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There is an old maxim which states that good judgment…

“There is an old maxim which states that good judgment comes from experience, and experience comes from poor judgment. I think something similar can be said of government policy, to wit: Good policy comes from experience, and experience comes from poor policy.” quote by Edward C. Prescott
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“There is an old maxim which states that good judgment comes from experience, and experience comes from poor judgment. I think something similar can be said of government policy, to wit: Good policy comes from experience, and experience comes from poor policy.”

Edward C. Prescott

About This Quote

This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation.

Good judgment is built through learning from mistakes; similarly, effective policy emerges after trial and error.

In simple terms: Learning from errors improves judgment and policy.

Key Takeaway

Embrace failure as a learning tool.

Themes

learning policy experience mistakes improvement

Mood

reflective cautious

Type

analytical instructive

When to use this quote

  • government decision‑making
  • business strategy
  • personal growth
  • educational curricula

Key Concepts

economics public policy feedback loops

Questions to Reflect On

  • How can we institutionalize learning from policy failures?
  • What safeguards prevent repeated poor judgments?
A Different Perspective

Bad decisions can cause irreversible harm before lessons are learned.

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