Tom Quotes - page 3
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
Life passes, with us all, a day at a time; so it passed with our friend Tom, till two years were gone. Though parted from all his soul held dear, and though often yearning for what lay beyond, still was he never positively and consciously miserable; for, so well is the harp of human feeling strung, that nothing but a crash that breaks every string can wholly mar its harmony; and, on looking back to seasons which in review appear to us as those of deprivation and trial, we can remember that each hour, as it glided, brought its diversions and alleviations, so that, though not happy wholly, we were not, either, wholly miserable.
Harriet Beecher Stowe