“Early critics pointed out REH’s fundamental epistemological flaws. … They argued that REH, even if viewed as a bold abstraction or approximation, is grossly inadequate for representing how even minimally reasonable profit seeking participants forecast the future in real-world markets. Nevertheless, … an overwhelming majority of economists has embraced REH as the way to represent how rational individuals think about the future.”

— Roman Frydman

"Which Way Forward for Macroeconomics and Policy Analysis?" 2013

Adopted from Wikiquote. Last update June 3, 2021. History

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Roman Frydman 3

American economist 1948

Roman Frydman (1948) American economist

"Which Way Forward for Macroeconomics and Policy Analysis?" 2013

“Nowhere have REH’s epistemological flaws and empirical disappointments been more apparent than in efforts to model financial market outcomes, which are largely driven by participants’ expectations. Beginning with Robert Shiller’s (1981) pathbreaking paper, research has shown that REH models are unable to explain the basic features of fluctuations and risk in stock markets. Likewise, in their magisterial work on the current state of international macroeconomics, Maurice Obstfeld and Kenneth Rogoff (1996: 625) concluded that “the undeniable difficulties that international economists encounter in empirically explaining nominal exchangerate movements are an embarrassment, but one shared with virtually any other field that attempts to explain asset price data.” The failures of REH explanations of aggregate outcomes gave rise to alternative approaches, most notably behavioral finance models. However, sober assessments even by the likes of Obstfeld and Rogoff did not dispel the faith of most economists that REH models would one day be able to explain financial market outcomes and macroeconomic performance.”

Roman Frydman (1948) American economist

"Which Way Forward for Macroeconomics and Policy Analysis?" 2013

“Suffrage is not simply about the right to vote but also about what that represents. The basic and fundamental human right of being able to participate in the choices for your future and that of your community.”

Meghan, Duchess of Sussex (1981) American former actress and member by marriage of the British royal family

Since marriage
Source: At the celebration of 125 years of women's suffrage in New Zealand http://archive.today/zYlFS

“Morality, it could be argued, represents the way that people would like the world to work, wheareas economics represents how it actually does work.”

Steven D. Levitt (1967) American economist

Source: Freakonomics: A Rogue Economist Explores the Hidden Side of Everything

“To come up with the idea that you can bargain with the future is the major idea of humankind. We suffer. What do we do about it? We figure out how to bargain with the future. And we minimize suffering in that manner.”

Jordan Peterson (1962) Canadian clinical psychologist, cultural critic, and professor of psychology

Source: https://www.youtube.com/watch?v=Ifi5KkXig3s "Biblical Series IV: Adam and Eve: Self-Consciousness, Evil, and Death"

“The principle of bounded rationality [is] the capacity of the human mind for formulating and solving complex problems is very small compared with the size of the problems whose solution is required for objectively rational behavior in the real world — or even for a reasonable approximation to such objective rationality.”

Herbert A. Simon book Administrative Behavior

Variant: The principle of bounded rationality [is] the capacity of the human mind for formulating and solving complex problems is very small compared with the size of the problems whose solution is required for objectively rational behavior in the real world — or even for a reasonable approximation to such objective rationality.
Source: 1940s-1950s, Administrative Behavior, 1947, p. 198.

“The Communist Party of China should represent the development trends of advanced productive forces, the orientations of an advanced culture and the fundamental interests of the overwhelming majority of the people of China.”

Jiang Zemin (1926) former General Secretary of the Communist Party of China

Three Represents (25 February 2000), introduced by Jiang Zemin, as quoted in What Is "Three Represents" CPC Theory?, 中国网, 9 December 2013 http://www.china.org.cn/english/zhuanti/3represents/68735.htm,
2000s

“A commonplace of political rhetoric has it that the quality of a civilization may be measured by how it cares for its elderly. Just as surely, the future of a society may be forecast by how it cares for its young.”

Daniel Patrick Moynihan (1927–2003) American politician

Family and Nation, ch. 3 (1986)

“Philosophy can take us no further than enabling us to command a clear view of the concepts by means of which we think about the world, and, by so doing, to attain a firmer grasp of the way we represent the world in our thought. It is for this reason and in this sense that philosophy is about the world.”

Michael Dummett (1925–2011) British academic and philosopher

Dummett, M. A. E. The Logical Basis of Metaphysics. Cambridge: Harvard University Press. 1991.

“Forecasts may tell you a great deal about the forecaster; they tell you nothing about the future.”

Warren Buffett (1930) American business magnate, investor, and philanthropist

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