You can love two or more women at once... but you cannot be loyal to more than one.
Keynesian modelling relies on marginal propensity to consume and marginal propensity to invest. The idea that if we give more money to the poor, they have a propensity to consume that's much higher than the wealthy, though I wish they would talk to my wife about that; she seems to have a propensity to consume.
For an investment banker, the choice between a payment that doubles with every square on the chessboard and one that doubles with every other square is more important than any other part of the contract. Who cares whether the payment is in pennies, pounds, or pesos?
When the World Economic Forum was established in 1971, the global population was four billion, of which 50% lived in poverty.
No amount of debt restructuring, even debt forgiveness, will help the Greeks achieve real prosperity. What they need is not short-term relief but, rather, a long-term cure.
Managing university finances is very tricky business. We're nonprofits. We're not supposed to accumulate large surpluses.
The majority must be persuaded by ideology that their government is good, wise and, at least, inevitable, and certainly better than other conceivable alternatives. Promoting this ideology among the people is the vital social task of the 'intellectuals.'
I wanted to make sure that this be the first scientific and technology revolution in history in which the public thoroughly discussed all the potential benefits and all the potential harms, in advance of the technology coming online and running its course.
The problem is that there is no reliable source of information left, no way to accumulate trusted accounts of the plusses and minuses of any given political choice.
At some risk of oversimplification, I suggest that the usual reason a business cycle turns into a monster is an overdose of government policy.
Taxes can set the level of activity around which the economy fluctuates, but they have very little effect on the fluctuations themselves.
In 1989, I was awarded the Von Neumann Prize in Operations Research Theory by the Operations Research Society of America and The Institute of Management Sciences. They cited my works in the areas of portfolio theory, sparse matrix techniques and the SIMSCRIPT programming language.
If the investor doesn't have enough time and skill to investigate individual stocks or enough money to diversify a portfolio, the right thing to do is to invest in exchange-traded funds that give you exposure to asset classes. It does make sense for the individual investor to think in terms of holding individual asset classes.
After costs, only the top 3% of managers produce a return that indicates they have sufficient skill to just cover their costs, which means that going forward, and despite extraordinary past returns, even the top performers are expected to be only as good as a low-cost passive index fund. The other 97% can be expected to do worse.
As for the single market, the E.U.'s landmark achievement, there is no question that a euro zone breakup would severely disrupt its operation in the short run.
The human capital of most macroeconomists, heavily invested in demand management, was wiped out by the policy failures of the 1970s.
When men do all the outside work, they contribute on average about 10 percent of housework. But as their share of outside work falls, their share of housework rises to no more than 37 percent.
With less competition to fear, companies are emboldened to raise their mark-ups and profits. That lifts share prices and thus the wealth of already wealthy shareholders.
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