The proof of the pudding is in the eating. There was a widespread myth of the 1970s, a myth along Tom Kuhn's (1962) Structure of Scientific Revolutions lines. The Keynesianism, which worked so well in Camelot and brought forth a long epoch of price-level stability with good Q growth and nearly full employment, gave way to a new and quite different macro view after 1966. A new paradigm, monistic monetarism, so the tale narrates, gave a better fit. And therefore King Keynes lost self esteem and public esteem. The King is dead. Long live King Milton! Contemplate the true facts. Examine 10 prominent best forecasting models 1950 to 1980: Wharton, Townsend–Greenspan, Michigan Model, St. Louis Reserve Bank, Citibank Economic Department under Walter Wriston's choice of Lief Olson, et cetera. ... M did matter as for almost everyone. But never did M alone matter systemically, as post-1950 Friedman monetarism professed.
Paul SamuelsonRelated topics
almost bank best camelot choice dead department different eating employment epoch esteem everyone examine fit forth full good growth king lief live lost matter model myth paradigm prominent proof public pudding quite reserve self stability structure tale tom under view way well forecasting 1970s louis keynes milton keynesianism michigan macro friedman monetarism 1980 facts linesRelated quotes
The Chartered ccountants by virtue of their qualifications, experience and training can render valuable services in these difficult times in areas which are vital to economic and industrial growth. It should be the duty of the members of the profession in the Northern India Regional Council, apart from examining accuracy of transactions, the modern auditor should also look into the propriety of such transactions... the profession has to develop uniform accounting principles, standard terminologies and precise definitions of various accounting concepts. This was desirable from the point of view of providing reliable information in the financial statements for the benefit of the intending investors, members of the public, government agencies and financial institutions. This will enable individuals and organisations to form a fairly accurate judgment of the financial position by a study of the audited financial statements of companies.
Fakhruddin Ali Ahmed
In the last two decades we have witnessed the emergence of the "system" as a key concept in scientific research. Systems, of course, have been studied for centuries, but something new has been added... The tendency to study systems as an entity rather than as a conglomeration of parts is consistent with the tendency in contemporary science no longer to isolate phenomena in narrowly confined contexts, but rather to open interactions for examination and to examine larger and larger slices of nature. Under the banner of systems research (and its many synonyms) we have also witnessed a convergence of many more specialized contemporary scientific developments... These research pursuits and many others are being interwoven into a cooperative research effort involving an ever-widening spectrum of scientific and engineering disciplines. We are participating in what is probably the most comprehensive effort to attain a synthesis of scientific knowledge yet made.
Russell L. Ackoff
The love of power is a part of human nature, but power-philosophies are, in a certain precise sense, insane. The existence of the external world, both that of matter and of other human beings, is a datum, which may be humiliating to a certain kind of pride, but can only be denied by a madman. Men who allow their love of power to give them a distorted view of the world are to be found in every asylum: one man will think he is Governor of the Bank of England, another will think he is the King, and yet another will think he is God. Highly similar delusions, if expressed by educated men in obscure language, lead to professorships in philosophy; and if expressed by emotional men in eloquent language, lead to dictatorships. Certified lunatics are shut up because of the proneness to violence when their pretensions are questioned; the uncertified variety are given control of powerful armies, and can inflict death and disaster upon all sane men within their reach.
Bertrand Russell
The priesthood have, in all ancient nations, nearly monopolized learning. Read over again all the accounts we have of Hindoos, Chaldeans, Persians, Greeks, Romans, Celts, Teutons, we shall find that priests had all the knowledge, and really governed mankind. Examine Mahometanism, trace Christianity from its first promulgation; knowledge has been almost exclusively confined to the clergy. And, even since the Reformation, when or where has existed a Protestant or dissenting sect who would tolerate [a free inquiry]? The blackest billingsgate, most ungentlemanly insolence, the most yahooish brutality is patiently endured, countenanced, propagated and applauded. But touch a solemn truth in collision with a dogma of a sect, though capable of the clearest proof, and you will soon find you have disturbed a nest, and the hornets will swarm about your legs and hands, and fly into your face and eyes.
John Adams
The peculiar policy of the government in employing so weak and vacillating a person as General Miles to look after the uneasy Indians, has resulted in a terrible loss of blood to our soldiers, and a battle which, at its best, is a disgrace to the war department. There has been plenty of time for prompt and decisive measures, the employment of which would have prevented this disaster.
The Pioneer has before declared that our only safety depends upon the total extirmination of the Indians. Having wronged them for centuries we had better, in order to protect our civilization, follow it up by one more wrong and wipe these untamed and untamable creatures from the face of the earth. In this lies future safety for our settlers and the soldiers who are under incompetent commands. Otherwise, we may expect future years to be as full of trouble with the redskins as those have been in the past.
L. Frank Baum
