“What policymakers (and econometricians) should recognize, then, is that societies face a meaningful set of choices about alternative economic policy regimes.”

— Thomas J. Sargent

"Rational expectations and the dynamics of hyperinflation." 1973

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Thomas J. Sargent 10

American economist 1943

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“Economics is a highly sophisticated field of thought that is superb at explaining to policymakers precisely why the choices they made in the past were wrong. About the future, not so much. However, careful economic analysis does have one important benefit, which is that it can help kill ideas that are completely logically inconsistent or wildly at variance with the data. This insight covers at least 90 percent of proposed economic policies.”

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“The fact that each nation came to believe in the virtue of whatever policy happened to be in effect when recovery began supports [the] argument that haphazard economic vacillations play an important role in determining which policy strategies become constructed as economically efficacious. This also tends to undermine the realist/utilitarian view, which suggests that policy improves over time as rational policymakers learn more about universal economic laws from experience, because wildly inconsistent policies won favor in different contexts.”

Frank Dobbin (1956) American sociologist

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“The view that now pervades much public policy economics implicitly presents the relevant choice as between an ideal norm and an existing "imperfect" institutional arrangement. This nirvana approach differs considerably from a comparative institution approach in which the relevant choice is between alternative real institutional arrangements.”

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“After society has decided on a social choice rule-a recipe for choosing the optimal social alternative (or alternatives) on the basis of individuals' preferences over the set of all social alternatives-the social planner still faces the problem of how to implement that rule. In particular, the planner may not know individuals' preferences. He might attempt to elicit them, but this may not be an easy task, even abstracting from communication costs. If individuals know the rule by which the planner selects alternatives on the basis of reported preferences, they may have an incentive to report falsely.”

Eric Maskin (1950) American Nobel laureate in economics

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“wisdom ain't seeing what's in your face, but recognizing what's about to come!”

Eric Jerome Dickey (1961) American author

Source: Liar's Game

“The world is facing a regime today that is totalitarian, racist, fascist, and yet what has been done about it?”

Reza Pahlavi (1960) Last crown prince of the former Imperial State of Iran

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