“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.”

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.

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

Help us to complete the source, original and additional information

Do you have more details about the quote "So limited is our knowledge that we resort, not to science, but to shamans. We place control of the world's largest eco…" by Benoît Mandelbrot?
Benoît Mandelbrot photo
Benoît Mandelbrot 56
Polish-born, French and American mathematician 1924–2010

Related quotes

Matthieu Ricard photo

“We try to fix the outside so much, but our control of the outer world is limited, temporary, and often, illusory.”

Matthieu Ricard (1946) French writer and Buddhist monk

Source: Happiness: A Guide to Developing Life's Most Important Skill

Thomas Jefferson photo

“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.”

Thomas Jefferson (1743–1826) 3rd President of the United States of America

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)

Philip K. Dick photo
Ben Carson photo

“If we commit ourselves to reading thus increasing our knowledge, only God limits how far we can go in this world.”

Ben Carson (1951) 17th and current United States Secretary of Housing and Urban Development; American neurosurgeon

Source: Think Big: Unleashing Your Potential for Excellence

Jacob Bronowski photo

“In science and in art and in self-knowledge we explore and move constantly by turning to the world of sense to ask, Is this so?”

Jacob Bronowski (1908–1974) Polish-born British mathematician

Part 2: "The Habit of Truth", §11 (p. 45–46)
Science and Human Values (1956, 1965)
Context: In effect what Luther said in 1517 was that we may appeal to a demonstrable work of God, the Bible, to override any established authority. The Scientific Revolution begins when Nicolaus Copernicus implied the bolder proposition that there is another work of God to which we may appeal even beyond this: the great work of nature. No absolute statement is allowed to be out of reach of the test, that its consequence must conform to the facts of nature.
The habit of testing and correcting the concept by its consequences in experience has been the spring within the movement of our civilization ever since. In science and in art and in self-knowledge we explore and move constantly by turning to the world of sense to ask, Is this so? This is the habit of truth, always minute yet always urgent, which for four hundred years has entered every action of ours; and has made our society and the value it sets on man.

David Orrell photo

“The economy is a nonlinear fractal system, where the smallest scales are linked to the largest, and the decisions of the central bank are affected by the gut instincts of the people on the street.”

David Orrell (1962) Canadian mathematician

Source: The Other Side Of The Coin (2008), Chapter 7, Straight Versus Crooked, p. 229

Noam Chomsky photo

“We do control the destinies of Central America and we do so for the simple reason that the national interest absolutely dictates such a course”

Noam Chomsky (1928) american linguist, philosopher and activist

Quotes 1960s-1980s, 1980s, Talk at University of California, Berkeley, 1984
Context: There have been times, however, when US officials have described what's going on in relatively frank terms; sometimes quite clearly. One put the matter in these words: "The Central American area down to and including the Isthmus of Panama constitutes a legitimate sphere of influence for the United States [... ] We do control the destinies of Central America and we do so for the simple reason that the national interest absolutely dictates such a course [... ] We must decide whether we shall tolerate the interference of any other power in Central American affairs, or insist upon our own dominant position [... ] Until now, Central America has always understood that governments that we recognize and support stay in power, while those we do not recognize and support, fall [... ] Nicaragua has become a test case, it is difficult to see how we can afford to be defeated." That's fairly familiar. These remarks were made by Under Secretary of State Robert Olds in 1927, and the outside power that he was concerned about was Mexico. [audience laughter] Mexico at that time was a Russian proxy. We were no longer fighting Huns in the Dominican Republic, now we were fighting Russians in Nicaragua, and in particular the Russian proxy Mexico. Mexico was then a proxy of the Bolsheviks, so the Marines had to be sent in, once again, and they established Somoza, and established the National Guard which was the basis for American power throughout the region, and in fact one of the most effective murder-incorporated forces down there for many years. They killed Sandino, he was killed off by stealth couple of years later, the guerilla leader. As President Coolidge sent the Marines in, he made the following declaration: "Mexico is on trial before the world." Mexico is on trial before the world as a proxy of the Soviet Union when we send the Marines into Nicaragua. Now things have changed a little bit, now it's Nicaragua that's threatening Mexico as a Russian proxy... But again there's the same conclusion, you know, kill the spics and the niggers and so on. That follows no matter who's the proxy for who. And all of this is repeated at every moment of history with great seriousness and awe and so on as if it had some meaning, as if it wasn't just some black comedy.

Omar Bradley photo
William O. Douglas photo

“We have here the problem of bigness. Its lesson should by now have been burned into our memory by Brandeis. The Curse of Bigness' shows how size can become a menace – both industrial and social. It can be an industrial menace because it creates gross inequalities against existing or putative competitors. It can be a social menace – because of its control of prices. Control of prices in the steel industry is powerful leverage on our economy. For the price of steel determines the price of hundreds of other articles. Our price level determines in large measure whether we have prosperity or depression – an economy of abundance or scarcity. Size in steel should therefore be jealously watched. In final analysis, size in steel is the measure of the power of a handful of men over our economy. That power can be utilized with lightning speed. It can be benign or it can be dangerous. The philosophy of the Sherman Act is that it should not exist. For all power tends to develop into a government in itself. Power that controls the economy should be in the hands of elected representatives of the people, not in the hands of an industrial oligarchy. Industrial power should be decentralized. It should be scattered into many hands so that the fortunes of the people will not be dependent on the whim or caprice, the political prejudices, the emotional stability of a few self-appointed men. The fact that they are not vicious men but respectable and social minded is irrelevant. That is the philosophy and the command of the Sherman Act. It is founded on a theory of hostility to the concentration in private hands of power so great that only a government of the people should have it.”

William O. Douglas (1898–1980) Associate Justice of the Supreme Court of the United States

Dissenting, United States v. Columbia Steel Co., 334 U.S. 495 (1948)
Judicial opinions

Related topics