No very deep knowledge of economics is usually needed for…
“No very deep knowledge of economics is usually needed for grasping the immediate effects of a measure; but the task of economics is to foretell the remoter effects, and so to allow us to avoid such acts as attempt to remedy a present ill by sowing the seeds of a much greater ill for the future.”
About This Quote
This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation.
Economics must predict long‑term consequences, not just immediate effects, to avoid worsening problems.
In simple terms: Think beyond short‑term fixes.
Key Takeaway
Consider future impacts of policies.
Themes
economics
policy
long‑term thinking
Mood
analytical
cautious
Type
philosophical
instructive
When to use this quote
- legislation
- tax reforms
- social programs
- environmental regulation
Key Concepts
causality
unintended consequences
intertemporal trade‑offs
Questions to Reflect On
- What hidden costs might current policies create?
- How can we improve foresight in economic planning?
A Different Perspective
Predicting distant effects is often uncertain.