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This book is an essay in what is derogatorily called "literary economics," as opposed to mathematical economics, econometrics, or (embracing them both) the "new economic history." A man does what he can, and in the more elegant - one is tempted to say "fancier" - techniques I am, as one who received his formation in the 1930s, untutored. A colleague has offered to provide a mathematical model to decorate the work. It might be useful to some readers, but not to me. Catastrophe mathematics, dealing with such events as falling off a height, is a new branch of the discipline, I am told, which has yet to demonstrate its rigor or usefulness. I had better wait. Econometricians among my friends tell me that rare events such as panics cannot be dealt with by the normal techniques of regression, but have to be introduced exogenously as "dummy variables." The real choice open to me was whether to follow relatively simple statistical procedures, with an abundance of charts and tables, or not. In the event, I decided against it. For those who yearn for numbers, standard series on bank reserves, foreign trade, commodity prices, money supply, security prices, rate of interest, and the like are fairly readily available in the historical statistics. ↗
He stared to sea. "I gave up all ideas of practicing medicine. In spite of what I have just said about the wave and the water, in those years in France I am afraid I lived a selfish life. That is, I offered myself every pleasure. I traveled a great deal. I lost some money dabbling in the theatre, but I made much more dabbling on the Bourse. I gained a great many amusing friends, some of whom are now quite famous. But I was never very happy. I suppose I was fortunate. It took me only five years to discover what some rich people never discover — that we all have a certain capacity for happiness and unhappiness. And that the economic hazards of life do not seriously affect it. ↗
#rich #unhappiness #money
Hang you, DeVere! She's a close friend, nothing more." He furrowed his brow once again. "Though I do fear of late that she entertains some...expectations." "You think the young widow may aspire to quite another surrogate role? They all do, ol' chap. Expectations and demands—titles, money, time, attention. The female half of the species are little better than vampires, sucking away one's very lifeblood. ↗
Now there was great rejoicing at the rumor of Alderic's quest, for all folk knew that he was a cautious man, and they deemed that he would succeed and enrich the world, and they rubbed their hands in the cities at the thought of largesse; and there was joy among all men in Alderic's country, except perchance among the lenders of money, who feared they would soon be paid. And there was rejoicing also because men hoped that when the Gibbelins were robbed of their hoard, they would shatter their high-built bridge and break the golden chains that bound them to the world, and drift back, they and their tower, to the moon, from which they had come and to which they rightly belonged. There was little love for the Gibbelins, though all men envied their hoard. ("The Hoard Of The Gibbelins") ↗
