Will capitalist economies operate at full employment in the absence of routine intervention? Certainly not. Do policy makers have the knowledge and ability to improve macroeconomic outcomes rather than make matters worse? Yes.
Checking the results of a decision against its expectations shows executives what their strengths are, where they need to improve, and where they lack knowledge or information.
All science requires mathematics. The knowledge of mathematical things is almost innate in us. This is the easiest of sciences, a fact which is obvious in that no one's brain rejects it; for laymen and people who are utterly illiterate know how to co...
According to the Jain view, soul is that element which knows, thinks and feels. It is in fact the divine element in the living being. The Jain thinks that the phenomena of knowledge, feeling, thinking and willing are conditioned on something, and tha...
While I was there I became deeply interested in photography, and indeed the most noteworthy event in my early life was winning first, third, fourth and seventh prizes in an international competition for college and high school students.
When it came time to go to college, I had been accepted for Harvard when my father was offered the position of head of the Metropolitan Life Insurance Company office on the west coast, and we moved to San Francisco.
My father had not even completed high school when he started as an office boy working for the Metropolitan Life Insurance Company, and I am not sure that my mother completed high school.
Instead of reading a paper, we now read the news online. Instead of buying books at a store, we buy them on-line. What's so revolutionary? The Internet has mainly affected our leisure life.
One can spend too much of one's life locked in stuffy rooms seeking out obscure truths, searching, researching, until one is too old to enjoy life.
I went to public schools, and while Gary was, like most American cities, racially segregated, it was at least socially integrated - a cross section of children from families of all walks of life.
The relationship I have to my fatherland is like that of mothers with crippled children: they love them all the more, the more crippled they are. Germany is the background of all my plans, the return to Germany.
What we have ignored is what citizens can do and the importance of real involvement of the people versus just having somebody in Washington make a rule.
The value of having numbers - data - is that they aren't subject to someone else's interpretation. They are just the numbers. You can decide what they mean for you.
Goods move in response to price differences from points of low to points of higher price, the movement tending to obliterate the price difference and come to rest.
An individual, in promoting his own interest, may injure the public interest; a nation, in promoting the general welfare, may check the interest of a part of its members.
The concentration and reciprocal effect of industry and agriculture conjoin in a growth of productive powers, which increases more in geometrical than in arithmetical proportion.
Personally, I regard myself as an intellectual 'rebel,' kicking against the 'old colonialism-imperialism paradigm' which has landed Africa in a conundrum.
What people instinctively regard as cool is real power - consistency. Pathetic is not cool. Being locked in a tragedy, but not knowing it. That's lameness.
Raising the minimum wage, as President Obama proposed in his State of the Union address, tends to be more popular with the general public than with economists.
I think something that forces financial institutions to write down underwater mortgages, I think, would be a sensible thing to do.
A natural way that an economist approaches a problem is to say, here's where I think the economy is going; this is what we need to deal with the problem.
