34 Quotes by Charles Wheelan

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

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.

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.)

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.

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

Skepticism is always a good first response.

Regression analysis is the hydrogen bomb of the statistics arsenal.

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.

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