The individual organs follow the same pattern as the whole organism, i.e. they have their period of growth, of stationary, maximum activity and then of aging decline. ↗
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. ↗