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Circumstances Quotes - page 21 - Quotesdtb.com
Circumstances Quotes - page 21
Economic history has contributed significantly to the formulation of economic theory. Among the economists who have found history an important source for their ideas are Smith, Malthus, Marx, Marshall, Keynes, Hicks, Arrow, Friedman, Solow, and Becker. Failure to take account of history, as Simon Kuznets (1941) stressed, has often led to a misunderstanding of current economic problems by investigators who have not realized that their generalizations rested upon transient circumstances. Nowhere is the need to recognize the role of long-run dynamics more relevant than in such pressing current issues as medical care, pension policies, and development policies.
Robert Fogel
When the time-table is so arranged as to call for speed nearly equal to the full capacity of the engine, it is very obvious that the risks of failure in making time, must be much greater than at reduced rates, and when they do occur, the efforts made to gain time must be correspondingly greater and uncertain. A train whose prescribed rate of speed is thirty miles per hour, having lost five minutes of time, and being required to gain it, in order to meet and pass an opposing train at a station ten miles distant, must necessarily increase its speed to forty miles an hour; and a train whose rate of speed is 40 miles per hour, under similar circumstances, must increase its speed to 60 miles per hour.
Daniel McCallum