I don't know what monetarism is. If monetarism just means a good old-fashioned quantity theory, of course it has not failed. If it means the particular version of Milton Friedman, I think it has because he imagines that he can achieve - ascertain - a clear quantity relationship between a measurable quantity of money and the price level. I don't think that is possible. In fact, just about 40 years ago in the opening sentences of my book, Prices and Production, I wrote that it would be a great misfortune if people ever cease to believe in the quantity theory of money. It would be even worse ever to believe it literally. And that's exactly what Milton Friedman does.
Friedrich HayekRelated topics
believe book cease clear course good great imago measurable misfortune money old-fashioned possible production version worse means years Milton Friedman monetarismRelated quotes
Hence the ancient architects, following in the footsteps of nature, perfected the ascending rows of seats in theatres from their investigations of the ascending voice, and by means of the canonical theory of the mathematicians and that of the musicians, endeavoured to make every voice uttered on the stage come with greater clearness and sweetness to the ears of the audience. For just as musical instruments are brought to perfection of clearness in the sound of their strings by means of bronze plates or horn, so the ancients devised methods of increasing the power of the voice in theatres through the application of harmonics.
Vitruvius
We must resist the temptation to be "normal,” because those who are now considered normal accept the values and practices of an insane world. In modern society, for example, normal people strive to accumulate as many commodities as possible, because they believe that their success and personal worth are linked to the number of possessions they have acquired. As the joke goes, "The one who dies with the most toys, wins.” If we espouse this viewpoint, the toys we have to play with form the measure of our personal worth. Unfortunately, this notion confuses acquired material worth with our inherent worth as spiritual beings.
Bhakti Tirtha Swami
I have presented the periodic table as a kind of travel guide to an imaginary country, of which the elements are the various regions. This kingdom has a geography: the elements lie in particular juxtaposition to one another, and they are used to produce goods, much as a prairie produces wheat and a lake produces fish. It also has a history. Indeed, it has three kinds of history: the elements were discovered much as the lands of the world were discovered; the kingdom was mapped, just as the world was mapped, and the relative positions of the elements came to take on a great significance; and the elements have their own cosmic history, which can be traced back to the stars.
Peter Atkins
You may not be her first, her last, or her only. She loved before she may love again. But if she loves you now, what else matters? She's not perfect-you aren't either, and the two of you may never be perfect together but if she can make you laugh, cause you to think twice, and admit to being human and making mistakes, hold onto her and give her the most you can. She may not be thinking about you every second of the day, but she will give you a part of her that she knows you can break-her heart. So don't hurt her, don't change her, don't analyze and don't expect more than she can give. Smile when she makes you happy, let her know when she makes you mad, and miss her when she's not there.
Bob Marley
God has permitted and does permit us to be shaken by adversity. Difficult times lie ahead. We will be greatly tested. We have to take this warning seriously and live spiritually... Many saints would have loved to have lived in our times and have had our chance to struggle for Christ... Our struggle matters because it is not a struggle against an Ali Pasha, or a Hitler and a Mussolini, but a struggle against the devil himself. For this reason, our wages will be heavenly... The saints will become more holy and the vile will become more vile. Yet I feel great consolation inside. This is only a storm; like past storms, it will pass. May the Good God take evil and turn it into good. Amen.
Paisios of Mount Athos