"Good economics is a search for truth, like good science, and in both cases, arguments have to be assessed on their merits."
This quote emphasizes the importance of seeking truth and evidence-based reasoning in the field of economics, just as it is in science. In both disciplines, ideas are tested and evaluated based on their merit rather than personal biases or subjective opinions. It underscores the importance of critical thinking, objectivity, and rigorous analysis to uncover underlying patterns, causations, and relationships that help us understand economic phenomena more accurately.
"Achieving economic success is not just about getting richer, it's also about becoming wiser."
This quote by Angus Deaton suggests that wealth accumulation isn't merely an end in itself, but a means to acquire wisdom. It implies that as one gains financial success, they should use their increased resources not only for personal enrichment, but also to enhance their understanding of the world, human nature, and life itself. This perspective underscores the idea that wealth can serve as a tool for intellectual growth and self-realization, rather than being focused solely on material possessions.
"The poor are poor because they make the wrong choices, and will stay poor until they learn to make better ones." (This quote is sometimes misattributed to Deaton, but he has clarified that he did not write or say this.)
This quote, though not originally by Angus Deaton, implies a perspective where poverty is primarily the result of poor decision-making. It suggests that the impoverished are responsible for their own condition and will only escape poverty once they acquire the ability to make sounder decisions. However, it's important to note that this view overlooks systemic factors such as lack of access to resources, limited education, or societal disparities that may greatly influence an individual's choices and thus their economic status. A more nuanced approach recognizes both personal agency and structural constraints in understanding poverty and working towards alleviating it.
"There's no such thing as a free lunch, unless it's a truly Pareto improvement."
The quote implies that something can be considered "free" or beneficial only if it improves the situation for one party without making another party worse off, a principle known as the Pareto Efficiency or Pareto Optimality. In simpler terms, Deaton is saying that resources can't be gained without any cost (there's no free lunch) unless the outcome satisfies this efficiency criterion, in which case it's seen as progress for everyone involved.
"The best we can hope for in economics is less bias and more truth."
This quote by Angus Deaton suggests that the pursuit of knowledge and understanding in economics should aim for minimizing biases and maximizing accuracy or truthfulness. Biases in economic analysis can lead to distorted views, incorrect assumptions, and flawed policies. By reducing bias, we can approach economic issues more objectively and develop sounder strategies for solving complex problems. Ultimately, the goal is to enhance the reliability of economic insights and improve decision-making processes for the betterment of society.
Globalization and technical change are the guarantee of our future prosperity. And reversing on that will not only make things worse, but it will make things worse for a very large number of people around the world who have benefitted - people in China and India who have been dragged out of the most awful poverty.
- Angus Deaton
I didn't care for school much - it was very strict, corporal punishment in the form of the 'tawse' was common and unpredictable, and I was often afraid - but I believe that I did well enough; indeed, my mother always regretted that I had not stayed long enough to become the 'dux,' as the best pupil was called.
- Angus Deaton
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