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Before Keynes, most people agreed with Adam Smith when he said, ‘What is prudence in the conduct of every private family can scarce be folly in that of a great kingdom.’ And some people still do. David Cameron, the British prime minister, said in October 2011 that all Britons should try to pay off their credit card debts, without realizing that demand in the British economy would collapse if a sufficient number of people actually heeded his advice and reduced spending to pay off their debts. He
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― Economics: The User's Guide
― Economics: The User's Guide
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Convincing - and confident - disciplines, say, physics, tend to use little statistical backup, while political science and economics, which have never produced anything of note, are full of elaborate statistics and statistical “evidence” (and you know that once you remove the smoke, the evidence is not evidence).
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― Antifragile: Things That Gain from Disorder
― Antifragile: Things That Gain from Disorder
