Growing up in Gary Indiana gave me, I think, a distinct advantage over many of my classmates who had grown up in affluent suburbs. They could read articles that argued that in competitive equilibrium, there could not be discrimination, so long as there are some non-discriminatory individuals or firms, since it would pay any such firm to hire the lower wage discriminated-against individuals, and take them seriously. I knew that discrimination existed, even though there were many individuals who were not prejudiced. To me, the theorem simply proved that one or more of the assumptions that went into the theory was wrong.
Joseph StiglitzRelated topics
advantage affluent discrimination equilibrium went growing hire lower pay read take theorem wrong Indiana articles GaryRelated quotes
Early in 1954 I was appointed Lecturer in Economics at the University of Queensland in Brisbane. Then, in 1956, I was awarded a Rockefeller Fellowship, enabling me and Anne to spend two years at Stanford University, where I got a Ph.D. in economics, whereas Anne got an M.A. in psychology. I had the good fortune of having Ken Arrow as advisor and as dissertation supervisor. I benefitted very much from discussing many finer points of economic theory with him. But I also benefitted substantially by following his advice to spend a sizable part of my Stanford time studying mathematics and statistics. These studies proved very useful in my later work in game theory.
John Harsanyi
Philosophers might care to ask themselves ... how often they are accomplices in increasing the audience for a second-rate article simply because their introductory course needs a simple-minded version of a bad idea that even freshmen can refute. Some of the most frequently reprinted articles in twentieth-century philosophy are famous precisely because nobody believes them; everybody can see what's wrong with them. ... The confirmation of this claim is left as an exercise for the reader. Among the memes that structure the infosphere and hence affect the transmission of other memes are the laws of libel.
Daniel Dennett
Undocumented aliens unfortunately are not protected by the law and they are tremendously subjected to exploitation. The result is that they would be willing to work for a wage that no person who is welcome in our shores would, would take. I think the answer to that problem is in Congress' lap. People who have been hardworking, tax paying, those people ought to be given an opportunity to be on a track that leads towards citizenship and if that happened, then they wouldn't be prey to the employers who say "we want you because we know that you work for a salary we could not lawfully pay anyone else."
Ruth Bader Ginsburg
But as far as our own world is concerned, its gradual leveling-down - or, we might say, its death - appears to be proved. And how will this process affect the fate of our spirit? Will it wane with the degradation of the energy of our world and return to unconsciousness, or will it grow according as the utilizable energy diminishes and by virtue of the very efforts that it makes to retard this degradation and to dominate Nature? - for this it is that constitutes the life of the spirit. May it be that consciousness and its extended support are two powers in contraposition, the one growing at the expense of the other?
Miguel de Unamuno
Not only is it possible to devise complete models of the economy on hypotheses other than rationality, but in fact virtually every practical theory of macroeconomics is partly so based. The price- and wage- rigidity elements of Keynesian theory are hard to fit into a rational framework, though some valiant efforts have been made. ... But if the Keynesian model is a natural target of criticism by the upholders of universal rationality, it must be added that monetarism is no better. I know of no serious derivation of the demand for money from a rational optimization. ... The use of rationality in these arguments is ritualistic, not essential.
Kenneth Arrow