Ignorance is like sub-zero weather: by a sufficient expenditure its effects upon people can be kept within tolerable or even comfortable bounds, but it would be wholly uneconomic entirely to eliminate all its effects. And, just as an analysis of man’s shelter and apparel would be somewhat incomplete if cold weather is ignored, so also our understanding of economic life will be incomplete if we do not systematically take account of the cold winds of ignorance.It is certainly worth reading the whole article.
Monday, October 27, 2008
Today's X is George Stigler. The quote comes from his 1961 paper, The Economics of Information which I will be presenting in Econ 811 tomorrow.