My father taught me to work, he did not teach me to love it.
"In essence, the present creation of money, out of nothing by the banking system, is similar - I do not hesitate to say it in order to make people clearly realize what is at stake here - to the creation of money by counterfeiters, so rightly condemned by law."
But my point is that you design something in the end that precludes any unhealthy trading practices that are not going to serve your environmental or your economic objectives but now is not the time to do it.
I don't know the taxpayer has perhaps much of an understanding of just how much wealth has been and is being and can be created that flows through the economy and just how many jobs depend upon it.
I've never understood macro. What I mean by this is that my idea of understanding is having a model that captures what is going on. In macro we don't have that; instead we have empirical generalization, and those generalizations tend to break down rather quickly. The question is, can you get some understanding of the empirical evidence from the models? One attempt has been to generate empirical work out of very simplistic models- essentialy they are micro models blown up. I don't give much credence to those models. One of the things that microeconomics teaches you is that individuals are not alike. There is heterogeneity, and probably the most important heterogeneity here is heterogeneity of expectations. If we didn't have heterogeneity, there would be no trade. But developing an analytic model with heterogenous agents is difficult.
There is obviously much more to the full understanding of the current financial crisis, but the root is this conflict between the genuine social value of increased variety and spread of risk-bearing securities and the limits imposed by the growing difficulty of understanding the underlying risks imposed by growing complexity.
It takes more than capital to swing business. You've got to have the A. I. D. degree to get by - Advertising, Initiative, and Dynamics.
Economists are pessimists: they've predicted 8 of the last 3 depressions.
There are two things needed in these days; first, for rich men to find out how poor men live; and second, for poor men to know how rich men work.
I think game theory creates ideas that are important in solving and approaching conflict in general.
In many real-world situations, cooperation may be easier to sustain in a long-term relationship than in a single encounter. Analyses of short-run games are, thus, often too restrictive.
It's been going on for at least 80 years and as far as I can see it is going to go on for at least another 80 years. I don't see any end to this one, I'm sorry to say.
You should go to college and get a Master's degree and get a doctorate and publish a lot of papers on ordinary things - scientists and investors won't listen to you otherwise.