Quotes of the day

Piety is no substitute for technique--Etienne Gilson

This should be an enduring lesson of the crisis—an understanding that the rules governing the operating of markets were not handed down on stone tablets but are made by men, and are in constant need of revision, supervision, and active, imaginative enforcement. ... human beings make markets. A general recognition of that fact, led by the economic profession and taken to heart by politicians, would be a step so important as to be almost worth what it has cost to be reminded of it.--John Lanchester

From [Joseph] Schumpeter's vantage point, capitalism's very success allows rich societies to use government to relax the impersonal rules that govern markets, creating new rules that buffer citizens from the rigors of risk-taking and failure. In that sense, government invents for itself the task of mediating market outcomes. Schumpeter had seen the dangers of this play out in Bismarck's conception of Prussia's welfare state. In the face of the Marxist threat, the elite secured its position by causing government to dispense social benefits. Political entrenchment, not charity, had motivated Bismarck. When distorted in such a way, free-market capitalism is seen to suppress -- rather than to encourage -- social and economic mobility.--Carl Schramm

So why are we preparing to spend trillions saving 0.35% of the population when malaria kills 3 times as many children under 5 alone?--Don Surber

There is not a lot of love left for [Ralph] Nader, even though he pretty much paved the way for trial lawyers to become billionaires.--Don Surber

In spread formations, many feel the wideouts make the offense, but in reality, the back is the critical piece. Last year, without a healthy back, the Colts’ offense struggled. The Cards, without a dominating back, struggled. But the Titans, without great wideouts but with a great back in Chris Johnson, were very effective. The back’s talent makes the passing game more effective and creates more problems for the defense. The “passing to run” theory is what makes the running game of today’s football so effective, which is why the Patriots look good on paper.--Michael Lombardi

Don’t tweet while having sex. Don’t tweet while praying with the dying.--John Piper