--- title: "Meaning & Key Takeaway of: The first derivative is the last refuge…" description: "\"The first derivative is the last refuge of a scoundrel.\" — Charles P. Kindleberger" image: "https://sms4smile.com/quotes/i/bab/charles-p-kindleberger-40961_derivative_the-first-derivative-is-the-last-refuge_2939715.jpg" --- # The first derivative is the last refuge of a scoundrel. ![“The first derivative is the last refuge of a scoundrel.” quote by Charles P. Kindleberger](https://sms4smile.com/quotes/i/bab/charles-p-kindleberger-40961_derivative_the-first-derivative-is-the-last-refuge_2939715.jpg) [Download](https://sms4smile.com/quotes/i/bab/charles-p-kindleberger-40961_derivative_the-first-derivative-is-the-last-refuge_2939715.jpg) [Open image](https://sms4smile.com/quotes/i/bab/charles-p-kindleberger-40961_derivative_the-first-derivative-is-the-last-refuge_2939715.jpg) > “The first derivative is the last refuge of a scoundrel.” [Charles P. Kindleberger](https://sms4smile.com/quotes/author/charles-p-kindleberger/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Derivatives are used by unscrupulous actors to hide risk, reflecting moral hazard. **In simple terms:** Derivatives can mask danger. Key Takeaway Beware hidden financial risks. Themes finance ethics risk derivatives morality Mood cautious analytical Type financial economic When to use this quote - investment - regulation - risk management Key Concepts economics financial theory Questions to Reflect On - What safeguards prevent abuse of derivatives? - How does transparency affect market stability? A Different Perspective Complex tools can be misused for profit. ★ ★ ★ ★ ★ No ratings yet [Derivative](https://sms4smile.com/quotes/about/derivative/) [Economics](https://sms4smile.com/quotes/about/economics/) [Refuge](https://sms4smile.com/quotes/about/refuge/) [Scoundrels](https://sms4smile.com/quotes/about/scoundrels/) ## Related quotes > [“Safety is the last refuge of the scoundrel!”](https://sms4smile.com/quotes/michael-crichton/safety-is-the-last-refuge-of-the-scoundrel/) [Michael Crichton](https://sms4smile.com/quotes/author/michael-crichton/) > [Public office is the last refuge of the scoundrel.](https://sms4smile.com/quotes/boies-penrose/public-office-is-the-last-refuge-of-the-scoundrel/) Boies Penrose > [Patriotism is the last refuge to which a scoundrel clings.](https://sms4smile.com/quotes/bob-dylan/patriotism-is-the-last-refuge-to-which-a-scoundrel-clings/) [Bob Dylan](https://sms4smile.com/quotes/author/bob-dylan/) > [Patriotism is the last refuge of the scoundrel.](https://sms4smile.com/quotes/samuel-johnson/patriotism-is-the-last-refuge-of-the-scoundrel/) [Samuel Johnson](https://sms4smile.com/quotes/author/samuel-johnson/) > [“Patriotism is the last refuge of a scoundrel.”](https://sms4smile.com/quotes/samuel-johnson/patriotism-is-the-last-refuge-of-a-scoundrel/) [Samuel Johnson](https://sms4smile.com/quotes/author/samuel-johnson/) > [A technical objection is the first refuge of a scoundrel.](https://sms4smile.com/quotes/heywood-broun/a-technical-objection-is-the-first-refuge-of-a-scoundrel/) [Heywood Broun](https://sms4smile.com/quotes/author/heywood-broun/) > [“Politics is the last refuge of a scoundrel'.”](https://sms4smile.com/quotes/j-f-r-jacob/politics-is-the-last-refuge-of-a-scoundrel/) J.F.R. Jacob > [“Public office is the last refuge of a scoundrel.”](https://sms4smile.com/quotes/anonymous/public-office-is-the-last-refuge-of-a-scoundrel/) [Anonymous](https://sms4smile.com/quotes/author/anonymous/) > [Patriotism is usually the refuge of the scoundrel. He is the man who talks the loudest.](https://sms4smile.com/quotes/mark-twain/patriotism-is-usually-the-refuge-of-the-scoundrel-he-is-the-man-who/) [Mark Twain](https://sms4smile.com/quotes/author/mark-twain/) > [They say that patriotism is the last refuge to which a scoundrel clings steal a little and they throw you in jail. Steal a…](https://sms4smile.com/quotes/bob-dylan/they-say-that-patriotism-is-the-last-refuge-to-which-a-scoundrel/) [Bob Dylan](https://sms4smile.com/quotes/author/bob-dylan/) > [In argument about moral problems, relativism is the first refuge of the scoundrel.](https://sms4smile.com/quotes/roger-scruton/in-argument-about-moral-problems-relativism-is-the-first-refuge-of/) [Roger Scruton](https://sms4smile.com/quotes/author/roger-scruton/) > [A concern with 'public morality' is - if