In the first place, economic theory provides a comparatively detailed specification of the demand relationships for individual consumers' goods, but is by no means so specific about the system into which these relationships fit. It would be possible to close the system in very many ways, and the precise way selected would influence the regression estimates in a model involving simultaneous equations.
Richard StoneRelated topics
close demand fit goods individual influence model place possible regression specific specification system theory way means waysRelated quotes
If, while I'm painting, I distort or destroy a motif, it is not a planned or conscious act, but rather it has a different justification: I see the motif, the way I painted it, is somehow ugly or unbearable. Then I try to follow my feelings and make it attractive. And that means a process of painting, changing or destroying – for however long it takes – until I think it has improved. And I don't demand an explanation from myself as to why this is so.
Gerhard Richter
What America needs is to hold to its ancient and well-charted course. Our country was conceived in the theory of local self-government. It has been dedicated by long practice to that wise and beneficent policy. It is the foundation principle of our system of liberty. It makes the largest promise to the freedom and development of the individual. Its preservation is worth all the effort and all the sacrifice that it may cost.
Calvin Coolidge
The black middle-class in America is a prosperous community that is now larger in absolute terms than the black underclass. Does its existence not suggest that economic adversity is the result of failures of individual character rather than the lingering after-effects of racial discrimination and a slave system that ceased to exist well over a century ago?
David Horowitz
In the first place, I own myself the friend to a very free system of commerce, and hold it as a truth, that commercial shackles are generally unjust, oppressive and impolitic - it is also a truth, that if industry and labor are left to their own course, they will generally be directed to those objects which are the most productive, and this in a more certain and direct manner than the wisdom of the most enlightened legislature could point out.
James Madison
Political freedom means the absence of coercion of a man by his fellow men. The fundamental threat to freedom is power to coerce, be it in the hands of a monarch, a dictator, an oligarchy, or a momentary majority. The preservation of freedom requires the elimination of such concentration of power to the fullest possible extent and the dispersal and distribution of whatever power cannot be eliminated - a system of checks and balances.
Milton Friedman
