Advocates of capitalism are very apt to appeal to the sacred principles of liberty, which are embodied in one maxim: The fortunate must not be restrained in the exercise of tyranny over the unfortunate. ↗
In the 1980s, there were occasions when it made sense to say, 'it is too difficult to maximize the likelihood function, and besides if we do, it will blow our model out of the water.' ↗
The first and most optimistic response was complete rational expectations econometrics. A rational expectations equilibrium is a likelihood function. Maximize it. ↗
Power must be used, but it must be tempered by soul-searching and the recognition of our human capacity for error. That is the maxim that should inform our approach to every challenge, from reforming state government to engaging in foreign affairs. ↗
It is a maxim among these lawyers, that whatever hath been done before, may legally be done again: and therefore they take special care to record all the decisions formerly made against common justice and the general reason of mankind. ↗
Let a man who has to make his fortune in life remember this maxim: Attacking is the only secret. Dare and the world yields, or if it beats you sometimes, dare it again and you will succeed. ↗