not the last refuge of a scoundrel - the first foray of the fascist.](https://sms4smile.com/quotes/erica-jong/a-concern-with-public-morality-is-if-not-the-last-refuge-of-a/) [Erica Jong](https://sms4smile.com/quotes/author/erica-jong/) > [What every Englishman thinks about patriotism, the last refuge of a scoundrel.](https://sms4smile.com/quotes/coco-chanel/what-every-englishman-thinks-about-patriotism-the-last-refuge-of-a/) [Coco Chanel](https://sms4smile.com/quotes/author/coco-chanel/) > [Whether or not patriotism is the last refuge of the scoundrel, national security can be the last refuge of the tyrant.](https://sms4smile.com/quotes/baron-walker-of-gestingthorpe-robert-walker/whether-or-not-patriotism-is-the-last-refuge-of-the-scoundrel/) Baron Walker of Gestingthorpe Robert Walker > [Everything is derivative. Everything is a remix, and we all stand on the shoulders of giants - a great phrase.](https://sms4smile.com/quotes/alexis-ohanian/everything-is-derivative-everything-is-a-remix-and-we-all-stand-on/) [Alexis Ohanian](https://sms4smile.com/quotes/author/alexis-ohanian/) ## More by Charles P. Kindleberger > [Debasement was limited at first to one’s own territory. It was then found that one could do better by taking bad coins across the…](https://sms4smile.com/quotes/charles-p-kindleberger/debasement-was-limited-at-first-to-one-s-own-territory-it-was-then/) [Charles P. Kindleberger](https://sms4smile.com/quotes/author/charles-p-kindleberger/) > [“In Chapter 5 we consider swindles and defalcations. It happens that crashes and panics often are precipitated by the revelation of some misfeasance, malfeasance,…](https://sms4smile.com/quotes/charles-p-kindleberger/in-chapter-5-we-consider-swindles-and-defalcations-it-happens-that/) [Charles P. Kindleberger](https://sms4smile.com/quotes/author/charles-p-kindleberger/) > [Money is a public good; as such, it lends itself to private exploitation.](https://sms4smile.com/quotes/charles-p-kindleberger/money-is-a-public-good-as-such-it-lends-itself-to-private-exploitation/) [Charles P. Kindleberger](https://sms4smile.com/quotes/author/charles-p-kindleberger/) > [The period of financial distress is a gradual decline after the peak of a speculative bubble that precedes the final and massive panic and…](https://sms4smile.com/quotes/charles-p-kindleberger/the-period-of-financial-distress-is-a-gradual-decline-after-the-peak/) [Charles P. Kindleberger](https://sms4smile.com/quotes/author/charles-p-kindleberger/) > [“This book is an essay in what is derogatorily called "literary economics," as opposed to mathematical economics, econometrics, or (embracing them both) the "new…](https://sms4smile.com/quotes/charles-p-kindleberger/this-book-is-an-essay-in-what-is-derogatorily-called-literary/) [Charles P. Kindleberger](https://sms4smile.com/quotes/author/charles-p-kindleberger/) > [The propensity to swindle grows parallel with the propensity to speculate during a boom the implosion of an asset price bubble always leads to…](https://sms4smile.com/quotes/charles-p-kindleberger/the-propensity-to-swindle-grows-parallel-with-the-propensity-to/) [Charles P. Kindleberger](https://sms4smile.com/quotes/author/charles-p-kindleberger/) > [Much of the profession is empirically bankrupt because it is no longer taught economic history.](https://sms4smile.com/quotes/charles-p-kindleberger/much-of-the-profession-is-empirically-bankrupt-because-it-is-no/) [Charles P. Kindleberger](https://sms4smile.com/quotes/author/charles-p-kindleberger/) > [What matters to us is the revelation of the swindle, fraud, or defalcation. This makes known to the world that things have not been…](https://sms4smile.com/quotes/charles-p-kindleberger/what-matters-to-us-is-the-revelation-of-the-swindle-fraud-or/) [Charles P. Kindleberger](https://sms4smile.com/quotes/author/charles-p-kindleberger/) > [There is nothing so disturbing to one's well-being and judgment as to see a friend get rich](https://sms4smile.com/quotes/charles-p-kindleberger/there-is-nothing-so-disturbing-to-one-s-well-being-and-judgment-as-to/) [Charles P. Kindleberger](https://sms4smile.com/quotes/author/charles-p-kindleberger/) [Explore all 10 Charles P. Kindleberger quotes ](https://sms4smile.com/quotes/author/charles-p-kindleberger/) ## More Derivative quotes > [Everything is derivative. Everything is a remix, and we all stand on the shoulders of giants - a