Saturday, August 7, 2010

Time Horizons: Vacation Reading Edition

FLG is reading Lords of Finance: The Bankers Who Broke the World here by the pool and this passage about Keynes struck him:
In 1909, [Keynes] began work on a book on the philosophical foundations of probability, which he hoped would change the way philosophers thought about uncertainty.  The themes of the book -- that nothing can be known with certainty, that it is hard to define what is a rational course of action when the future is so indeterminate, that intuition rather than analysis provides the ultimate basis for action in these circumstances -- were to color much of his later economic thinking and his almost equally remarkable ability to make money from speculating.

1 comment:

Anonymous said...

FLG, all your Plato blogging has paid off - you sound exactly like VDH. Or he sounds like you. To wit, literally,

"The common denominator here is that a largely conservative electorate has always wanted lower taxes, smaller but more competent government, fewer overseas commitments, honest government, and officials who live like the public they represent — and it can’t seem to find that package in any party or candidate being presented to it. Indeed, the Obama medicine is now seen as worse than the Bush disease"

Mrs. P

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