A Quote by Edmund Phelps

The fallacy of the neoclassicals is their tenet that total employment, though hit by shocks, can be said always to be heading back to some normal level. — © Edmund Phelps
The fallacy of the neoclassicals is their tenet that total employment, though hit by shocks, can be said always to be heading back to some normal level.
I don't really have to switch on and switch off because I enjoy the process of enacting a role on the sets, all those mad hours of shoot and then heading home after work. I don't divide it like normal and abnormal life. For me, the entire process of doing my work and heading home is normal.
The turnings of life seldon show a sign-post; or rather, though the sign is always there, it is usually placed some distance back, like the notices that give warning of a bad hill or a level railway-crossing.
In the Great Depression, employment was not low because investment was low. Employment and investment were low because labor market institutions and industrial policies changed in a way that lowered normal employment.
There is no permanent place in this universe for evil... Evil may hide behind this fallacy and that, but it will be hunted from fallacy to fallacy until there is no more fallacy for it to hide behind.
What most Americans mean when they say "the end of the recession" is, "When will it be back to normal? When can we get jobs? When will the employment rate be back to 4 percent or 5 percent?"
Scientists rightly resist invoking the supernatural in scientific explanations for fear of committing a god-of-the-gaps fallacy (the fallacy of using God as a stop-gap for ignorance). Yet without some restriction on the use of chance, scientists are in danger of committing a logically equivalent fallacy-one we may call the “chance-of-the-gaps fallacy.” Chance, like God, can become a stop-gap for ignorance.
The one thing I have never been comfortable with in the modern presentation of character - and it may have changed, this is some years ago - is their total isolation from the rest of the world. It's all about superheroes interacting with superheroes. There's no normal life. No normal people.
When you get hit, you hit back, you've got to do it. You don't just say "I didn't get hit, oh I didn't get hit." When you get hit, we are destroying our country with these sick people [from mass media] back there, and they know it better than anybody in this arena.
I have always looked at it this way: If you strive like crazy for perfection - an all-out assault on total perfection - at the very least you will hit a high level of excellence, and then you might be able to sleep at night. To accomplish something truly significant, excellence has to become a life plan.
If I hit you and you hit me and I hit you back and you hit me back and go on, you see, that goes on ad infinitum. It just never ends. Somewhere somebody must have a little sense, and that's the strong person.
I did this campaign that was called "Back to the Basics" where I went back to the street, went back to my block, and really felt the people. We've got to go back to that sometimes. We distance ourselves from that and we see it from afar. Some people can't relate back to that; once you're out of it, they don't want to relate back to that. It's always good to get back to the basics, though. You've got to touch the roots, you've got to touch those people. Regardless of what's going on, people always respect that.
I grew up in what you might call a relentlessly creative household. We were given art supplies, music supplies... Our mother knew enough to get us started and then stand back and not meddle. My parents never said to us, 'Don't you think you'll need something to fall back on?' They acted as though creativity was completely normal.
For some people to say, 'I just go up there and hit it,' we'll that's good for you. If it works for you, it works for you. But I want to be as precise as possible heading into that shot.
I just always hear music in my head. I thought that was normal. My wife said, 'Ramin, that's not normal.'
Total experiences, of which there are many kinds, tend again and again to be apprehended only as revivals or translations of the religious imagination. To try to make a fresh way of talking at the most serious, ardent, and enthusiastic level, heading off the religious encapsulation, is one of the primary intellectual tasks of future thought.
Tomorrow we go back to normal?" "Sure," Mab said. "It'll be like none of this happened. Except I'll still be pregnant, and you'll still be making dragons, and Glenda will still be pretending that Dreamland is Cancun, and Weaver will still own the only green velvet demon in captivity. Other than that, perfectly normal." "I just meant no demons trying to kill us," Cindy said. "My baseline for normal is a lot lower than yours.
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