A Quote by George Stigler
Even before I came to Chicago, I had gotten interested in the existence of dispersion of prices under conditions which economic theory said would yield a single price.
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The tradition of Chicago price theory is a good one, and it is a low-tech methodology that tries to apply simple economic theory to the world.
Confusion conditions activity, which conditions consciousness, which conditions embodied personality, which conditions sensory experiences, which conditions impact, which conditions mood, which conditions craving, which conditions clinging, which conditions becoming, which conditions birth, which conditions aging and death.
A nation's exchange rate is the single most important price in its economy; it will influence the entire range of individual prices, imports and exports, and even the level of economic activity. So it is hard for any government to ignore large swings in its exchange rate.
I have read a great deal of economic theory for over 50 years now, but have found only one economic "law" to which I can find NO exceptions: Where the State prevents a free market, by banning any form of goods or services, consumer demand will create a black market for those goods or services, at vastly higher prices. Can YOU think of a single exception to this law?
There are all sorts of institutions in the economic world which depart from the simple price/market model which I worked on in an earlier incarnation and which has been sort of the mainstream of economic theories since Adam Smith and David Ricardo. There are all sorts of contractual relations between firms and individuals which do not conform to the simple price theory - profit-sharing schemes and so forth - and the explanation for these suddenly became clear. We now understand why these emerged and that they are based on differences in information in the economy.
Well, another senator rose and said {as they always do} 'Does the gentleman yield?' They always say that - least they call each other 'gentleman' in there. But the tone they put on the word, it would sound more appropriate if they came right out and said 'Would the coyote from Maine yield?' 'cause that's about the way it sounds. Well, then, the other senator says 'I yield' (for if he don't the other guy'll keep on talking anyhow). So the coyote from Maine says 'I yield to...the polecat from Oregon!'
There is the theory that all the living forms in the world have arisen from a single source which itself came from an inorganic form. This theory can be called the 'general theory of evolution,' and the evidence which supports this is not sufficiently strong to allow us to consider it as anything more than a working hypothesis.
Even if we were to sign peace today, the economic conditions in our country would not improve automatically because it will take some time to reach the level of oil production before the war and the oil prices are likely to remain low for some time as the supply of oil in the world is high and demand is low.
Thus, the isolated interference with one or a few prices of consumer goods always bring about effects-and this is important to realize-which are even less satisfactory than the conditions that prevailed before.
Acceptable rules of conduct were suspended when it came to the spoon shortage. The deficit had gotten so bad that prices were all but unaffordable, and dynastic spoon succession had become a matter of considerable interest. Spoons were even postcode engraved and carried on one's person to eliminate theft, and good table manners, one of the eight pillars upon which the Collective was built, had been relaxed to allow tea to be stirred - shockingly - with the handle of a fork.
[The masses] ... must turn their hopes toward a miracle. In the depths of their despair reason cannot be believed, truth must be false, and lies must be truth. "Higher bread prices," "lower bread prices," "unchanged bread prices" have all failed. The only hope lies in a kind of bread price which is none of these, which nobody has ever seen before, and which belies the evidence of one's reason.
People tend to be clueless about prices. Contrary to economic theory, we don't really decide between A and B by consulting our invisible price tags and purchasing the one that yields the higher utility, he says. We make do with guesstimates and a vague recollection of what things are “supposed to cost.”
The revolution which began with the creation of quantum theory and relativity theory can only be finished with their unification into a single theory that can give us a single, comprehensive picture of nature.
Like most young physicists, when I was a kid enraptured with physics, I thought, "Everything can be explained by the theory of the atom!" But as I've gotten older, and I look at the world, I think there's a lot of ways in which that kind of building up from the smallest building blocks doesn't actually account for the world. As I've gotten older, I've also become sensitive to the ways - to all that is not amenable to explanation. Things that, even if you had an explanation, what good would it be?
It's easy to say why I love coming to Chicago for my signings, because I still remember the very first time I came to Chicago, right before 'Shiver' came out. I remember I was so struck by the feel of the city, how wide open it felt, even with these massive buildings all around me. The parks and green spaces are incredible.
If there is existence, there must be non-existence. And if there was a time when nothing existed, there must have been a time before that - when even nothing did not exist. Suddenly, when nothing came into existence, could one really say whether it belonged to the category of existence or non-existence?
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