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Quae nocent docent

Ignis aurum probat, miseria fortes viros

4 May 1971
Those who have handled sciences have been either men of experiment or men of dogmas. The men of experiment are like the ant, they only collect and use; the reasoners resemble spiders, who make cobwebs out of their own substance. But the bee takes a middle course: it gathers its material from the flowers of the garden and of the field, but transforms and digests it by a power of its own. Not unlike this is the true business of philosophy; for it neither relies solely or chiefly on the powers of the mind, nor does it take the matter which it gathers from natural history and mechanical experiments and lay it up in the memory whole, as it finds it, but lays it up in the understanding altered and digested.
adaptive expectations, agency costs, asymmetric shocks, barriers to entry, catch-up effects, chaotic ecosystems, complementary goods, deadweight costs, diseconomies of scale, economic rents, efficiency wages, endogeneity, engel's law, exogeneity, expenditure taxes, factor cost, first-mover advantages, fiscal drag, generational accounting, giffen goods, global antitrust, global public goods, herfindahl-hirschman index, horizontal equity, human development indices, income effects, increasing returns, incumbent advantages, inferior goods, j-curves, joint supply, life-cycle hypothesis, liquidity preferences, liquidity traps, lump of labor fallacy, lump-sum taxes, market power, menu costs, monetary neutrality, money illusion, most-favored nations, multipliers, natural monopoly, natural rate of unemployment, new growth theory, non-price competition, normal goods, null hypotheses, okun's law, optimal currency areas, output gaps, peak pricing, permanent income hypothesis, phillips curves, pigou effect, poverty traps, predatory pricing, price discrimination, price elasticity, principal-agent theory, proclivity regulation, production factors, production functions, reservation wages, residual risks, self-interested altruism, spaceguard survey, status quo bias, substitute goods, trade-weighted exchange rates, tularaemia, vertical equity, wage drift, wealth effects, weightless economies, windfall gains, winner-take-all markets, x-efficiency