A Quote by Ben Bernanke
The ultimate purpose of economics, of course, is to understand and promote the enhancement of well-being.
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The one function that most gods seem to have in common is to give human existence some ultimate purpose - and, while it is not possible to disprove an ultimate purpose, there does not seem to be any evidence for it. This is not to say, of course, that there is no purpose in life at all: we all make our own purposes as we go through life. And life does not lose its value simply because it it not going to last forever.
If economics wants to understand the new economy, it not only has to understand increasing returns and the dynamics of instability. It also has to look at cognition itself, something we have never done before in economics.
We do not need to understand economics in order to experience the benefits of freedom of exchange and production. But we may very well need to understand economics in order to sustain and maintain the institutional framework that enables us to realize the benefits that flow from freedom of exchange and production.
Presumably there is indeed no purpose in the ultimate fate of the cosmos, but do any of us really tie our life's hopes to the ultimate fate of the cosmos anyway? Of course we don't; not if we are sane. Our lives are ruled by all sorts of closer, warmer, human ambitions and perceptions.
One of my optimistic prophecies is based on the assumption that machines could have the best algorithms in the universe, but it will never have purpose. And the problem for us to explain purpose to a machine is because we don't know what our purpose is. We have the purpose, but we still ... When we look at this global picture, a universal picture, to understand what is our purpose being here on this planet? We don't know.
What you get out of an M.B.A. programme, no matter how much experience, is functional tools and understanding in disciplines: you'll understand economics, you'll understand marketing, finance, accounting. That, M.B.A. programmes do very well.
Well, I mean, to me, I think my ultimate - my ultimate goal is winning championships and - and I understand that me going down as one of the greats will not happen until I, you know, win a championship.
We should know that only replacing the economics of competition and greed with the economics of equitable cooperation will guarantee a globalization that takes advantage of potential efficiency gains in ways that also promote environmental protection, international equity, economic democracy, and variety.
I entered economics because of a course I took on 'information economics,' which I found fascinating.
My major concern about leaving enhancement to the marketplace is that then the rich will be able to buy themselves genetically superior children and the poor will not - sharpening the class divisions we have now. That problem could be overcome if, genetic enhancement were available to all, subsidized by the state - and that would, over time, have benefits for society as well.
We are slaves of what we don't know;of what we know we are masters.Whatever vice or weakness in ourselves we discoverand understand its cause and workings,we overcome it by the very knowing.The primary purpose of meditation is to become more consciousand familiar with our inner life.The ultimate purpose is to reach the source of life.
The problem is, of course, that not only is economics bankrupt but it has always been nothing more than politics in disguise ... economics is a form of brain damage.
Human well-being is not a random phenomenon. It depends on many factors - ranging from genetics and neurobiology to sociology and economics. But, clearly, there are scientific truths to be known about how we can flourish in this world. Wherever we can have an impact on the well-being of others, questions of morality apply.
I don't think Obama understands basic economics. Not economics that work. He may understand some theory that someone in Princeton sat and dreamed up, but it's not working.
It was the ghost of rationality itself ... This is the ghost of normal everyday assumptions which declares that the ultimate purpose of life, which is to keep alive, is impossible, but that this is the ultimate purpose of life anyway, so that great minds struggle to cure diseases so that people may live longer, but only madmen ask why. One lives longer in order that he may live longer. There is no other purpose. That is what the ghost says.
PLEASURE and pain are undoubtedly the ultimate objects of the calculus of economics. To satisfy our wants to the utmost with the least effort - to procure the greatest amount of what is desirable at the expense of the least that is undesirable - in other words, to maximize pleasure, is the problem of economics.
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