Experience Quote by Edward C. Prescott
“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.”
About This Quote
Source Speech: Interview on Economic Policy, 1995
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.
