Source: The (Mis)Behavior of Markets (2004, 2008), Ch. 13, p. 254–255
Context: It is beyond belief that we know so little about how people get rich or poor, about how it is they come to dwell in comfort and health or die in penury and disease. Financial markets are the machines in which much of human welfare is decided; yet we know more about how our car engines work than about how our global financial system functions. We lurch from crisis to crisis. In a networked world, mayhem in one market spreads instantaneously to all others—and we have only the vaguest of notions how this happens, or how to regulate it. So limited is our knowledge that we resort, not to science, but to shamans. We place control of the world's largest economy in the hands of a few elderly men, the central bankers.
“Of the various executive abilities, no one excited more anxious concern than that of placing the interests of our fellow-citizens in the hands of honest men, with understanding sufficient for their stations. No duty is at the same time more difficult to fulfil. The knowledge of character possessed by a single individual is of necessity limited. To seek out the best through the whole Union, we must resort to the information which from the best of men, acting disinterestedly and with the purest motives, is sometimes incorrect.”
Letter to Elias Shipman and others of New Haven (12 July 1801). Paraphrased in John B. McMaster, History of the People of the United States (ii. 586): "One sentence will undoubtedly be remembered till our republic ceases to exist. 'No duty the Executive had to perform was so trying,' [Jefferson] observed, 'as to put the right man in the right place.'"
1800s, First Presidential Administration (1801–1805)
Help us to complete the source, original and additional information
Thomas Jefferson 456
3rd President of the United States of America 1743–1826Related quotes
"Declaration of the Rights of Man and of the Citizen, proposed by Maximilien Robespierre" (24 April, 1793)
Original: (fr) XXXV. Les hommes de tous les pays sont frères, et les différents peuples doivent s'entraider selon leur pouvoir comme les citoyens du même état.
Mario Bunge, Philosophy in Crisis: The Need for Reconstruction, 2001, p. 20.
2000s
"Thoughts about the Person from Porlock (continued)"
Selected Poems (1962)
Quoting Abraham Lincoln
The Future of Civilization (1938)
Context: In some states of society it may even be that a form of dictatorship is necessary. No doubt in the hands of an able man it may possibly be more efficient than a democratic form of administration. But in the end, I am confident that a free government is best for free people. The old phrase, "Government of the people, by the people, for the people"*, represents a true ideal. It is best for the people as a whole. It is even more clearly the best for the development of the individual man and woman. And since in the end, the character and the prosperity of the nation depend on the character of the individuals that compose it, the form of government which best promotes individual development is the best for the people as a whole.
Source: The Exposition of 1851: Views Of The Industry, The Science, and the Government Of England, 1851, p. 225
Federalist No. 10
1780s, Federalist Papers (1787–1788)
1920s, The Progress of a People (1924)