“Where there is creativity, there must also be judgment—the judgment that comes from insight and experience. Only where there is both creativity and judgment will there be true innovations—new things that prove to work well, that have some staying power and make a mark.”Tagged: Creativity, Discretion
“Economists have long tried to explain to the public that capitalism produces more engagement, exhilaration, and fulfillment than any alternative has done by far. The large fortunes made along the way are a pleasant byproduct and an inducement when our energies flag. But we economists also have to…”Tagged: Neutrality In Terms of Economic Configurations, Capitalism
“There’s something revealing in the fact that European society has birthrates so low. It suggests that Europe lacks a sense of opportunity for a rewarding, challenging, fulfilling life. Emigration is another sign. You can see the stultifying economy on the faces of young people in Europe, many of…”Tagged: Communitarian-Corporatist Systems vs. Capitalism, Western Europe, America, Innovative Societies, emigration
“There is no success without the prospect of failure, no adventure without possible mishap.”Tagged: Part and Parcel, Yin And Yang
“Economics provides the means to vet an ideological agenda to determine its full range of consequences.”Tagged: Economics, Effect Testing
“I personally hold that the classical spirit of challenge and self-discovery is a fundamental human trait. By showing how the risk-taking activity of individuals contributes to social benefits, economics helps societies to accommodate what Augustine called our ‘restlessness of heart.’ This is the…”Tagged: Innovation, Human Nature, Cultural Infrastructure, Ways To Motivate Societies