A Quote by Janet Yellen
Some degree of inequality in income and wealth, of course, would occur even with completely equal opportunity because variations in effort, skill, and luck will produce variations in outcomes.
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Expected outcomes contribute to motivation independently of self-efficacy beliefs when outcomes are not completely controlled by quality of performance. This occurs when extraneous factors also affect outcomes, or outcomes are socially tied to a minimum level of performance so that some variations in quality of performance above and below the standard do not produce differential outcomes
This preservation of favourable variations and the destruction of injurious variations, I call Natural Selection, or the Survival of the Fittest. Variations neither useful nor injurious would not be affected by natural selection and would be left a fluctuating element.
Generally what I produce is new. Of course, they are often variations on the same subject.
In The Federalist, James Madison called the rage for equality 'a wicked project.' People differ and rewards differ-that's the essence of both liberty and justice. No nation that rewards effort, talent, inventiveness and luck can even pretend to cherish equal outcomes. In an inventive and dynamic society, equal (even relatively equal) incomes can be achieved only by abandoning liberty for tyranny.
... if variations useful to any organic being do occur, assuredly individuals thus characterized will have the best chance of being perserved in the struggle for life; and from the strong principle of inheritance they will tend to produce offsping similarly characterized. This principle of preservation, I have called, for the sake of brevity, Natural Selection.
The difficulty in judging what type of behavior works well arises not only because a given course of action does not always produce the outcomes. Similar outcomes can occur for reasons other than the person's actions, which further complicates inferential judgment. Effects that arise independently of one's actions distort the influence of similar effects produced by the actions, but only on some occasions. Given a strong cognitive set to perceive regularities, even chance joint occurrences of events can be easily misjudged as genuine relationships of low contingent probability
We need variations, variations in not just attempt but in flickers' attempts as well. I mean, a flicker needs to use different angles, pace to keep the opposition defence guessing.
There are only five notes in the musical scale, but their variations are so many that they cannot all be heard. There are only five basic colors, but their variations are so many that they cannot all be seen. There are only five basic flavors, but their variations are so many that they cannot all be tasted. There are only two kinds of charge in battle, the unorthodox surprise attack and the orthodox direct attack, but variations of the unorthodox and the orthodox are endless. The unorthodox and the orthodox give rise to each other, like a beginningless circle-who could exhaust them?
It's bullshit to think of friendship and romance as being different. They're not. They're just variations of the same love. Variations of the same desire to be close.
When progressives talk about equity, they mean equal outcomes, not opportunities. They want a government that's so powerful, it owns everything and chooses how wealth is distributed to ensure equal outcomes. That in essence is socialism.
Accurate processing of information about outcomes is no simple task under the variable conditions of everyday life . . . usually, many factors enter into determining what effects, if any, given actions will have, Actions, therefore, produce outcomes probabilistically rather than certainly. Depending on the particular conjunction of factors, the same course of action may produce given outcomes regularly, occasionally, or only infrequently
The differing opinions regarding the gospel are often categorized as different variations of the same truth, or coming at the same truth from different angles, or even emphasizing different aspects of the same truth. This fails to recognize that the different 'variations' are often altogether different gospels. The Reformed gospel is completely different from the Roman Catholic gospel; a faith-based gospel is in direct contradiction to a works-based gospel; a truly evangelical gospel stands in contrast to an ultracharismatic gospel.
Every glass thermometer has subtle variations in the size and shape of the bulb at the bottom and the capillary tube inside, as well as variations in the width of gradations on the side. The compounded effect of these uncertainties is that each thermometer reads temperature slightly differently.
I soon realized that it is not enough for a master simply to analyse variations scrupulously just like an accountant. He must learn to work out which particular moves he should consider and then examine just as many variations as necessary - no more and no less.
The key to financial freedom and great wealth is a person's ability or skill to convert earned income into passive income and/or portfolio income.
When you think of policies that are going to address inequality of wealth, you have to be very thoughtful about what economists call "incidence of taxes." If most of the savings is being done by capitalists, and you tax the return on capital, then they will have less to invest. That would mean, over the long run, that the rate of interest would go up. That would therefore undo some of the intent to lower the income of capitalists.
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