Ball, Mankiw, Romer and others style themselves as New Keynesians. Their program is to develop improved microeconomic foundations for imperfectly flexible prices. In the process, they hope to illuminate the paradox that individually rational or near-rational behavior can result in significant collective market failures. These are certainly laudable objectives. In the end, I suspect, the program will not change the essential substance of Keynesian macroeconomics. But it will make Keynes more palatable to theorists.
James TobinRelated topics
ball behavior change collective end essential flexible hope illuminate market paradox process program rational result significant style substance suspect others keynes keynesian macroeconomicsRelated quotes
Changing the world is like trying to straighten a dog's tail. However much you may try, you won't succeed. But although the tail won't straighten, if you keep trying every day, at least you will put on some muscle. Similarly, even though it is difficult to make a change, our effort to do so in itself brings positive results. It will help us change. Without waiting for others to change, if we change ourselves first, that will make a difference. Instead of worrying about results, focus on doing our best in what we are engaged in.
Mata Amritanandamayi
In every remodelling of the present, the existing condition of things must be supplanted by a new one. Now every variety of circumstances in which men find themselves, every object which surrounds them, communicates a definite form and impress to their internal nature. This form is not such that it can change and adapt itself to any other a man may choose to receive; and the end is foiled, while the power is destroyed, when we attempt to impose upon that which is already stamped in the soul a form which disagrees with it.
Wilhelm von Humboldt
When adults say, "Teenagers think they are invincible" with that sly, stupid smile on their faces, they don't know how right they are. We need never be hopeless, because we can never be irreparably broken. We think that we are invincible because we are. We cannot be born, and we cannot die. Like all energy, we can only change shapes and sizes and manifestations. They forget that when they get old. They get scared of losing and failing. But that part of us greater than the sum of our parts cannot begin and cannot end, and so it cannot fail.
John Green (author)
Over the years, I have become convinced that Hellenism as a culture represents not a static condition of uniform sublimity mysteriously achieved and maintained as an effect of some racial advantage. Rather it should be understood as an evolving process, governed by a dynamic of change, as both language and thought underwent transformational alteration caused by a transition from orality to literacy. The instrument of change is discerned to be the invention of the Greek alphabet, at a quite late stage in the history of developing cultures.
Eric A. Havelock
Now, if the principle of toleration were once admitted into classical education --if it were admitted that the great object is to read and enjoy a language, and the stress of the teaching were placed on the few things absolutely essential to this result, if the tortoise were allowed time to creep, and the bird permitted to fly, and the fish to swim, towards the enchanted and divine sources of Helicon --all might in their own way arrive there, and rejoice in its flowers, its beauty, and its coolness.
Harriet Beecher Stowe
