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They have the most influence on policy where they know the least and disagree most vehemently.

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Disagree Influence Least Most Policy Vehemently

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Marilyn Monroe Paulo Coelho Abraham Lincoln C. S. Lewis Khalil Gibran Charlie Chaplin Gautama Buddha Isaac Newton

Murphys law of economic policy’: Economists have the least influence on policy where they know the most and are most agreed.
ALAN BLINDER

Agree Economic Influence Know Law Least Most Policy
In the classic old business cycle, there would be a diminution in sales; it would take a little while for this information to reach corporate headquarters.
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Business Classic Corporate Cycle Diminution Headquarter Information Reach Sale
Public opinion is presumptively an input to policy formation in a democracy because politicians respond to it or at least are believed to respond [to it].
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Believe Democracy Formation Input Opinion Policy Politician Public Respond
There is a kind of a cascading chain, … If one can’t sell, then that business doesn’t buy and that means the next business doesn’t sell, and the previous business doesn’t sell, and so on.
ALAN BLINDER

Business Buy Cascade Chain Kind Mean Next One Previous Sell
Life is not a multiple choice test, it’s an open-book essay exam.
ALAN BLINDER

Book Choice Essay Exam Life Multiple Open Test
They have the most influence on policy where they know the least and disagree most vehemently.
ALAN BLINDER

Disagree Influence Least Most Policy Vehemently
And there would be an inventory pileup. And then – bam – businesses would react, sometimes violently, by cutting production.
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Business Cut Inventory Pileup Production React Sometimes Violent
His stellar record suggests that the only right answer to the age-old question of whether it is better to be lucky or good may be: both.
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Answer Better Both Good Lucky Old Record Stellar Suggest
If you try to give an on-the-one-hand-or-the-other- hand answer, only one of the hands tends to get quoted.
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Answer Hand One Quote Tend Try
And the maestro surely wielded the chairman’s baton with extraordinary skill.
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Baton Chairman Extraordinary Maestro Skill Sure Wield
The last duty of a central banker is to tell the public the truth.
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Banker Central Duty Last Public Tell Truth

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