“Between a good and a bad economist this constitutes the whole difference: the one takes account only of the visible effect; the other takes account of both the effects which are seen and those which it is necessary to foresee.”
That which is seen and that which is not seen (Ce qu'on voit et ce qu'on ne voit pas, 1850), the Introduction.
Context: In the department of economy, an act, a habit, an institution, a law, gives birth not only to an effect, but to a series of effects. Of these effects, the first only is immediate; it manifests itself simultaneously with its cause — it is seen. The others unfold in succession — they are not seen: it is well for us, if they are foreseen. Between a good and a bad economist this constitutes the whole difference: the one takes account only of the visible effect; the other takes account of both the effects which are seen and those which it is necessary to foresee. Now this difference is enormous, for it almost always happens that when the immediate consequence is favourable, the ultimate consequences are fatal, and the converse. Hence it follows that the bad economist pursues a small present good, which will be followed by a great evil to come, while the true economist pursues a great good to come, at the risk of a small present evil.
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Frédéric Bastiat 33
French classical liberal theorist, political economist, and… 1801–1850Related quotes
Part 2, Chapter 6 (page 86)
Notes from Underground (1864)
Julian Birkinshaw, Robert Nobel, and Jonas Ridderstråle. "Knowledge as a contingency variable: do the characteristics of knowledge predict organization structure?." Organization science 13.3 (2002): 274-289.
(1847)
A Vindication of Natural Society (1756)
Context: The several species of government vie with each other in the absurdity of their constitutions, and the oppression which they make their subjects endure. Take them under what form you please, they are in effect but a despotism, and they fall, both in effect and appearance too, after a very short period, into that cruel and detestable species of tyranny; which I rather call it, because we have been educated under another form, than that this is of worse consequences to mankind. For the free governments, for the point of their space, and the moment of their duration, have felt more confusion, and committed more flagrant acts of tyranny, than the most perfect despotic governments which we have ever known. Turn your eye next to the labyrinth of the law, and the iniquity conceived in its intricate recesses. Consider the ravages committed in the bowels of all commonwealths by ambition, by avarice, envy, fraud, open injustice, and pretended friendship; vices which could draw little support from a state of nature, but which blossom and flourish in the rankness of political society. Revolve our whole discourse; add to it all those reflections which your own good understanding shall suggest, and make a strenuous effort beyond the reach of vulgar philosophy, to confess that the cause of artificial society is more defenceless even than that of artificial religion; that it is as derogatory from the honour of the Creator, as subversive of human reason, and productive of infinitely more mischief to the human race.
Source: General System Theory (1968), 3. Some System Concepts in Elementary Mathematical Consideration, p. 68 cited in: T.E. Weckowicz (1989). Ludwig von Bertalanffy (1901-1972): A Pioneer of General Systems Theory. Working paper Feb 1989. p. 2
Source: Administrative management in the government of the United States. 1937, p. 43
Source: Sir William Herschel: His Life and Works (1880), Ch.4 "Life and Works" on his discovery of the infrared light.