great phrase.](https://sms4smile.com/quotes/alexis-ohanian/everything-is-derivative-everything-is-a-remix-and-we-all-stand-on/) [Alexis Ohanian](https://sms4smile.com/quotes/author/alexis-ohanian/) > [I am attracted to anything that does not feel derivative.](https://sms4smile.com/quotes/bennett-miller/i-am-attracted-to-anything-that-does-not-feel-derivative/) [Bennett Miller](https://sms4smile.com/quotes/author/bennett-miller/) > [My career in academic research has not been involved with active management of securities. I've tried to understand risk-and-return relationships; also the pricing of…](https://sms4smile.com/quotes/myron-scholes/my-career-in-academic-research-has-not-been-involved-with-active/) [Myron Scholes](https://sms4smile.com/quotes/author/myron-scholes/) > [“I would rather die than be derivative.”](https://sms4smile.com/quotes/e-a-carter/i-would-rather-die-than-be-derivative/) E.A. Carter > [If you're purely derivative in what you do, then you could very easily get lost along the way. But for me, I might want…](https://sms4smile.com/quotes/chrissie-hynde/if-you-re-purely-derivative-in-what-you-do-then-you-could-very-easily/) [Chrissie Hynde](https://sms4smile.com/quotes/author/chrissie-hynde/) > [In bitter almond oil, like in a great number of other substances that previously had been counted among the 'aromatic compounds' on behalf of…](https://sms4smile.com/quotes/otto-wallach/in-bitter-almond-oil-like-in-a-great-number-of-other-substances-that/) [Otto Wallach](https://sms4smile.com/quotes/author/otto-wallach/) > [A futures contract is a derivative, but the futures exchange doesn't call them 'derivatives,' they call them 'futures.'](https://sms4smile.com/quotes/myron-scholes/a-futures-contract-is-a-derivative-but-the-futures-exchange-doesn-t/) [Myron Scholes](https://sms4smile.com/quotes/author/myron-scholes/) > [A credit derivative, at its core, is actually a very simple concept... The simplest way to think of a credit derivative is it is…](https://sms4smile.com/quotes/blythe-masters/a-credit-derivative-at-its-core-is-actually-a-very-simple-concept-the/) [Blythe Masters](https://sms4smile.com/quotes/author/blythe-masters/) > [At the same time, much of it seems to have to do with recreating things we or others had already done; it seems rather…](https://sms4smile.com/quotes/dennis-ritchie/at-the-same-time-much-of-it-seems-to-have-to-do-with-recreating/) [Dennis Ritchie](https://sms4smile.com/quotes/author/dennis-ritchie/) > [Morality is always derivative. It stems from one's worldview.](https://sms4smile.com/quotes/nancy-pearcey/morality-is-always-derivative-it-stems-from-one-s-worldview/) [Nancy Pearcey](https://sms4smile.com/quotes/author/nancy-pearcey/) > [A lot of songs are derivative of each other. Sometimes you need to take a departure from what you do to something that's slightly…](https://sms4smile.com/quotes/tori-amos/a-lot-of-songs-are-derivative-of-each-other-sometimes-you-need-to/) [Tori Amos](https://sms4smile.com/quotes/author/tori-amos/) > [“No doubt you’ve heard the phrase 'ignorance of the law is no excuse’, and are probably familiar with the statist meaning of that phrase:…](https://sms4smile.com/quotes/starchild/no-doubt-you-ve-heard-the-phrase-ignorance-of-the-law-is-no-excuse/) Starchild > [“Seeing what someone's reading is like seeing the first derivative of their thinking.”](https://sms4smile.com/quotes/ben-casnocha/seeing-what-someone-s-reading-is-like-seeing-the-first-derivative-of/) [Ben Casnocha](https://sms4smile.com/quotes/author/ben-casnocha/) > [“Success is a derivative of persistence.”](https://sms4smile.com/quotes/mark-batterson/success-is-a-derivative-of-persistence/) [Mark Batterson](https://sms4smile.com/quotes/author/mark-batterson/) > [I just think TV is becoming more and more interesting in a way. Films are more and more derivative, you know, whether it's 'Transformers…](https://sms4smile.com/quotes/joe-abercrombie/i-just-think-tv-is-becoming-more-and-more-interesting-in-a-way-films/) [Joe Abercrombie](https://sms4smile.com/quotes/author/joe-abercrombie/) [Browse all 37 Derivative quotes ](https://sms4smile.com/quotes/about/derivative/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Quotation", "text": "The first derivative is the last refuge of a scoundrel.", "creator": { "@type": "Person", "name": "Charles P. 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