Mistakes are indeed made by the best of men and the best of nations, but after a century are we not entitled to question whether these "mistakes" produce only unintended results? Alternatively stated, a theory that says that a large set of persistent policies are mistaken is profoundly anti-intellectual unless it is joined with a theory of mistakes. It is the most vacuous of "explanatory" principles to dismiss inexplicable phenomena as mistakes--everything under the sun can be disposed of with this label, without yielding an atom of understanding.I learned of this quote from JC Bradbury's "The Baseball Economist
Monday, March 15, 2010
The "People Are Idiots" Explanation Isn't Good Enough
I think I've found my new favorite economics quote, by George Stigler:
," in a section where he discusses why there have been essentially no left-handed catchers in the major leagues for the past century.
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1 comment:
Great read thanks for sharing this
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