My very first publication was an estimator - this was a statistical procedure - a kind of invention. My father got a patent and started a business; it wasn't successful, but maybe I have some of him in me.
Interpretation
The quote reflects on the author's early beginnings in innovation and the influence of a parent despite initial failure.
In this quote, Robert J. Shiller discusses his early venture into the world of invention through a statistical estimator that his father patented. While the business was not successful, he acknowledges the impact of his fatherβs entrepreneurial spirit on his own life, suggesting that the essence of that initial attempt and the striving for innovation lives on within him, illustrating the connection between familial influence and personal ambition.
In practice
This quote can be shared during a business workshop to inspire entrepreneurs to embrace both their successes and failures.
Those on the downside of rising economic inequality generally do not want government policies that look like handouts. They typically do not want the government to make the tax system more progressive, to impose punishing taxes on the rich, in order to give the money to them. Redistribution feels demeaning. It feels like being labeled a failure.
Speculative markets have always been vulnerable to illusion. But seeing the folly in markets provides no clear advantage in forecasting outcomes, because changes in the force of the illusion are difficult to predict.
That's the world we live in: when it comes to economics, people have emotions; it's not like chemistry or physics.
Money management has been a profession involving a lot of fakery - people saying they can beat the market, and they really can't.
We should not be focusing on quick solutions. The really important concern for policymakers everywhere is to prevent disasters - that is, the outlier events that matter the most.
If we wait until income inequality is much more severe, we will have a whole class of new superrich who will probably feel entitled to their wealth and will have the means to defend their interest. That's already gone far enough. We shouldn't let it become more extreme.
Winning isn't everything, it's the only thing. If you can shrug off a loss, you can never be a winner!
For myself, losing is not coming second. It's getting out of the water knowing you could have done better. For myself, I have won every race I've been in
You'll hear a lot of applause in your life, but none will mean more to you than that applause from your peers. I hope each of you hears that at the end.
I always think part of success is being able to replicate results, taking what is interesting or viable about yourself as a professional person and seeing if you bring it into different situations with similar results.
In all my years of baseball, I have always expected to be traded. I never liked the idea.
A successful man is one who can lay a firm foundation with the bricks others have thrown at him.
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