A Quote by Douglass North
Economists have the correct insight that economics is a theory of choice, the key to the story is the variety of options and centralised political control limits the options. The best recipe is adaptive efficiency coping with novel uncertainty in a non-ergodic world, the maintenance of institutions which enable trial & error experiment to occur, and an effective means of eliminating unsuccessful solutions
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Coping with the demands of everyday life would be exceedingly trying if one could arrive at solutions to problems only by actually performing possible options and suffering the consequences.
Choice! The key is choice. You have options. You need not spend your life wallowing in failure, ignorance, grief, poverty, shame, and self-pity. But hold on! If this is true then why have so many among us apparently elected to live in this manner? The answer is obvious. Those who live in unhappy failure have never exercised their options for a better way of life because they have never been aware that had any choices
Our options oftentimes on foreign policy are not a choice between a good one and a bad one. It's a choice between two less-than-ideal options. And you're trying to figure out which is the least harmful of the two. And I think that's something we should be encouraged by, not something that we should be critical of.
[Adviser is] the ones who do the job very well are the ones who lay out the range of options, filter down the range of options that are available to the president, lay them out in an honest, brokerage way and then let the president make the choice among those options.
How should the best parts of psychology and economics interrelate in an enlightened economist's mind?... I think that these behavioral economics...or economists are probably the ones that are bending them in the correct direction. I don't think it's going to be that hard to bend economics a little to accommodate what's right in psychology.
There's nothing wrong with options. Options are everywhere. In movies, in sports. Options is not a dirty word. I need to pay my overheads, you know. I invest a lot of money developing a fighter and then I deserve to reap the rewards.
What he's really talking about - and I'm speaking for Mike Flynn, not Donald Trump - is that he's saying, essentially, we have to have options. We have to have a lot of options. And, frankly, we do. We do have a lot of options.
Religion is (a) a pre-scientific system of explanation and technology; (b) a source of meaning, direction and emotional expression in life; (c) a means of social control; (d) a means of coping with uncertainty and death.
We should probably stop trading derivatives, anything more complex than regular options ... I am an options trader, and I don't understand options. How do you want a regulator to understand them?
People will make worse financial decisions for them if they're choosing from a lot of options than if they're choosing from a few options. If they have more options they're more likely to avoid stocks and put all their money in money market accounts, which doesn't even grow at the rate of inflation.
Although most Americans apparently loathe inflation, Yale economists have argued that a little inflation may be necessary to grease the wheels of the labor market and enable efficiency-enhancing changes in relative pay to occur without requiring nominal wage cuts by workers.
... there are moments in which the teacher, as the authority talks to the learners, says what must be done, establishes limits without which the very freedom of learners is lost in lawlessness, but these moments, in accordance with the political options of the educator, are alternated with others in which the educator speaks with the learner.
Most automakers develop multiple options for a single project. Then they present those options to a committee of executives who decide which one to go with. That takes a lot of time.
The most valuable insight I have made about how people make decisions is that when they become skilled they don't have to make decisions - choices between options. Instead, they can draw on experience and the patterns they have acquired to recognize what to do, ignoring other options. This is the basis of the Recognition-Primed Decision (RPD) model my colleagues and I described thirty years ago.
Every man takes the limits of his own field of vision for the limits of the world. This is an error of the intellect as inevitable as that error of the eye which lets you fancy that on the horizon heaven and earth meet.
The road to energy efficiency is, in theory, a sustainability sweepstake. More efficiency means that less fuel is required to generate a given amount of energy, which in turn means lower costs for the provider and cheaper prices for the customers.
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