Emphases are all mine.
"The question is not whether the EMH is “true,” how could it be? Almost no economic model is precisely true. The question is whether it is useful. I find the EMH useful, and anti-EMH models to be almost completely worthless. I’m still looking for the model that will tell me how to beat the stock market. Just when I was starting to warm up to Shiller’s model, he missed the huge bull market of 2009-11." - Scott Sumner
"Problems of capitalism are not justification for post-capitalist utopia.And problems of government are not justification for any anarchist worker's paradise." - Prateek Sanjay
"This is a great division between academics and--let's call them journamalists. Academics think that their arguments are stronger and thus that they are stronger and more persuasive when they cite and link. Journamalists think that if they give their readers a whisper that there are other, perhaps better sources of information, then--OH NOES!! THE REEDRS GO READ SOMETHING ELSE!! TEHRE GOEZ R ADVERTIZING REVENUE!! This makes academics think that journamalists are immoral, mannerless cads--the type of people who you invite to dinner who then urinate on your bedspread. Journamalists, by contrast, are puzzled: "What's the big deal?" they ask. "Everybody does it."" - Brad DeLong
And perhaps the wisest thing I've read in the last twenty-four hours:
"I decided to expand my “library”" - Jonathan Catalan
Turning a probability vector into a state
11 hours ago