A Quote by James Buchan

Economists, like royal children, are not punished for their errors. — © James Buchan
Economists, like royal children, are not punished for their errors.
It is often sadly remarked that the bad economists present their errors to the public better than the good economists present their truths. It is often complained that demagogues can be more plausible in putting forward economic nonsense from the platform than the honest men who try to show what is wrong with it.
When most people think of economists, they think of macro-economists. Macro-economists try to describe or - even harder - predict the movements of a hugely dynamic system. They're like a transplant surgeon trying to simultaneously transplant every failing organ in someone's body.
I decided that in Wakanda, the royal family would have extremely dark complexions, like so black they're blue. My attitude was, because the royal family is dark, the darker you are, the more you're considered royal.
Indians still consider the whites a brutal people who treat their children like enemies - playthings, too, coddling them like pampered pets or fragile toys, but underneath always like enemies, enemies that must be restrained, bribed, spied upon, and punished. They believe that children so treated will grow up as dependent and immature as pets and toys, and as angry and dangerous as enemies within the family circle, to be appeased and fought.
Like many free market economists, with whom he had little else in common, Nehru seemed to believe that people will find a way to get their children educated.
During the two centuries since the publication of 'The Wealth of Nations,' the main activity of economists, it seems to me, has been to fill the gaps in Adam Smith's system, to correct his errors and to make his analysis vastly more exact.
Of course, errors are not good for a chess game, but errors are unavoidable and in any case, a game without ant errors, or as they say 'flawless game' is colorless.
I don't believe that you should punish the people of Iraq because you don't like their leader. Saddam Hussein is not being punished. He's fat, and he is eating enough food and living in palaces. But his people are punished by denying them food and medicine.
Selfishness, when it is punished by the world, is mostly punished because it is connected with egotism.
As somebody once said, we're not punished for our sins, we're punished by them.
Humans make errors. We make errors of fact and errors of judgment. We have blind spots in our field of vision and gaps in our stream of attention. Sometimes we can't even answer the simplest questions.
He needs to be punished because the law hasn't punished him. He's never done any hard time.
The temptation to use mathematics is irresistible for economists. It appears to convey the appropriate air of scientific authority and precision to economists' musings.
The newspaper reader says: this party will ruin itself if it makes errors like this. My higher politics says: a party which makes errors like this is already finished -- it is no longer secure in its instincts.
We're not punished for our sins, lad. We're punished by them.
A good place to start is with the kids ... One of the great founding principles of our country was that children would not be punished for the mistakes of their parents. It is time to provide an opportunity for legal residence and citizenship for those who were brought to this country as children and who know no other home.
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