Matthew Yglesias: Perverse Reputational Incentives In Central Banking
Liveblogging World War II: December 22, 1941

Quote of the Day: December 22, 2011

"[Edmund] Burke ever held, and held rightly, that it can seldom be right... to sacrifice a present benefit for a doubtful advantage in the future.... It is not wise to look too far ahead; our powers of prediction are slight, our command over results infinitesimal. It is therefore the happiness of our own contemporaries that is our main concern; we should be very chary of sacrificing large numbers of people for the sake of a contingent end, however advantageous that may appear... We can never know enough to make the chance worth taking..."

--John Maynard Keynes