Sunday, March 15, 2009

The Poetry of Economics

Some recent quotations I've come across this week have formed a sort of confused constellation in my mind about the world economy:

"We have involved ourselves in a colossal muddle, having blundered in the control of a delicate machine, the working of which we do not understand."

- John Maynard Keynes

"The language of psychotherapy -- the recognition that few things in life are black and white, that it mostly consists of perplexing shades of gray -- seems immensely more helpful now than the self-assured, directive lingo we've all become accustomed to speaking or hearing. The advice I trust the most now comes wrapped in doubt. Here's what I'd do, and this is why I think it's right, but I'm not sure. What's implicit is the acknowledgment that very little is a sure thing, that if we follow this advice, we're following at our own risk, and that every potential gain also carries within it the possibility of loss.

Imagine where we might be if we'd spoken in a language that recognized this all along."

- Joel Lovell, The Washington Post

"We are so weak right now that if Germany coughs, we will catch penicillin-resistant tuberculosis."

- Riga Diena, Latvian

"I always knew this day would come."

- Bernard Madoff