My very first publication was an estimator - this was a statistical procedure - a kind of invention. My father got a patent and started a business; it wasn't successful, but maybe I have some of him in me.
Interpretation
The quote reflects on the author's early beginnings in innovation and the influence of a parent despite initial failure.
In this quote, Robert J. Shiller discusses his early venture into the world of invention through a statistical estimator that his father patented. While the business was not successful, he acknowledges the impact of his father’s entrepreneurial spirit on his own life, suggesting that the essence of that initial attempt and the striving for innovation lives on within him, illustrating the connection between familial influence and personal ambition.
In practice
This quote can be shared during a business workshop to inspire entrepreneurs to embrace both their successes and failures.
Those on the downside of rising economic inequality generally do not want government policies that look like handouts. They typically do not want the government to make the tax system more progressive, to impose punishing taxes on the rich, in order to give the money to them. Redistribution feels demeaning. It feels like being labeled a failure.
Speculative markets have always been vulnerable to illusion. But seeing the folly in markets provides no clear advantage in forecasting outcomes, because changes in the force of the illusion are difficult to predict.
That's the world we live in: when it comes to economics, people have emotions; it's not like chemistry or physics.
Money management has been a profession involving a lot of fakery - people saying they can beat the market, and they really can't.
We should not be focusing on quick solutions. The really important concern for policymakers everywhere is to prevent disasters - that is, the outlier events that matter the most.
If we wait until income inequality is much more severe, we will have a whole class of new superrich who will probably feel entitled to their wealth and will have the means to defend their interest. That's already gone far enough. We shouldn't let it become more extreme.
I've never run into a guy who could win at the top level in anything today and didn't have the right attitude, didn't give it everything he had, at least while he was doing it; wasn't prepared and didn't have the whole program worked out.
I would never allow anyone to give me money, no difference how badly I needed it. I wanted literally to earn my living.
The first time I stepped on an NBA court I became a businessman.
Games are won by players who focus on the playing field -- not by those whose eyes are glued to the scoreboard.
Setbacks and losses are both inevitable and essential if you're going to improve and become a good, even great, competitor. The art is in avoiding catastrophic losses in the key battles.
Ask any woman who has gone through a divorce and had her standard of living decline substantially. Ask any woman who's been fired or 'reorg'ed out' and had to scramble to take a job she didn't want. Ask any woman who wanted to quit a job but couldn't afford to. Investing is possibly the best career advice women aren't getting.
Subscribe for the occasional hand-picked quote. No noise.