In many spheres of human endeavor, from science to business to education to economic policy, good decisions depend on good measurement.
Ben BernankeRead
Income inequality is troubling because, among other things, it means that many people in our society don't have the opportunities to advance themselves.
Interpretation
Income inequality restricts opportunities for many individuals to improve their lives.
Ben Bernanke's quote emphasizes the issue of income inequality as a significant societal problem, highlighting that when wealth is concentrated in the hands of a few, many people are deprived of the opportunities necessary for personal and professional advancement. This lack of access to resources can hinder social mobility, leading to a cycle of poverty that affects not just individuals, but the community and economy at large.
In practice
During a discussion on economic policy, one might use this quote to emphasize the importance of addressing income inequality.
In many spheres of human endeavor, from science to business to education to economic policy, good decisions depend on good measurement.
Education - lifelong education for everyone - from toddlers to workers well advanced in their careers - is indeed an excellent investment for individuals and society as a whole.
Nobody likes to fail but failure is an essential part of life and of learning. If your uniform isn't dirty, you haven't been in the game.
Life is amazingly unpredictable; any 22-year-old who thinks they know where they will be in 10 years, much less in 30, is simply lacking imagination.
The benefit of appointing a hawkish central banker is the increased inflation-fighting credibility that such an appointment brings.
Economics is a highly sophisticated field of thought that is superb at explaining to policymakers precisely why the choices they made in the past were wrong. About the future, not so much.
If you don't talk about families, then it's easy to disembody subprime mortgages and asset securitization and unemployment rates without remembering that every one of those numbers is a million families.
All social rules and all relations between individuals are eroded by a cash economy, avarice drags Pluto himself out of the bowels of the earth.
When the accumulation of wealth is no longer of high social importance, there will be great changes in the code of morals.
One of the arguments I make for the failure of the euro is that, at the time it was being constructed, there was a 'neo-liberal' ideology which said that all we need to do to make this thing work is to get deficits low, keep inflation low, and take down barriers, and then everything would be fine.
Instead of abandoning competition and giving banks protected monopolies once again, the public would be better served by making it easier to close banks when they get into trouble. Instead of making banking boring, let us make it a normal industry, susceptible to destruction in the face of creativity.
People.. were poor not because they were stupid or lazy. They worked all day long, doing complex physical tasks. They were poor because the financial institution in the country did not help them widen their economic base.
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