Tale Quotes - page 5
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 Samuelson
Since the number of men is large but the earthly realm is not inexhaustible, one man can no longer profit from the labour of twenty. Moderation, contentment, and frugality must become the general morals of mankind. [...] The whole earth becomes a garden, and nature has at last completed her day's work here below, bringing permanent enlightenment, peace, and felicity together with the greatest possible number of men : she has anointed every man as his own judge, priest, and king; has turned the often-ridiculed tale of the golden age, mankind's favorite idea of old, into a reality by discreetly removing the eternal inequality of wealth, which has been ineffectively combated by all lawgivers and has always has crept back in, and which is the source of the decay of all nations, and the root of servitude, tyranny, and disunity among men, of venality and moral corruption, making it forever impossible through the excessive growth of the human population.
Adam Weishaupt