Monetary policy decisions tend to regress toward the mean and to be inertial-and hence biased in just the same way that adaptive expectations are biased relative to rational expectations. But errors like that, while systematic, will generally be small and will tend to shrink over time. And, in return, the system builds in natural safeguards against truly horrendous mistakes.
Alan BlinderRelated topics
mean natural policy rational regress relative return shrink small system time way whileRelated quotes
It is what makes conscious of the conditions and laws of observing which applied in this manner become a theme on its own. The activity of consciousness depending on the way the work itself proceeds, becomes the subject of my attention this way and it is precisely because of this voyeuristic attitude toward the own observation and experience of the subject that the conscious analytic dimension in the work shows.
Antoni Tàpies
In a general way, the literature of the twentieth century is essentially psychological; and psychology consists of describing states of the soul by displaying them all on the same plane, without any discrimination of value, as though good and evil were external to them, as though the effort toward the good could be absent at any moment from the thought of any man.
Simone Weil
...foreign policy of a pluralistic democracy like the United States should be based on bipartisanship because bipartisanship is the means and the framework for formulating policies based on moderation and on the recognition of the complexity of the human condition. That has been the tradition since the days of Truman and Vandenberg all the way until recent times.
Zbigniew Brzezinski
Pedantry and mastery are opposite attitudes toward rules. To apply a rule to the letter, rigidly, unquestioningly, in cases where it fits and in cases where it does not fit, is pedantry. ... To apply a rule with natural ease, with judgment, noticing the cases where it fits, and without ever letting the words of the rule obscure the purpose of the action or the opportunities of the situation, is mastery.
George Pólya
If exclusive privileges were not granted, and if the financial system would not tend to concentrate wealth, there would be few great fortunes and no quick wealth. When the means of growing rich is divided between a greater number of citizens, wealth will also be more evenly distributed; extreme poverty and extreme wealth would be also rare.
Denis Diderot
