34 Quotes by Charles Wheelan

The real cost of something is what you must give up in order to get it, which is almost always more than just cash.

Making money takes time, so when we shop, we’re really spending time. The real cost of living isn’t measured in dollars and cents but in the hours and minutes we must work to live.”1.

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

The greatest risks are never the ones you can see and measure, but the ones you can’t see and therefore can never measure. The ones that seem so far outside the boundary of normal probability that you can’t imagine they could happen in your lifetime – even though, of course, they do happen, more often than you care to realize.

Descriptive statistics exist to simplify, which always implies some loss of nuance or detail.

Technology displaces workers in the short run but does not lead to mass unemployment in the long run.

Statistics is like a high-caliber weapon: helpful when used correctly and potentially disastrous in the wrong hands.

Why did the chicken cross the road? Because it maximized his utility.

Here is one of the most important things to remember when doing research that involves regression analysis: Try not to kill anyone. You can even put a little Post-it note on your computer monitor: “Do not kill people with your research.