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Author: Infrasonic Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 20613  
Subject: Re: Euro: Engineer gives the politicians a clue Date: 12/04/2012 17:28
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http://www.25iq.com/charlie-munger-quotations/

Economics

“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...
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