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Admittedly, the body of scientists, as a whole, does uphold the authority of science over the lay public. It controls thereby also the process by which young men are trained to become members of the scientific profession.
The first thing to make clear is that scientists, freely making their own choice of problems and pursuing them in the light of their own personal judgment, are in fact co-operating as members of a closely knit organization.
But the system of prices ruling the market not only transmits information in the light of which economic agents can mutually adjust their actions, it also provides them with an incentive to exercise economy in terms of money.
These maxims and the art of interpreting them may be said to constitute the premisses of science but I prefer to call them our scientific beliefs. These premisses or beliefs are embodied in a tradition, the tradition of science.
While tacit knowledge can be possessed by itself, explicit knowledge must rely on being tacitly understood and applied. Hence all knowledge is either tacit or rooted in tacit knowledge. A wholly explicit knowledge is unthinkable.
Investors have few spare tires left. Think of the image of a car on a bumpy road to an uncertain destination that has already used up its spare tire. The cash reserves of people have been eaten up by the recent market volatility.
The truth is that relative income is not directly related to happiness. Nonpartisan social-survey data clearly show that the big driver of happiness is earned success: a person's belief that he has created value in his life or the life of others.
The theory is that if you take interest rates negative, people are going to say, "That's a silly game! I'm not going to lend my money to governments who want me to pay them. I am going to go into the stock market where I can get positive returns!"
I remember when I was growing up, you would go to a bank to open a deposit, and they'd give you a toaster. A free toaster. These days, if you're a company, and you go to a bank, they could easily turn you away! They don't want your deposits anymore.
Our reliance on the validity of a scientific conclusion depends ultimately on a judgment of coherence; and as there can exist no strict criterion for coherence, our judgment of it must always remain a qualitative, nonformal, tacit, personal judgment.
There is nothing inherently fair about equalizing incomes. If the government penalizes you for working harder than somebody else, that is unfair. If you save your money but retire with the same pension as a free-spending neighbor, that is also unfair.
My title is intended to suggest that the community of scientists is organized in a way which resembles certain features of a body politic and works according to economic principles similar to those by which the production of material goods is regulated.
In my book I don't just demonstrate that free enterprise is the most efficient way of organizing an economy - which it is. I also show that it's an expression of American values, and, thus, that a fight for free enterprise is very much a fight for our culture.
FDR created today's 30 percent coalition. Obama wants to finish the job by turning it into a permanent ruling majority. There's nothing new about the Obama Narrative. It is the FDR Narrative on steroids. It is intended to lead to greater statism and political gain.
We will have bigger bureaucracies, bigger labor unions, and bigger state-run corporations. It will be harder to be an entrepreneur because of punitive taxes and regulations. The rewards of success will be expropriated for the sake of attaining greater income equality.
I shall suggest, on the contrary, that all communication relies, to a noticeable extent on evoking knowledge that we cannot tell, and that all our knowledge of mental processes, like feelings or conscious intellectual activities, is based on a knowledge which we cannot tell.
The world changes! So we're in a situation today where the only policymakers that have flexibility are central banks. But they don't have the instruments! So they've had to experiment, and the more you experiment, the more uncertainty and the higher the risk of collateral damage.
Happiness isn't found in some finite checklist of goals that we can diligently complete and then coast. It's how we live our lives in the process. That's why the four pillars of happiness are faith, family, community and meaningful work. Those are priorities we have to keep investing in.
The system that enables the most people to earn the most success is free enterprise, by matching up people's skills, interests, and abilities. In contrast, redistribution simply spreads money around. Even worse, it attenuates the ability to earn success by perverting economic incentives.
America's downgrade may serve as a wakeup call for its policymakers. It is an unambiguous and loud signal of the country's eroding economic strength and global standing. It renders urgent the need to regain the initiative through better economic policymaking and more coherent governance.
[When] the market is trying to get to terms with, first, lower global growth, particularly out of emerging markets and China. And, second, the market is worried the central banks have run out of ammunition. So put these two things together, and then investors are repricing the market lower.
Once you start moving [market] lower, then you trigger of all sorts of things. You trigger people who have to sell because they're over-levered. So they sell their winners and their losers. They're just trying to raise cash. So, what you then get is spreading malaise throughout the global markets.
Conservatives are better talking about opportunity and growth in the abstract, while liberals talk more about poor people. Right now we [americans] need a good, optimistic, conservative opportunity ideology that is totally geared toward lifting up the poor. That's what I most want to see in candidates.
To try to reform all the power structures at once would leave us with no power structure to use in our project. In any case, we will be able to see that absolute moral renewal could be attempted only by an absolute power and that a tyrannous force such as this must destroy the whole moral life of man, not renew it.
It is hard to imagine that, having downgraded the US, S & P will not follow suit on at least one of the other members of the dwindling club of sovereign AAAs. If this were to materialise and involve a country like France, for example, it could complicate the already fragile efforts by Europe to rescue countries in its periphery.
We do not accept a religion because it offers us certain rewards. The only thing that a religion can offer us is to be just what it, in itself, is: a greater meaning in ourselves, in our lives, and in our grasp of the nature of things...a religion exists for us only if, like a piece of poetry, it carries us away. It is not in any sense a 'hypothesis.
The amount of knowledge which we can justify from evidence directly available to us can never be large. The overwhelming proportion of our factual beliefs continue therefore to be held at second hand through trusting others, and in the great majority of cases our trust is placed in the authority of comparatively few people of widely acknowledged standing.
We cannot ultimately specify the grounds (either metaphysical or logical or empirical) upon which we hold that our knowledge is true. Being committed to such grounds, dwelling in them, we are projecting ourselves to what we believe to be true from or through these grounds. We cannot therefore see what they are. We cannot look at them because we are looking with them.