Let me remind you of the old maxim: people under suspicion are better moving than at rest, since at rest they may be sitting in the balance without knowing it, being weighed together with their sins. ↗
For as long as one has no further point of reference, apart from the position of the maximum, the wavelength thus remains uncertain by an integral factor. ↗
Advocates of capitalism are very apt to appeal to the sacred principles of liberty, which are embodied in one maxim: The fortunate must not be restrained in the exercise of tyranny over the unfortunate. ↗
In the 1980s, there were occasions when it made sense to say, 'it is too difficult to maximize the likelihood function, and besides if we do, it will blow our model out of the water.' ↗
The first and most optimistic response was complete rational expectations econometrics. A rational expectations equilibrium is a likelihood function. Maximize it. ↗
Power must be used, but it must be tempered by soul-searching and the recognition of our human capacity for error. That is the maxim that should inform our approach to every challenge, from reforming state government to engaging in foreign affairs. ↗
