A Quote by Friedrich August von Hayek
There may be few instances in which the superstition that only measurable magnitudes can be important has done positive harm in the economic field: but the present inflation and employment problems are a very serious one.
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I'm just opposed to a pure inflation-only mandate in which the only thing a central bank cares about is inflation and not employment.
During the 1970s, inflation expectations rose markedly because the Federal Reserve allowed actual inflation to ratchet up persistently in response to economic disruptions - a development that made it more difficult to stabilize both inflation and employment.
We admit, in geometry, not only infinite magnitudes, that is to say, magnitudes greater than any assignable magnitude, but infinite magnitudes infinitely greater, the one than the other. This astonishes our dimension of brains, which is only about six inches long, five broad, and six in depth, in the largest heads.
A stereotype may be negative or positive, but even positive stereotypes present two problems: They are cliches, and they present a human being as far more simple and uniform than any human being actually is.
In man, the things which are not measurable are more important than those which are measurable.
It is very important to have a correct socio-economic development forecast and plan, in which inflation being a vital investment factor should be the key indicator
There's an increase in serious weight disorders from cellphone use. And people who don't sleep have serious other consequences for their health that can be associated with it. There may be as well increases in problems with their memory. And all of those things are not as sexy and don't demand as much attention as cancer, but they can be very, very important from a public health point of view.
Human society is not a machine, and it must not be made such, even in the economic field.... Access to employment [shall not be] made to depend on registration in certain parties or in organization which deal with the distribution of employment.... It is necessary that humanity turn its gaze toward the action of God ... to aid and redeem mankind from all its ills.
Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output... A steady rate of monetary growth at a moderate level can provide a framework under which a country can have little inflation and much growth. It will not produce perfect stability; it will not produce heaven on earth; but it can make an important contribution to a stable economic society.
We are a people trying not only to solve the problems of the present: unemployment, inflation... but we are attempting on a larger scale to fulfill the promise of America.
'Ghost City' was actually one of the few instances of non-fiction that I had written, and I felt that I probably said what I wanted. I think it must be different for every author; I haven't done very much of it, and perhaps, in a way, I found it rather painful, which is why I don't really do it very often.
We can't value only what is easy to measure; measurable outcomes may be the least important results of learning.
Today the economic development of Armenia is as important as victory in the war was yesterday. Our battle has moved from the field of blood and heroism, to the economic field.
Whatever harm the evil may do, the harm done by the good is the most harmful harm.
Half of the harm that is done in this world is due to people who want to feel important. They don't mean to do harm. But the harm does not interest them.
The unknown is not measurable by the known. Time cannot measure the timeless, the eternal, that immensity which has no beginning and no end... when we try to measure something which is not measurable, we only get caught in words.
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