Biologists Working Quote by James Rickards
““University biologists working with infectious viruses have airtight facilities to ensure that the objects of their study do not escape from the laboratory and damage the population at large. Unfortunately, no such safeguards are imposed on economics departments.””
About This Quote
Source Speech: Economic Commentary, 2015
Economic research lacks the strict safety protocols of virology, risking systemic harm.
In simple terms: Economics lacks lab safety.
Key Takeaway
Advocate stronger safeguards in economics.
Themes
risk
regulation
science vs economics
public safety
Mood
critical
concerned
Type
analytical
cautionary
When to use this quote
- financial modeling
- policy making
- academic research
Key Concepts
policy
ethics
systemic risk
Questions to Reflect On
- What safeguards could be realistic for economics?
- Who should enforce them?
A Different Perspective
Implementation may be hindered by institutional inertia.
![“This ... he largest financial bailout in history ... was not just a bailout of SVB [Silicon Valley Bank]. It was a bailout of over fifty thousand SVB depositors with over $170 billion in deposits. It was a bailout of SVB's customers, it's employees, their suppliers, and the entire high-tech…” quote by James Rickards](https://sms4smile.com/quotes/img-quotes/385/james-rickards-25234_around-the-world_this-he-largest-financial-bailout-in-his_360776.jpg)
