your religion should be flaunted to other people. Your religion is for you, and is best kept close to your heart.
Willie Nelson
It is terrible to see how a single unclear idea, a single formula without meaning, lurking in a young man's head, will sometimes act like an obstruction ... in an artery, hindering the nutrition of the brain, and condemning its victim to pine away in the fullness of his intellectual vigor and in the midst of intellectual plenty.
Charles Sanders Peirce
It does not follow because many books are written by persons born in America that there exists an American literature. Books which imitate or represent the thoughts and life of Europe do not constitute an American literature. Before such can exist, an original idea must animate this nation and fresh currents of life must call into life fresh thoughts along the shore.
Margaret Fuller
I'm very proud that some people think that I'm a danger for the intellectual health of students. When people start thinking of health in intellectual activities, I think there is something wrong. In their opinion I am a dangerous man, since I am a crypto-Marxist, an irrationalist, a nihilist.
Michel Foucault
The bread which you hold back belongs to the hungry; the coat, which you guard in your locked storage-chests, belongs to the naked; the footwear mouldering in your closet belongs to those without shoes. The silver that you keep hidden in a safe place belongs to the one in need. Thus, however many are those whom you could have provided for, so many are those whom you wrong.
Basil of Caesarea