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Image of the quote is loading... SaveSave Conventional wisdom in Galbraith's view must be simple, convenient, comfortable and comforting - though not necessarily true. - Quote by Steven D. Levitt

Conventional wisdom in Galbraith’s view must be simple, convenient, comfortable and comforting – though not necessarily true.

Steven D. Levitt
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When moral posturing is replaced by an honest assessment of the data, the result is often a new, surprising insight.
Steven D. Levitt
Journalists need experts as badly as experts need journalists.
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The fact is that solving problem is hard. If a given problem still exists, you can bet that a lot of people have already come along and failed to solve it. Easy problems evaporate; it is the hard ones that linger. Furthermore, it takes a lot of time to track down, organize, and analyze the data to answer one small question well.
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What most of these doomsday scenarios have gotten wrong is the fundamental idea of economics: people respond to incentives. If the price of a good goes up, people demand less of it, the companies that make it figure out how to make more of it, and everyone tries to figure out how to produce substitutes for it. Add to that the march of technological innovation (like the green revolution, birth control, etc.). The end result: markets figure out how to deal with problems of supply and demand.
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An expert whose argument reeks of restraint or nuance often doesn't get much attention.
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When the solution to a given problem doesn’t lay right before our eyes, it is easy to assume that no solution exists. But history has shown again and again that such assumptions are wrong. This is not to say the world is perfect. Nor that all progress is always good. Even widespread societal gains inevitably produce losses for some people. That’s why the economist Joseph Schumpeter referred to capitalism as “creative destruction.” But humankind has a great capacity for finding technological solutions to seemingly intractable problems, and this will likely be the case for global warming. It isn’t that the problem isn’t potentially large. It’s just that human ingenuity—when given proper incentives—is bound to be larger. Even more encouraging, technological fixes are often far simpler, and therefore cheaper, than the doomsayers could have imagined. Indeed, in the final chapter of this book we’ll meet a band of renegade engineers who have developed not one but three global-warming fixes, any of which could be bought for less than the annual sales tally of all the Thoroughbred horses at Keeneland auction house in Kentucky.
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Is distinctive black culture the cause of economic disparity between whites and blacks or merely the reflection of it?
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It might be worthwhile to take a familiar question—why is there so much crime in modern society?—and stand it on its head: why isn't there a bit more crime?After all, every one of us regularly passes up opportunities to main, steal, and defraud. The chance of going to jail—thereby losing your job, your house, and your freedom, all of which are essentially economic penalties—is certainly a strong incentive. But when it comes to crime people also respond to moral incentives (they don't want to do something they consider wrong) and social incentives (they don't want to be seen by others as doing something wrong).
Steven D. Levitt
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