UnThreaded | Threaded | Whole Thread (20) | Ignore Thread Prev | Next
Author: Infrasonic Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 21585  
Subject: Re: Euro: Engineer gives the politicians a clue Date: 12/04/2012 17:28
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 7


“Gigantic macroeconomic predictions are something I’ve never made any money on, and neither has Warren ” http://www.tilsonfunds.com/wscmtg04notes.doc

“Economics is in many respects the queen of the soft sciences. It’s expected to be better than the rest. It’s my view that economics is better at the multi-disciplinary stuff than the rest of the soft science. And it’s also my view that it’s still lousy.” http://www.tilsonfunds.com/MungerUCSBspeech.pdf

“…Max Planck the great Nobel laureate who found Planck’s Constant, tried once to do economics. He gave it up. Now why did Max Planck, one of the smartest people who ever lived, give up economics? The answer is, he said, “It’s too hard. The best solution you can get is messy and uncertain. “http://www.tilsonfunds.com/MungerUCSBspeech.pdf

“economics should emulate physics’ basic ethos, but its search for precision in physics–like formulas is almost always wrong in economics.” http://www.smalla.net/tidbits/quotations/index.shtml

“Economists get very uncomfortable when you talk about virtue and vice. It doesn’t lend itself to a lot of columns with numbers. But I would argue that there are big virtue effects in economics. I would say that the spreading of double-entry bookkeeping by the Monk, Fra Luce de Pacioli, was a big virtue effect in economics. It made business more controllable, and it made it more honest. http://www.originaldissent.com/forums/archive/index.php/t-14...
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (20) | Ignore Thread Prev | Next


Please keep it Civil
Discussion good, petty bickering bad, as George Orwell never wrote.
Free Investing Reports
Download these free Motley Fool reports today.
Paulypilot's Pub has three bars -
Macro Topics - discussion of wider investment issues.
Share Ideas - stock-picking & company analysis.
Other Stuff - what it says.
No Politics in the Pub, Please!
But you're welcome to discuss it on the Political Fools board.
EU Referendum
Want to discuss the forthcoming referendum on whether the UK should remain in the EU or leave it? There's a board for that.