Best 22 quotes of Charles Wheelan on MyQuotes

A market economy is to economics what democracy is to government: a decent, if flawed, choice among many bad alternatives.

Being great involves luck, and unique circumstances, and a lot of other forces beyond your control. You can’t just make it happen by working more or trying harder. There is an irony here, of course. The less you think about being great, the more likely it is to happen. And if it doesn’t, there is absolutely nothing wrong with being solid.

Change is inevitable; but progress depends on what we do with that change.

Economics is like gravity: Ignore it and you will be in for some rude surprises.

Read obituaries. They are just like biographies, only shorter. They remind us that interesting, successful people rarely lead orderly, linear lives.

A statistical anomaly does not prove wrongdoing. Delma Kinney, a fifty-year-old Atlanta man, won $1 million in an instant lottery in 2008 and then another $1 million in an instant game in 2011. The probability of that happening to the same person is somewhere in the range of 1 in 25 trillion.

Descriptive statistics can be like online dating profiles: technically accurate and yet pretty darn misleading.

Fire, knives, automobiles, hair removal cream. Each of these things serves an important purpose. Each one makes our lives better. And each one can cause some serious problems when abused. Now you can add statistics to that list.

How much does it cost to treat leprosy? One $3 dose of antibiotic will cure a mild case; a $20 regimen of three antibiotics will cure a more severe case. The World Health Organization even provides the drugs free, but India‘s health care infrastructure is not good enough to identify the afflicted and get them the medicine they need. So, more than 100,000 people in India are horribly disfigured by a disease that costs $3 to cure. That is what it means to have a per capita GDP of $2,900.

In a basic agricultural society, it's easy enough to swap five chickens for a new dress or to pay a schoolteacher with a goat and three sacks of rice. Barter works less well in a more advanced economy. The logistical challenges of using chickens to buy books on Amazon.com would be formidable.

Longitudinal data sets are the research equivalent of a Ferrari. Not surprisingly, we can't always have the Ferrari. The research equivalent of a Toyota is a cross-sectional data set.

Obituaries are just like biographies, only shorter. They remind us that interesting, successful people rarely lead orderly, linear lives. I defy you to find a single obituary that begins, "Jane Doe won the Nobel Prize in large part because she was admitted to a prestigious, highly selective preschool. After that, everything just kind of fell into place." Instead, you will read about dead ends, lucky coincidences, quirky habits, excessive self-confidence (often interspersed with bursts of excessive self-doubt), and a lot of passion for something.

Regression analysis is the hydrogen bomb of the statistics arsenal.

Researchers may have some conscious or unconscious bias, either because of a strongly held prior belief or because a positive finding would be better for their career. (No one ever gets rich or famous by proving what doesn't cause cancer.)

Skepticism is always a good first response.

Statistical malfeasance has very little to do with bad math. Judgement an integrity turn out to be surprisingly important. A detailed knowledge of statistics does not deter wrongdoing any more than a detailed knowledge of the law averts criminal behavior.

Statistics cannot be any smarter than the people who use them. And in some cases, they can make smart people do dumb things.

The authors propose “a New Deal for globalization—one thatlinks engagement with the world economy to a substantial redistribution of income.” Remember, this isn’t hippy talk. These are the capitalists who see angry workers with pitchforks loitering outside the gates of a very profitable factory, and they are making a very pragmatic calculation: Throw these people some food (and maybe some movie tickets and beer) before we all end up worse off

The beauty of the normal distribution - its Michael Jordan power, finesse, and elegance - comes from the fact that we know by definition exactly what proportion of the observations in a normal distribution lie within one standard deviation of the mean (68.2 percent), within two standard deviations of the mean (95.4 percent), within three standard deviations of the mean (99.7 percent), and so on.

The finest studies are like the finest of anything else: They cost big bucks.

Think about ethanol again. The benefits of that $7 billion tax subsidy are bestowed on a small group of farmers, making it quite lucrative for each one of them. Meanwhile, the costs are spread over the remaining 98 percent of us, putting ethanol somewhere below good oral hygiene on our list of everyday concerns. The opposite would be true with my plan to have left-handed voters pay subsidies to right-handed voters. There are roughly nine right-handed Americans for every lefty, so if every right-handed voter were to get some government benefit worth $100, then every left-handed voter would have to pay $900 to finance it. The lefties would be hopping mad about their $900 tax bills, probably to the point that it became their preeminent political concern, while the righties would be only modestly excited about their $100 subsidy. An adept politician would probably improve her career prospects by voting with the lefties. Here is a curious finding that makes more sense in light of what we‘ve just discussed. In countries where farmers make up a small fraction of the population, such as America and Europe, the government provides large subsidies for agriculture. But in countries where the farming population is relatively large, such as China and India, the subsidies go the other way. Farmers are forced to sell their crops at below-market prices so that urban dwellers can get basic food items cheaply. In the one case, farmers get political favors; in the other, they must pay for them. What makes these examples logically consistent is that in both cases the large group subsidizes the smaller group. In politics, the tail can wag the dog. This can have profound effects on the economy.

When I applied to graduate school many years ago, I wrote an essay expressing my puzzlement at how a country that could put a man on the moon could still have people sleeping on the streets. Part of that problem is political will; we could take a lot of people off the streets tomorrow if we made it a national priority. But I have also come to realize that NASA had it easy. Rockets conform to the unchanging laws of physics. We know where the moon will be at a given time; we know precisely how fast a spacecraft will enter or exist the earth's orbit. If we get the equations right, the rocket will land where it is supposed to--always. Human beings are more complex than that. A recovering drug addict does not behave as predictably as a rocket in orbit. We don't have a formula for persuading a sixteen-year-old not to drop out of school. But we do have a powerful tool: We know that people seek to make themselves better off, however they may define that. Our best hope for improving the human condition is to understand why we act the way we do and then plan accordingly. Programs, organizations, and systems work better when they get the incentives right. It is like rowing downstream.