Personal Notes

"The most difficult subjects can be explained to the most slow witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of doubt, what is laid before him" (Tolstoy)

Bill Hicks - a genius RIP 'what do I think of women priests? Who cares? Now we have priests of both sexes I don't listen to' (A real loss. Best comedian I ever saw ... check him out on youtube).

Michael Kalecki on economics: "the science of confusing stocks with flows" (a comment he made when reflecting on the quantity theory of money)

Joan Robinson on economics: "The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists"

Paul Krugman on economics: "All too many people think that they can do economics by learning some impressive phrases and reciting some gee-whiz statistics, and do not realize that you need to think algebraically about how the story fits together "

Game theory: An economist specialising in game theory is in the woods with a friend. They see a bear coming. The theorist pulls out his laptop and starts to compute an optimal escape strategy. His friend cries out: "run, there's no time". "Don't worry" says the theorist .."the bear has to work it out too"

belgianbeer(67): let me summarize mojo ... I questioned the principle that a consumer of a legal good was unfit to regulate it MrMojo(67): well if you think it is fine for a convicted murderer to chair the committee on whether murderers should be hanged... good luck to you

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