In the Autumn semester, 1955, I taught Principles of Economics, and found it a challenge to convey basic microeconomic theory to students. Why/how could any market approximate a competitive equilibrium? I resolved that on the first day of class the following semester, I would try running a market experiment that would give the students an opportunity to experience an actual market, and me the opportunity to observe one in which I knew, but they did not know what were the alleged driving conditions of supply and demand in that market.
Vernon L. SmithRelated topics
actual autumn basic challenge class day demand driving economics equilibrium experience experiment found following market observe opportunity running semester supply teach theory try conditionsRelated quotes
I don't know what to write Feneon about the theory of 'passages'. I will write him what seems to me to be the truth of the matter, that I am at this moment looking for some substitute for the dot [which was the 'heart of [w:Neo-Impressionism|Neo-Impressionist]] painting]; so far I have not found what I want, the actual execution does not seem to me to be rapid enough and does not follow sensation with enough inevitability, but it would be best not to speak of this. The fact is I would be hard put to express my meaning clearly, although I am completely aware of what I lack.
Camille Pissarro
[Central banks might have to intervene to counter "perverse" or "grossly excessive" speculation. ] By such means, the monetary authorities can attempt to make the market for foreign exchange approximate toward what it would have been if there had been free competitive speculation with correct foresight of future movements. In this case all that the authorities have to do is to anticipate more correctly than private speculators the future course of exchange rates. And in so far as they do so they will make a profit at the expense of the private speculator.
James Meade
The Western approach to reality is mostly through theory, and theory begins by denying reality - to talk about reality, to go around reality, to catch anything that attracts our sense-intellect and abstract it away from reality itself. Thus philosophy begins by saying that the outside world is not a basic fact, that its existence can be doubted and that every proposition in which the reality of the outside world is affirmed is not an evident proposition but one that needs to be divided, dissected and analyzed. It is to stand consciously aside and try to square a circle.
Bruce Lee
I had a truly horrible dream last night ... [Arnold Schwarzenegger, Mike Tyson and I] were on our way to a TV studio for a debate about his long-time working friendship with the powerful Bush family from Texas and how it might affect the next Bush presidency when The Terminator seizes power in Sacramento and tries to hand over the state's 54 electoral votes by election day in 2004. That is the basic plan behind Schwarzenegger running. He doesn't want to be Governor, he just wants the electoral votes to go to Bush this time.
Hunter S. Thompson
After experience had taught me that all the usual surroundings of social life are vain and futile; seeing that none of the objects of my fears contained in themselves anything either good or bad, except in so far as the mind is affected by them, I finally resolved to inquire whether there might be some real good having power to communicate itself, which would affect the mind singly, to the exclusion of all else: whether, in fact, there might be anything of which the discovery and attainment would enable me to enjoy continuous, supreme, and unending happiness.
Baruch Spinoza
