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Theory Quotes

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Theory Quotes

“I have concluded that most PhD economists under appraise the power of the common-stock-based "wealth effect," under current extreme conditions... "Wealth effects" involve mathematical puzzles that are not nearly so well worked out as physics theories and never can be... What has happened in Japan over roughly the last ten years has shaken up academic economics, as it obviously should, creating strong worries about recession from "wealth effects" in reverse.”

“I had a great deal of independence from the president and the White House during the entirety of my five years. And I'm not sure exactly what that is, but our friend, Walter Dellinger, has a theory about it, and I think he's probably right. And the theory starts with the fact that I worked in the White House for a year and a half before coming over to the position of SG. And because of that, when I was nominated, there was some chatter out there that, "Oh. They're putting a political hack in. This has never happened before."”

“There is a theory which states that if ever anyone discovers exactly what the Universe is for and why it is here, it will instantly disappear and be replaced by something even more bizarre and inexplicable.There is another theory which states that this has already happened.”