
Edmund S. Phelps (2007) "Foreword," in Roman Frydman and Michael D. Goldberg, Imperfect Knowledge Economics: Exchange Rates and Risk.
Source: Central Banking in Theory and Practice. 1998, p. 31
Edmund S. Phelps (2007) "Foreword," in Roman Frydman and Michael D. Goldberg, Imperfect Knowledge Economics: Exchange Rates and Risk.
Gunnar Myrdal (1982, 265); as cited in: Carlson, Benny, and Lars Jonung. "Knut Wicksell, Gustav Cassel, Eli Heckscher, Bertil Ohlin and Gunnar Myrdal on the role of the economist in public debate." Econ Journal Watch 3.3 (2006): p. 534-5
Source: Macroeconomics (7th Edition, 2017), Ch. 16 : Expectations, Output, and Policy
Source: Father and Child Reunion (2001), p. 241.
"Rational expectations and the dynamics of hyperinflation." 1973
Source: Anti-Tech Revolution: Why and How (2015), p. 47
Source: Macroeconomics (7th Edition, 2017), Ch. 24 : Epilogue: The Story of Macroeconomics
As quoted in Science at the Edge: Conversations with the Leading Scientific Thinkers of Today (2008), p. 170
Context: People are often unconscious of some of the mechanisms that naturally occur in them in a biased way. For example, if I do something that is beneficial to you or to others, I will use the active voice: I did this, I did that, then benefits rained down on you. But if I did something that harmed others, I unconsciously switch to a passive voice: this happened, then that happened, then unfortunately you suffered these costs. One example I always loved was a man in San Francisco who ran into a telephone pole with his car, and he described it to the police as, "the pole was approaching my car, I attempted to swerve out-of-the-way, when it struck me."
Let me give you another, the way in which group membership can entrain language-usages that are self-deceptive. You can divide people into in-groups or out-groups, or use naturally occurring in-groups and out-groups, and if someone's a member of your in-group and they do something nice, you give a general description of it – "he's a generous person". If they do something negative, you state a particular fact: "in this case he misled me", or something like that. But it's exactly the other way around for an out-group member. If an out-group member does something nice, you give a specific description of it: "she gave me directions to where I wanted to go". But if she does something negative, you say, "she's a selfish person". So these kinds of manipulations of reality are occurring largely unconsciously.