The man who is admired for the ingenuity of his larceny is almost always rediscovering some earlier form of fraud. The basic forms are all known, have all been practiced. The manners of capitalism improve. The morals may not.
In many ways the effect of the crash on embezzlement was more significant than on suicide. To the economist embezzlement is the most interesting of crimes. Alone among the various forms of larceny it has a time parameter. Weeks, months, or years may elapse between the commission of the crime and its discovery. (This is a period, incidentally, when the embezzler has his gain and the man who has been embezzled, oddly enough, feels no loss. Th..
The shortcomings of economics are not original error but uncorrected obsolescence. The obsolescence has occurred because what is convenient has become sacrosanct. Anyone who attacks such ideas must seem to be a trifle self-confident and even aggressive. The man who makes his entry by leaning against an infirm door gets an unjustified reputation for violence. Something is to be attributed to the poor state of the door.
Good writing, and this is especially important in a subject such as economics, must also involve the reader in the matter at hand. It is not enough to explain. The images that are in the mind of the writer must be made to reappear in the mind of the reader, and it is the absence of this ability that causes much economic writing to be condemned, quite properly, as abstract.
The oldest problem in economic education is how to exclude the incompetent. A certain glib mastery of verbiage-the ability to speak portentously and sententiously about the relation of money supply to the price level-is easy for the unlearned and may even be aided by a mildly enfeebled intellect. The requirement that there be ability to master difficult models, including ones for which mathematical competence is required, is a highly useful..
None of this excuses anyone from mastering the basic ideas and terminology of economics. The intelligent layman must expect also to encounter good economists who are difficult writers even though some of the best have been very good writers. He should know, moreover, that at least for a few great men ambiguity of expression has been a positive asset. But with these exceptions he may safely conclude that what is wholly mysterious in economic..
The worst continued to worsen. What looked one day like the end proved on the next day to have been only the beginning. Nothing could have been more ingeniously designed to maximize the suffering, and also to insure that as few people as possible escape the common misfortune. The fortunate speculator who had funds to answer the first margin call presently got another and equally urgent one, and if he met that there would still be another. I..
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness... &
I would now, however, more strongly emphasize, and especially as to the United States, the inequality in income and that it is getting worse--that the poor remain poor and the command of income by those in the top income brackets is increasing egregiously. So is the political eloquence and power by which that income is defended. This I did not foresee.
Those involved in mental as opposed to physical effort or who carry the responsibilities of management are presumed to require a higher payment for their submission to the purposes of organization than those who render only physical or manual service, however adept or talented that may be. This is because there is profound difference in the nature and extent of the submission that is made. The person on the shop floor or its equivalent give..
E sumperiphora ton dioikeseon ton epikheireseon mporei na diorthothei ek bathron, an uparkhei kai to okhi kai toso eukharisto men,pragmatiko de, endekhomeno tes phulakises
The world of finance hails the invention of the wheel over and over again, often in a slightly more unstable version. All financial innovation involves in one form or another, the creation of debt secured in greater or lesser adequacy by real assets.
That economics has a considerable conceptual apparatus with an appropriate terminology can not be a serious ground for complaint. Economic phenomena, ideas, instruments of analysis exist. They require names. Education in economics is, in considerable measure, an introduction to this terminology and to the ideas that it denotes. Anyone who has difficulties with the ideas should complete his education or, following an exceedingly well-beaten ..
I have sufficiently urged that all suggestions as to financial innovation be regarded with extreme skepticism. Such seeming innovation is merely some variant on an old design, new only in the brief and defective memory of the financial world.
Tenure was originally invented to protect radical professors, those who challenged the accepted order. But we don't have such people anymore at the universities, and the reason is tenure. When the time comes to grant it nowadays, the radicals get screened out. That's its principal function. It's a very good system, really - keeps academic life at a decent level of tranquility.
The process by which money is created is so simply that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent.
Financial capacity and political perspicacity are inversely correlated. Long-run salvation by men of business has never been highly regarded if it means disturbance of orderly life and convenience in the present. So inaction will be advocated in the present even though it means deep trouble in the future. Here, at least equally with Communism, lies the threat to Capitalism. It is what causes men who know that things are going quite wrong to..