Sublime

The role of luck, therefore, appears decisive.

Le déluge keynésien, dont le monde n'a pas encore émergé, avait commencé. Les universités perdirent leur indépendance et devinrent partie intégrante de l'appareil du pouvoir étatique. La science économique cessa d'être une discipline intellectuelle centrée sur la compréhension des choix des humains pour améliorer leurs conditions de vie dans des

The freedom to do what one intends, and not to do otherwise, is no less valuable than it ever was.

“If you said to a dean that you wanted to fund conservative constitutional law, he would reject the idea out of hand. But if you said you wanted to support Law and Economics, he would be much more open to the idea,” he confided. “Law and Economics is neutral, but it has a philosophical thrust in the direction of free markets and limited government.

From the standpoint of Ely and the new generation economists, economic analysis and its application made up an inherently ethical task whose basic unit of analysis was the social whole. In this sense, their pronouncements were not socialist in a Marxist sense—that is, implying public ownership of capital and the ultimate displacement of

publicly visible.

When something happens to the expectation value, is that actually also what happens over a long time to the thing that we are observing?

The negative utility of giving up something we already own is significantly greater than the positive utility we get from a good that we first need to buy.