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.
Interpretation
The quote emphasizes the importance of long-term planning over short-term fixes to avoid significant negative events.
Robert J. Shiller highlights that while quick solutions may seem appealing, true leadership focuses on preventing catastrophic events that have far-reaching consequences. Policymakers should prioritize strategies that mitigate risks and safeguard against unforeseen disasters, rather than just addressing immediate issues.
In practice
During a policy conference, this quote can be used to stress the need for long-term strategies in public safety.
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.
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.
I think that a lot of people in all walks of life have the impression, of course, that, 'I specialize in something. I can't - I don't have the time to read other things. I'll just go to pure entertainment when I'm relaxing, and then I'll come back to my pure specialty.' That produces - that attitude produces idiot savants, unfortunately.
A manager is responsible for the application and performance of knowledge.
In every organization, there are many people, from senior leaders to first-time managers, who have the power to elevate women in the workplace. I wouldn't be in the position I'm in today without several key people in power believing in me and giving me a chance to succeed.
Well I do think, when there are more women, that the tone of the conversation changes, and also the goals of the conversation change. But it doesn't mean that the whole world would be a lot better if it were totally run by women. If you think that, you've forgotten high school.
I am often accused of interfering in the private lives of citizens. Yes, if I did not, had I not done that, we wouldn't be here today. And I say without the slightest remorse, that we wouldn't be here, we would not have made economic progress, if we had not intervened on very personal matters - who your neighbour is, how you live, the noise you make, how you spit, or what language you use. We decide what is right. Never mind what the people think.
In selecting men for office, let principle be your guide. Regard not the particular sect or denomination of the candidate-look to his character.
For most of us, fidelity is faithfulness to an obligation, trust, or duty. For the men and women of the FBI, fidelity also means fidelity to country. It means fidelity to justice and the law, fidelity to the Constitution, fidelity to equality and liberty.
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