A Quote by Oliver Wendell Holmes, Jr.
In my opinion, economists and sociologists are the people to whom we ought to turn more than we do for instruction in the grounds and foundations of all rational decisions.
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Probably the only people left who think that economics deserves a Nobel Prize are economists. It confirms their conceit that they're doing 'science' rather than the less tidy task of observing the world and trying to make sense of it. This, after all, is done by mere historians, political scientists, anthropologists, sociologists, and (heaven forbid) even journalists. Economists are loath to admit that they belong in such raffish company.
If we decide rightly what to do, or use a correct procedure for making such decisions, that has to be because the decisions or the procedure rest on good reasons, and these reasons consist in the apprehension of truths about what we ought to do. Because these truths must constitute reasons for our decisions, and because in the rational order, reasons must always precede the decisions based on them, the truth conditions of claims about what we ought to cannot be reduced to, or constructed out of, decisions about what to do, or procedures for making such decisions.
Physicists can only talk to other physicists and economists to economists... sociologists often cannot even understand each other.
At best the principles that economists have supposed the choices of rational individuals to satisfy can be presented as guidelines for us to consider when we make our decisions.
When there are rational grounds for an opinion, people are content to set them forth and wait for them to operate. In such cases, people do not hold their opinions with passion; they hold them calmly, and set forth their reasons quietly. The opinions that are held with passion are always those for which no good ground exists; indeed the passion is the measure of the holder's lack of rational conviction.
You have lived longer than I have and perhaps may have formed a different judgment on better grounds; but my observations do not enable me to say I think integrity the characteristic of wealth. In general I believe the decisions of the people, in a body, will be more honest and more disinterested than those of wealthy men.
What I have always wanted for myself is much more primitive. It is probably nothing more than the affection of the people with whom I am in contact, and their good opinion of me.
Indeed, the distribution of wealth is too important an issue to be left to economists, sociologists, historians, and philosophers.
Experts kill me. Economic experts, that is. Corporations, foundations, publications and governments pay them by the bucketful, and they fill buckets with forecasts that change more frequently than white-collar, workers do shirts. What Lies Ahead is the usual title. What Lies would often be more appropriate. If women's hemlines changed as rapidly as an economist's forecasts, the fashion people and the textile industry would be more profitable than any other. In fact, if all the country's economists were laid end to end, they still wouldn't reach a conclusion.
Even if the received opinion be not only true, but the whole truth; unless it is suffered to be, and actually is, vigorously and earnestly contested, it will, by most of those who receive it, be held in the manner of a prejudice, with little comprehension or feeling of its rational grounds
Out of the millions of people we live among, most of whom we habitually ignore and are ignored by in turn, there are always a few that hold hostage our capacity for happiness, whom we could recognize by their smell alone and whom we would rather die than be without.
Controlling for all the things that sociologists, economists, and political scientists say you should control for, we find that what drives one's views [most significantly] is race.
Economics evolved as a more moral and more egalitarian approach to policy than prevailed in its surrounding milieu. Let's cherish and extend that heritage. The real contributions of economics to human welfare might turn out to be very different from what most people - even most economists - expect.
You are right in speaking of the moral foundations of science, but you cannot turn around and speak of the scientific foundations of morality.
No medicine is more valuable , none more efficacious, none better suited to the cure of our temporal ills than a friend to whom we may turn for consolation in time of trouble, and with whom we may share happiness in time of joy.
One the one hand, our economists treat human beings as rational actors making choices to maximize their own economic benefit. On the other hand, the same companies that hire those economists also pay for advertising campaigns that use the raw materials of myth and magic to encourage people to act against their own best interests, whether it's a matter of buying overpriced fizzy sugar water or the much more serious matter of continuing to support the unthinking pursuit of business as usual in the teeth of approaching disaster.
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