Rational Expectations Quotes & Sayings

Lucas attended a conference on rational expectations at the University of Minnesota in the spring of 1973. The day after the conference, I received a call from Pittsburgh. — Thomas J. Sargent

We believe this approach (progress sharing) is a rational approach because you cooperate in creating the abundance that makes the progress possible, and then you share that progress after the fact, and not before the fact. Profit sharing would resolve the conflict between management apprehensions and worker expectations on the basis of solid economic facts as they materialize rather than on the basis of speculation as to what the future might hold. — Walter Reuther

The first and most optimistic response was complete rational expectations econometrics. A rational expectations equilibrium is a likelihood function. Maximize it. — Thomas J. Sargent

There is one unmistakable lesson in American history: A community that allows a large number of young men to grow up in broken families, dominated by women, never acquiring any stable relationship to male authority, never acquiring any set of rational expectations about the future — Daniel Patrick Moynihan

Governments are especially adept at using propaganda to induce fear among citizens to control their behavior. When people are frightened enough, they turn to governments for protection. Because we all fear the judgement of others to some degree, governments also use propaganda to manipulate our perception of the expectations of others. If propaganda creates the impression that all the other citizens expect us to be obedient, our default position will be obedience, and that can only be overcome with careful, rational analysis. Any time someone trying to control us can fill our heads with emotions, they can keep us from thinking clearly and lead us to believe in whatever bad ideas advance their agenda. — Adam Kokesh

The fantastic postulates that there are forces in the outside world, and in our own natures, which we can neither know nor control, and these forces may even constitute the essence of our existence, beneath the comforting rational surface. The fantastic is, moreover, a product of human imagination, perhaps even an excess of imagination. It arises when laws thought to be absolute are transcended, in the borderland between life and death, the animate and the inanimate, the self and the world; it arises when the real turns into the unreal, and the solid presence into vision, dream or hallucination. The fantastic is the unexpected occurrence, the startling novelty which goes contrary to all our expectations of what is possible. The ego multiplies and splits, time and space are distorted. — Franz Rottensteiner

I am not well qualified to criticize the theory of rational expectations and the efficient market hypothesis because as a market participant I considered them so unrealistic that I never bothered to study them. — George Soros

Sociotropic voters with biased economic beliefs are more likely to produce severe political failures than are selfish voters with rational expectations. — Bryan Caplan

1. It is necessary for me to be extremely frugal for some time, till I have paid what I owe. 2. To endeavor to speak truth in every instance; to give nobody expectations that are not likely to be answered, but aim at sincerity in every word and action - the most amiable excellence in a rational being. 3. To apply myself industriously to whatever business I take in hand, and not divert my mind from my business by any foolish project of suddenly growing rich; for industry and patience are the surest means of plenty. 4. I resolve to speak ill of no man whatever.17 — Walter Isaacson

All of us, whether vivisector or vegan, have been subject to mechanisms undercutting sympathy for animals. How long and to what extent we submit to these mechanisms is not a matter of rationality: to cut off our feelings and support animal exploitation is rational, given societal expectations and sanctions; but to assert our feelings and oppose animal exploitation is also rational, given the pain involved in losing our natural bonds with animals. So our task is not to pass judgment on others' rationality, but to speak honestly of the loneliness and isolation of anthropocentric society, and of the damage done to every person expected to hurt animals. — Brian Luke

Because emotion clouds the rational, and many perspectives guide the full reality. To view current events as an historian is to account for all perspectives, even those of your enemy. It is to know the past and to use such relevant history as a template for expectations. It is, most of all, to force reason ahead of instinct, to refuse to demonize that which you hate, and to, most of all, accept your own fallibility. And — R.A. Salvatore

Emotion clouds the rational, and many perspectives guide the full reality. To view current events as a historian is to account for all perspectives, even those of your enemy. It is to know the past and to use such relevant history as a template for expectations. It is, most of all, to force reason ahead of instinct, to refuse to demonize that which you hate, and to, most of all, accept your own fallibility. — R.A. Salvatore

Economists who adhere to rational-expectations models of the world will never admit it, but a lot of what happens in markets is driven by pure stupidity - or, rather, inattention, misinformation about fundamentals, and an exaggerated focus on currently circulating stories. — Robert J. Shiller