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""In crowds the foolish, ignorant and envious persons are freed from the sense of their insignificance and powerlessness, and are possessed instead by the notion of brutal and temporary but immense strength."" — Aug 16, 2017 03:56AM
""In crowds the foolish, ignorant and envious persons are freed from the sense of their insignificance and powerlessness, and are possessed instead by the notion of brutal and temporary but immense strength."" — Aug 16, 2017 03:56AM
“Executives of necessity live and work within an organization. Unless they make conscious efforts to perceive the outside, the inside may blind them to the true reality.”
― The Essential Drucker
― The Essential Drucker
“Economists came along after the existence of the phenomena they try to understand. In other words, economists emerged in a philosophic effort to understand an already existing practice. This point has broad implications for the nature of the discipline, even though we do not usually address then in introductory courses.”
― Living Economics: Yesterday, Today, and Tomorrow
― Living Economics: Yesterday, Today, and Tomorrow
“Most people do not pretend to be physicists. Few of us doctor our own illnesses. When we have to cope with the problems of physics or chemistry, we call in the experts. But we all feel that we are economists...the point is that only rarely does the man in the street admit to ignorance on matters of economic policy.”
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“The laws of economics are to be compared with the laws of the tides, rather than with the simple and exact law of gravitation. For the actions of men are so various and uncertain, that the best statement of tendencies, which we can make in a science of human conduct, must needs be inexact and faulty.”
― Principles of Economics
― Principles of Economics
“Today it is generally accepted that much of what passes as Keynesian thought is not so much the work of Keynes himself as that of his popularizers. Other economists tend to see their own reflection in the works of Keynes. The General Theory of Employment, Interest, and Money (London,1936) has become a Procrustean bed whereby authors trim or stretch Keynes to suit their own purposes.”
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Michael’s 2025 Year in Books
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