Truth Quotes

"We attribute success to vision and failure to circumstance, when often both are products of institutional design."

"Understanding what lies in the residual is perhaps the most important task in economics."

"We must be willing to revise our theories when evidence contradicts them."

"Understanding growth requires humility about what economic statistics can tell us."

"Growth accounting reveals that measured factor inputs explain surprisingly little."

"We understand growth better by accepting how much remains mysterious about it."

"We should be suspicious of simple stories about why economies grow or stagnate."

"The truth is like a lion; you don't have to defend it."

"The only real failure in life is not to be true to the best one knows."

"If you tell the truth, you don't have to remember anything."

"Truth and transparency are necessary for democratic accountability."

"Transparency in financial data is essential for democratic accountability."

"The narrative of meritocracy is comforting but contradicted by the data on inherited advantage."

"The pretense of a meritocratic system is maintained by those who benefit from inherited wealth."

"Intellectual honesty requires admitting when your economic models fail reality."

"The bond market is often wiser than politicians about the sustainability of policy."

"Real income is what matters; nominal income is an illusion."

"Asset prices can diverge from fundamental values for uncomfortably long periods."

"Unemployment and inflation represent different faces of economic failure."

"The love of money may be the root of evil, but fear of poverty is its poison."

"Without stable institutions, there can be no trust in economic transactions."

"Understanding institutions means understanding how rewards and punishments are distributed."

"Formal institutions are only effective when supported by appropriate informal norms."

"The stability of institutions depends on their alignment with underlying power realities."

"The data tells us what happened; theory tells us why it matters."

"Truth is often stranger than fiction."

"Truth will always prevail."

"The pursuit of the common good rarely motivates action without selective incentives to individuals."

"The rational ignorance of voters explains why special interests dominate democratic decision-making."

"Rational calculation, not altruism, determines participation in collective action."