Funeral by funeral, theory advances.

In every mutual fund prospectus, in every sales promotional folder, and in every mutual fund advertisement (albeit in print almost too small to read), the following warning appears: "Past performance is no guarantee of future results."

Economists have much to be humble about.

Funeral by funeral, theory advances.

The failure of market catallactics in no way denies the following truth: given sufficient knowledge the optimal decisions can always be found by scanning over all the attainable states of the world and selecting the one which according to the postulated ethical welfare function is best. The solution 'exists'; the problem is how to 'find' it.

Marshall's crime is to pretend to handle imperfect competition with tools only applicable to perfect competition.

You know what happiness is: 'Having a little more money than your colleagues.' And that's not so tough in academic life.