The bad economist sees only what immediately strikes the eye; the good economist also looks beyond. The bad economist sees only the direct consequences of a proposed course; the good economist looks also at the longer and indirect consequences. The bad economists sees only what the effect of a given policy has been or will be on one particular group; the good economist inquires also what the effect of the policy will be on all groups.
Henry HazlittRelated topics
bad beyond course direct economist effect eye given good group indirect longer particular policy consequences looksRelated quotes
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A good deal of my research in physics has consisted in not setting out to solve some particular problem, but simply examining mathematical equations of a kind that physicists use and trying to fit them together in an interesting way, regardless of any application that the work may have. It is simply a search for pretty mathematics. It may turn out later to have an application. Then one has good luck. At age 78.
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The further away a scholarly opinion is from direct observation and the more abstract and ‘theoretical' it is, the more defenseless it becomes against insidious opportunist errors of judgment. In economics, model thinking in particular creates scope for systematic biases... But of course all social studies must nevertheless aim at generalization. It is thus important to be able to think concretely at the same time, as I learnt from Gustav Cassel.
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