But individuals and firms spend an enormous amount of resources acquiring information, which affects their beliefs; and actions of others too affect their beliefs.
Interpretation
Information shapes beliefs and influences decisions.
This quote by Joseph Stiglitz highlights the crucial role that information plays in forming our beliefs and guiding our actions. It suggests that not only do individuals and organizations invest heavily in gathering information, but also that the beliefs and actions of others have a significant impact on our own beliefs, acknowledging the interconnectedness of knowledge and societal influence.
In practice
In a presentation on business strategy, one might say, 'As Joseph Stiglitz points out, the beliefs we hold and the decisions we make are heavily influenced by the information we acquire.'
Free migration within Europe means that countries that have done a better job at reducing unemployment will predictably end up with more than their fair share of refugees. Workers in these countries bear the cost in depressed wages and higher unemployment, while employers benefit from cheaper labor.
I don't think we can have democracies that work where most of the people are not benefiting economically, where most of the people are worried about their job security.
Let me put it very forcefully: No large economy has ever recovered from an economic downturn through austerity. It's not going to happen in the United States, and it's not going to happen in Europe.
What separates developing countries from developed countries is as much a gap in knowledge as a gap in resources.
One of the arguments I make for the failure of the euro is that, at the time it was being constructed, there was a 'neo-liberal' ideology which said that all we need to do to make this thing work is to get deficits low, keep inflation low, and take down barriers, and then everything would be fine.
Trump sees the world in terms of a zero-sum game. In reality, globalisation, if well managed, is a positive-sum force: America gains if its friends and allies - whether Australia, the E.U., or Mexico - are stronger. But Trump's approach threatens to turn it into a negative-sum game: America will lose, too.
Stupid β well, there are so many kinds of stupidity, and cleverness is one of the worst.
Write down the thoughts of the moment. Those that come unsought for are commonly the most valuable.
Information is power. But like all power, there are those who want to keep it for themselves.
There are but very few men clever enough to know all the mischief they do.
What is discipline? Discipline means creating an order within you. As you are, you are a chaos.
Waste not fresh tears over old griefs.
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