A Quote by Joseph Stiglitz
I've always been sceptical about the notion that the market is a person you can engage in an argument with, and that that person is an intelligent, rational, well-intentioned person: it is fantasy. We know that ... the market is subject to irrational optimism and pessimism, and is vindictive ... You're dealing with a crazy man ... Having got what he wants he will still kill you.
Related Quotes
Intelligent people know they are intelligent. They also know that one person cannot know all, hence a person is not stupid simply because he is ignorant of one thing or another. They know that, to another intelligent person, they will not appear stupid in asking for an explanation of what they do not know, and so their ignorance on any particular issue does not become an embarrassment.
I do not share the general view that market forces are the basis for political liberty. Every time I see a homeless person living in a cardboard box in London, I see that person as a victim of market forces. Everytime I see a pensioner who cannot manage, I know that he is a victim of market forces
Give a truly good person power, and they’re still a good person. Give a bad person power, and they’re still a bad person. The question is always about the person in between. The one that isn’t evil, or good, but just ordinary. You don’t always know what an ordinary person is like on the inside.
And maybe the cereal makers by and large have learned to be less crazy about fighting for market share-because if you get even one person who's hell-bent on gaining market share.... For example, if I were Kellogg and I decided that I had to have 60% of the market, I think I could take most of the profit out of cereals. I'd ruin Kellogg in the process. But I think I could do it.
I have no way of knowing whether or not you married the wrong person. But I do know that if you treat the wrong person like the right person, you could well end up having married the right person after all. It is far more important to BE the right kind of person than it is to marry the right person.
I don't think we are all irrational every time we fail to see through an argument in a book, but suppose it's true about you. You are still more rational than you think you are. You are irrational in a minor way - believing a misguided theory of the nature of rationality - but rational in a major way - you respond well to probabilistic evidence as you go through the day.
Ridiculous as our market volatility might seem to an intelligent Martian, it is our reality and everyone loves to trot out the 'quote' attributed to Keynes (but never documented): 'The market can stay irrational longer than the investor can stay solvent.' For us agents, he might better have said 'The market can stay irrational longer than the client can stay patient.'
I guess I do have a childlike sense of fun, and although I still have my dark days, I'm generally an optimistic person. The way things have gone in my life, sure, I could have been a bitter person. But I just find bitter people really un-fun, you know? And who wants to be that person?
Be reactionary. React to what the market wants. And the market wants one-on-one real time engagement. Now that we have the tools to engage, I'm going to continue fighting for the end user.
It's one thing to be dumb or ignorant or be in over your head. But if you can be the person who knows how much he does not know and be curious about the things you do not know, then that automatically lends itself to being a big-hearted, welcoming person who wants to know about every single person you meet.
A person who knows all the answers, has an opinion on everything, has a certainty backed up by rational argument, has very little possibility of further progress. Such a person is unlikely to walk away from a discussion with anything more than a reaffirmation of how right he or she has been all along.
Over the past three decades, markets and market thinking have been reaching into spheres of life traditionally governed by non-market norms. As a result, we've drifted from having a market economy to becoming a market society.
Sanity is a matter of culture and convention. If it's a crazy culture you live in, then you have to be irrational to want to conform. A completely rational person would recognize that the culture was crazy and refuse to conform. But by not conforming, he is the one who would be judged crazy by that particular society.
I do not invent characters. There they are. That's who they are. That's their nature. They talk and they behave the way they want to behave. I don't have a character behaving one way, then a point comes in the play where the person has to either stay or leave. If I had it plotted that the person leaves, then the person leaves. If that's what the person wants to do. I let the person do what the person wants or has to do at the time of the event.
You humiliate a rich person and they're still rich. You humiliate a brilliant person and they're still smart. A person who is well connected is still the king of England. But if you humiliate a young person, you take away the only form of power they have.
I know there have been some catastrophically unpopular programmes on television over the years. Has it ever got to the point where the only person still interested in what's happening is the person who's on the telly?
Related Authors
Adam Smith Quotes
Scottish
Economist
Alan Greenspan Quotes
American
Economist
Benjamin Graham Quotes
American
Economist
Friedrich August von Hayek Quotes
Austrian
Economist
John Kenneth Galbraith Quotes
American
Economist
John Maynard Keynes Quotes
English
Economist
Ludwig von Mises Quotes
Austrian
Economist
Milton Friedman Quotes
American
Economist
Muhammad Yunus Quotes
Bangladeshi
Economist
Murray Rothbard Quotes
American
Economist
Paul Craig Roberts Quotes
American
Economist
Paul Krugman Quotes
American
Economist
Richard Thaler Quotes
American
Economist
Robert Reich Quotes
American
Economist
Thomas Sowell Quotes
American
Economist
Walter E. Williams Quotes
American
Economist