Imperfect markets are different. (...) Similarly, in Paul Krugman's neat adaptation, "all perfect markets are perfect in the same way: all imperfect markets imperfect in their own different way.” But truly perfect markets exist only in economists' models; in the real world, markets are imperfect. But within imperfect markets there is a range from those that work well enough for a laissez-faire approach to be broadly valid to those for which market failure or imperfection is extreme and inherent. The market for restaurants works pretty well. The best way to ensure a range of restaurants that provide us with variety, incentives for good service, and enjoyment of changing ambience and menu is to let entrepreneurship do its business-let thousands of flowers bloom, some to succeed and some to wilt.
Adair Turner, Baron Turner of EcchinswellRelated topics
adaptation approach best bloom changing different enjoyment enough extreme failure good imperfect imperfection market menu neat paul perfect pretty range real service variety way well wilt work world works ambience laissez-faire entrepreneurshipRelated quotes
Rosa Luxemburg is an outstanding example of a type of mind that is often met with in the history of Marxism and appears to be specially attracted by the Marxist outlook. It is characterized by slavish submission to authority, together with a belief that in that submission the values of scientific thought can be preserved. No doctrine was so well suited as Marxism to satisfy both these attitudes, or to provide a mystification combining extreme dogmatism with the cult of "scientific” thinking, in which the disciple could find mental and spiritual peace. Marxism thus played the part of a religion for the intelligentsia, which did not prevent some of them, like Rosa Luxemburg herself, from trying to improve the deposit of faith by reverting to first principles, thus strengthening their own belief that they were independent of dogma. (pp. 94-5)
Leszek Kołakowski
The Hunger Games is a reality television program. An extreme one, but that's what it is. And while I think some of those shows can succeed on different levels, there's also the voyeuristic thrill, watching people being humiliated or brought to tears or suffering physically. And that's what I find very disturbing. There's this potential for desensitizing the audience so that when they see real tragedy playing out on the news, it doesn't have the impact it should. It all just blurs into one program. And I think it's very important not just for young people, but for adults to make sure they're making the distinction. Because the young soldier's dying in the war in Iraq, it's not going to end at the commercial break. It's not something fabricated, it's not a game. It's your life.
Suzanne Collins
Does the Secretary of State agree that it is time for a serious review of Britain's defence expenditure, which now totals more than £23 billion a year? Should not we cancel the nuclear missile programme and consign all nuclear missiles back to base as part of a programme of worldwide disarmament? Should not we try to cut conventional expenditure to at least the European average, which would save £6 billion a year? Should not we also ensure that skilled workers who are at present manufacturing weapons of mass destruction and other forms of armaments are put to making socially useful products, including materials for the health service and housing industry-and recognise that world peace is best achieved by people working for peace rather than by arming themselves for war?
Jeremy Corbyn
I want to make sure you keep your eyes on the ball, that is, the two basic missions of a central bank. The first is maintaining macroeconomic stability: maintaining stable growth and keeping inflation low and stable. The principal policy tool for maintaining macroeconomic stability is monetary policy. In normal times, the Fed and other central banks use open market operations-purchases and sales of securities in markets-to move interest rates up or down, and in doing so try to create a more stable macroeconomic environment.
The second part of a central bank's mission is maintaining financial stability. Central banks are focused on trying to ensure that the financial system functions properly, and in particular, they want to prevent, if possible, and if not, to mitigate the effects of a financial crisis or a financial panic.
Ben Bernanke
The startling truth is that our best efforts for civil rights, international peace, population control, conservation of natural resources, and assistance to the starving of the earth-urgent as they are-will destroy rather than help if made in the [current] spirit. For, as things stand, we have nothing to give. If our own riches and our own way of life are not enjoyed here, they will not be enjoyed anywhere else. Certainly they will supply the immediate jolt of energy and hope that methedrine, and similar drugs, give in extreme fatigue. But peace can be made only by those who are peaceful, and love can be shown only by those who love. No work of love will flourish out of guilt, fear, or hollowness of heart, just as no valid plans for the future can be made by those who have no capacity for living now.
Alan Watts
