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Difficult Quotes

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Difficult Quotes

“The oldest problem in economic education is how to exclude the incompetent. A certain glib mastery of verbiage-the ability to speak portentously and sententiously about the relation of money supply to the price level-is easy for the unlearned and may even be aided by a mildly enfeebled intellect. The requirement that there be ability to master difficult models, including ones for which mathematical competence is required, is a highly useful screening device.”

“The Internet, too, has strong attributes of a public good, and has undermined the “private good” attributes of old media. Internet service providers obviously can exclude people, but the actual content -the values, the ideas- can be shared with no loss of value for the consumer. It is also extremely inexpensive and easy to share material. Sharing is built into the culture and practices of the Web and has made it difficult for the subscription model to be effective.”