Best sentences I read today
From a Vernon Smith article, "Theory, Experiment and Economics," in the Journal of Economic Perspectives (Winter 1989):
"However, if one wants to gain a greater understanding of economic phenomena, the most productive knowledge-building attitude is to be skeptical of both the theory and the evidence."
"Simultaneously, data should be ever more demanding of the empirical relevance of theory and of the theorist's expertise in working imaginatively on problems of the world, rather than on stylized problems of the imagination. "
"Words, pictures, and formulas cannot convey a lifetime of experiences under the able tutoring of one's experimental subjects."
Random Thought On Economics
Campbell's Select Microwavable Soups provide a quality product at a low price. Tonight I had Italian Wedding soup. It was tasty. I am sure real Italian Wedding soup would taste better. It would have fresh ingredients and less salt, but will I enjoy that much more?
I ate an imported mango today. I let it ripen up for a few days. It was close to heaven. It was nowhere near a tree-ripened Filipino mango, but again, I am not in the Philippines.
What does this say about where the quality of food is going? Of course it is increasing, but will the best fresh food exist in a few years? Will I ever pay for real Italian Wedding soup or tree ripened mangoes?
Advice For Graduate Students
When a graduate student gets depressed, he should read something a fellow student has written, something from someone he considers a rival. If it is good, the depression will at least temporarily turn into anger and desire, especially if it is well done and the reader sees some of himself (but not enough) in the paper.
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