A Quote by Francis Fukuyama
Neoclassical economics ... has uncovered important truths about the nature of money and markets because its fundamental model of rational self-interested human behavior is correct about 80% of the time.
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When you look at any experimental work not directly related to economics, but trying to test rational behavior in other ways, experiments have conspicuously failed to show rational behavior. Macro evidence certainly suggests deviations from rationality, but I don't want to say the rationality hypothesis is completely wrong. If you have any introspective idea or experimental idea about people's behavior, it seems to be incompatible with the really full scale rational expectations.
If we decide rightly what to do, or use a correct procedure for making such decisions, that has to be because the decisions or the procedure rest on good reasons, and these reasons consist in the apprehension of truths about what we ought to do. Because these truths must constitute reasons for our decisions, and because in the rational order, reasons must always precede the decisions based on them, the truth conditions of claims about what we ought to cannot be reduced to, or constructed out of, decisions about what to do, or procedures for making such decisions.
It's a fundamental misunderstanding of human nature and of the concepts of liberty, freedom, and self-determination. It's a fundamental misunderstanding of economics. He (Obama) believes that the pie is fixed and that he needs to more equitably divide up the slices.
Economics is uncertain because its fundamental subject matter is not money but human action. That's why economics is not the dismal science, it's no science at all.
Legal behavior is not incompatible with rational, self-interested behavior.
Stop being a critic and be a light; don't be a judge, be a model. I think we are far too critical. I think the best way to correct behavior is to accentuate and affirm positive behavior and to ignore negative behavior. Generally speaking, there is a time to correct, of course; but my biggest advice would be, 'Affirm your child.'
Heroes are important not only because they symbolize what we believe to be important, but because they also convey universal truths about personal self-discovery and self-transcendence, one's role in society, and the relation between the two.
In the 1940s, economics started getting highly mathematical. It was basically because economists weren't smart enough to write down models of real behavior that they started writing down models of highly rational behavior - and they kind of forgot about humans.
The main purpose of advertising is to undermine markets. If you go to graduate school and you take a course in economics, you learn that markets are systems in which informed consumers make rational choices. That's what's so wonderful about it. But that's the last thing that the state corporate system wants. It is spending huge sums to prevent that.
Whatever their limitations, Freud and Marx developed complex and subtle theories of human nature grounded in their observation of individual and social behavior. The crackpot rationalism of free-market economics merely relies on an abstract model of how people "must" behave.
The thing about markets, and I think the thing people don't understand about that, is markets are not kind, but they're very efficient. So when the marketplace determines an inefficiency in the system, it corrects that, and a market system that's left alone will reward good behavior and punish bad behavior.
The climate change debate is basically not about science; it is about ideology. It is not about global temperature; it is about the concept of human society. It is not about nature or scientific ecology; it is about environmentalism, about one - recently born - dirigistic and collectivistic ideology, which goes against freedom and free markets.
Economists who studied in the '80s tend to have a pretty crude neoclassical view that's just about freeing up prices and markets, and then you'll get the growth and everybody benefits. And they'll just repeat that, because if you're a minister or a senior civil servant, you don't have time to read anything anymore. You get very fixed in your views.
My mother and my father taught me to look at the actual problem, not the face of it, not the veneer of it. So for me, I was never - I was impressed that it - racially, I was impressed, right, but now in America it's about economics, and it's been about economics, and honestly, everything's been about economics since I don't want to say the beginning of time, but it's been about economics for a long while.
An honorable human relationship- that is, one in which two people have the right to use the word "love"- is a process, delicate, violent, often terrifying to both persons involved, a process of refining the truths they can tell each other.
It is important to do this because it breaks down human self-delusion and isolation.
It is important to do this because in doing so we do justice to our own complexity.
It is important to do this because we can count on so few people to go that hard way with us.
Poetry reminds us of the truths about life and human nature that we knew all along, but forgot somehow because they weren't yet in memorable language.
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