“The new arguments for rules take an entirely different tack. They are based neither on the ignorance nor the knavery of public officials and, in fact, assume that everyone knows how the economy operates—even the government! Moreover, the government's objectives are assumed to coincide with the people's objectives, and everyone has rational expectations. Despite these seemingly ideal circumstances, modern critics argue that a central bank left with discretion will err systematically in the direction of excessive inflation. To remedy this distortion, they advocate a fixed rule.”
Source: Central Banking in Theory and Practice. 1998, p. 47
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Alan Blinder 9
economist 1945Related quotes

Independence Day speech (1828)
Context: Americans no longer argue on the propriety of making all men soldiers, in order that their nation may be an object of terror to the rest of the world. They understand that the happiness of a people is the only rational object of a government, and the only object for which a people, free to choose, can have a government at all. They have, farther, almost excluded war as a profession, and reduced it from a system of robbery to one of simple defence. In so doing, they ought also to have laid aside all show of military parade, and all ideas of military glory. If they have not done so, it is that their reform in this matter is yet imperfect, and their ideas respecting it are confused.
To Make Men Free: A History of the Republican Party https://books.google.com/books?id=s-JzAgAAQBAJ&pg=PP2&dq=to+make+men+free+a+history&hl=en&sa=X&ved=0CCIQ6AEwAWoVChMIq97csor9xwIVRJkeCh3tvg7i#v=onepage&q=to%20make%20men%20free%20a%20history&f=false (2014), p. ix

Interview with Robin Day on BBC Panorama (28 January 1974), quoted in The Times (29 January 1974), p. 1.
Prime Minister
Source: The transformation of American industrial relations, 1986, p. 45

removing relevant old books from libraries, adding words on an old map
1990s, The Ayodhya Demolition: an Evaluation (1995)

Source: Synchronicity: Science, Myth, and The Trickster (1990) by Allan Combs & Mark Holland
Context: The universe according to Bohm actually has two faces, or more precisely, two orders. One is the explicate order, corresponding to the physical world as we know it in day-to-day reality, the other a deeper, more fundamental order which Bohm calls the implicate order. The implicate order is the vast holomovement. We see only the surface of this movement as it presents or "explicates" itself from moment to moment in time and space. What we see in the world — the explicate order — is no more than the surface of the implicate order as it unfolds. Time and space are themselves the modes or forms of the unfolding process. They are like the screen on the video game. The displays on the screen may seem to interact directly with each other but, in fact, their interaction merely reflects what the game computer is doing. The rules which govern the operation of the computer are, of course, different from those that govern the behavior of the figures displayed on the screen. Moreover, like the implicate order of Bohm's model, the computer might be capable of many operations that in no way apparent upon examination of the game itself as it progresses on the screen.

Source: Speech http://hansard.millbanksystems.com/commons/1845/apr/11/maynooth-college in the House of Commons (11 April 1845).