The two girls grew up at the edge of the ocean and knew it was paradise, and better than Eden, which was only a garden.
You know, we live in a country where if you want to go bomb somebody, there's remarkably little discussion about how much it might cost, even though the costs almost inevitably end up being orders of magnitude larger than anybody projected at the outcome.
In war-as-spectacle, appearances could be more important than reality, because appearance often ended up determining reality.
In the years after 1936, whilst Hayek was working on The Pure Theory of Capital, most economists were convinced by Keynes, whose theory had an elegance and simplicity that Hayek’s did not. Keynes’ theory lacked Hayek’s theoretical rigor in that it was not based on equilibrium (on individual rationality), and there were places in the argument where Keynes relied on loose, informal arguments,
preferring to put his trust in intuition rather than formal theory. Keynesians did not solve the problems with capital theory that Hayek had identified: they just bypassed or ignored them. According to Hayek’s methodological criteria, Keynes’ theory was decidedly inferior. Against this, Keynes’ theory provided opportunities for mathematical and statistical analysis that Hayek’s did not.
Indeed, though Hayek paid some attention to data, he did so only minimally: he certainly made no attempt to test his theory against statistical data. The choice of Keynesian theory was, at least in part, a methodological one.
As every bookie knows instinctively, a number such as reliability - a qualitative rather than a quantitative measure - is needed to make the valuation of information practically useful.
If you don't understand something, break it apart; reduce it to its components. Since they are simpler than the whole, you have a much better chance of understanding them; and when you have succeeded in doing that, put the whole thing back together again.
Hume describes (E, 235) as a fancied monster” a man who has no manner of concern to his fellow-creatures but to regard the happiness and misery of all sensible beings with greater indifference than even two contiguous shades of the same color” (ibid.). To limit one's concern to those sensible beings who are of one's own species is to be part-monster, but such monsters, alas, are not merely
fancied ones.