A Quote by Sir John Richard Hicks
Some of the most serious fallacies of traditional economics have been due to confusion between optimum and equilibrium conditions; the apparent influence of Dr. Pangloss upon the development of economic thought is for the most part nothing but pure intellectual error.
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I appeal now to the convictions of the communicants, and ask such persons whether they have not been occasionally conscious of a painful confusion of thought between the worship due to God and the commemoration due to Christ.
One of the most serious errors, if not the most serious error, committed by colonial powers in Africa, may have been to ignore or underestimate the cultural strength of African peoples.
Our conviction that the world is meaningless is due in part to the fact (discussed in a later paragraph) that the philosophy of meaningless lends itself very effectively to furthering the ends of political and erotic passion; in part to a genuine intellectual error - the error of identifying the world of science, a world from which all meaning has deliberately been excluded, with ultimate reality.
To acquire balance means to achieve that happy medium between the minimum and the maximum that represents your optimum. The minimum is the least you can get by with. The maximum is the most you're capable of. The optimum is the amount or degree of anything that is most favorable toward the ends you desire.
I think people are hungry for new ideas and leadership in the world of poverty alleviation. Most development programs are started and led by people with Ph.Ds in economics or policy. Samasource is part of a cadre of younger organizations headed by entrepreneurs from non-traditional backgrounds.
And one of the worst effects was that by suppressing critical thought, it also suppressed critical thought in the field of economics and hampered the development of economics - and the country would fall back further and further in the economic competition with the West.
When I was a graduate student, I actually took a course in development economics and I thought it was the most boring thing in the world.
The major driver of economics is the equilibrium approach, which has taken various forms over the years. General equilibrium is the statement that all the different parts of the economy influence each other, even if it's remote, like mortgage-backed securities and their demands on automobiles.
It had been held that the economic system, any capitalist system, found its equilibrium at full employment. Left to itself, it was thus that it came to rest. Idle men and idle plant were an aberration, a wholly temporary failing. Keynes showed that the modern economy could as well find its equilibrium with continuing, serious unemployment. Its perfectly normal tendency was to what economists have since come to call an underemployment equilibrium.
When people are running up more and more debt for housing, they call that "real wealth." It exposes what's wrong in the mainstream economics and why most of the economics that justifies austerity programs and economic shrinkage is in the textbooks is not scientific. Junk economics denies the role of debt and denies the fact that the economic system we have now is dysfunctional.
In most circles, the idea of economic planning has been in disrepute most of the time and, particularly in America, has almost carried connotations of intellectual and moral perversion and even political subversion.
Modern economics is sick. Economics has increasingly become an intellectual game played for its own sake and not for its practical consequences for understanding the economic world. Economists have converted the subject into a sort of social mathematics in which analytical rigour is everything and practical relevance is nothing.
Narrative drives most of economics. Everything seems to be part of a story, and how that story is told often leads to critical error.
It is ironic that the United States should have been founded by intellectuals, for throughout most of our political history, the intellectual has been for the most part either an outsider, a servant or a scapegoat.
The Communist revolution is the most radical rupture with traditional property relations; no wonder that its development involves the most radical rupture with traditional ideas.
Further, Dr. Gold said with a straight face, the pill at optimum dosage could have the side effect of impotence. Until that moment, although I'd had some trouble with his personality, I had not thought him totally lacking in perspicacity; now I was not all sure. Putting myself in Dr. Gold's shoes, I wondered if he seriously thought that this juiceless and ravaged semi-invalid with the shuffle and the ancient wheeze woke up each morning from his Halcion sleep eager for carnal fun.
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