Columbia University Alumni

"The man instrumental in the creation of the Brookings Institution, Charles E. Merriam, sought to move toward a “science of politics.” In his presidential address to APSA in 1921, he spoke of what he called a pressing problem, the reconstruction of the methods of political study (Merriam 1921, 174). Thus began a trend that placed increasing emphasis on the development of theories and testable hypotheses."

"Much attention has been given in recent years to what might be called the "higher organization" of the state, both in the practical experimentation of modem nations and in the domain of theoretical analysis. In almost every country in the world there has been experimentation with and discussion of the emerging evolution of political-economic forms and forces, now everywhere challenging the peace and security of mankind technology, cartels, unions, business and agricultural associations, armies, professions, churches, schools. The problem of a socialistic or a mixed economy has led to vigorous debate not only upon economic principles but upon the whole political setting of economics."

"The earlier political thinkers used the term "organization" in the broadest sense of the term, that is, with reference to the widest aspects of the patterns of political forces in a given state. Thus a political society might be organized as a monarchy, aristocracy, or democracy, as a city-state, feudal state, a national state, imperial state, or a world state. Emphasis was also placed on the organs of organization. These came to be standardized in the course of time under the categories of legislative, executive, and judicial organs, the combination of which in some form of balance was held to be the indispensable basis of sound organization."

"Charles E. Merriam... attributed a decisive position to the managers of a democratic society. As Chairman of the Department of Political Science at the University of Chicago between the two World Wars, Professor Merriam inspired a generation of students and practitioners of public administration. As a local political leader in Chicago and as a national adviser to liberal American Presidents from Theodore Roosevelt to Franklin Roosevelt, Merriam recognized the practical significance of public management. In his overall treatise on Systematic Politics, Merriam devoted the final but perhaps the most significant section of his chapter on "The Organs of Government" to what he calls "the managerial organ.""

"The development of American political theories has received surprisingly little attention from students of American history. Even the political ideas of the Revolutionary fathers and the tenets of such important schools as those represented by Jefferson and Adams have not been carefully analyzed or put in their proper perspective. The political theory of the controversies over slavery and the nature of the Union has generally been presented from the partisan point of view, while recent tendencies in political thought have received no adequate notice."

"This volume is an analysis of the American party system, an account of the structure, processes and significance of the political party, designed to show as clearly as possible within compact limits what the function of the political party is in the community. My purpose is to make this, as far as possible, an objective study of the organization and behavior of our political parties. It is hoped that this volume may serve as an introduction to students and others who wish to find a concise account of the party system; and also that it may serve to stimulate more intensive study of the important features and processes of the party. From time to time in the course of this discussion significant fields of inquiry have been indicated where it is believed that research would bear rich fruit. In the light of broader statistical information than we now have and with the aid of a thorough-going social and political psychology than we now have, it will be possible in the future to make much more exhaustive and conclusive studies of political parties than we are able to do at present. The objective, detailed study of political behavior will unquestionably enlarge our knowledge of the system of social and political control under which we now operate. But such inquiries will call for funds and personnel not now available to me."

"The technical apparatus of modem organization is far more complicated, elaborate, and scientific than that of preceding generations."

"In modern industry the managerial groups in many areas rise to a position more significant than that of the owners or the workers. Decision often rests largely in their hands, providing, of course, they are able to point to a generous measure of financial success in their particular enterprise. Wages to the workers, profits to the owners, prices and goods to the consumers--these are allocated in great measure by the managers of the concern and tolerated on the terms just stated."

"It is not necessary to conclude that the managerial groups have assumed complete domination over the concerns in which they are found, although this may be the fact in various instances, but only to reckon with the undoubted truth that the managerial factor in public and private enterprise has taken on a far more significant role than before."

"We now know how to produce, how to fight, how to administer social affairs, public or private, on a massive scale; and no modern group is unmindful of the technical tools available for this purpose. Masses of men and women-millions of them-now know more about organization, its meaning and apparatus, than ever before in human history. Its cult is no longer secret or magic. What now appears is a reasonable expectancy by those concerned that under such and such conditions such and such an outcome will follow, in an organizational pattern, of which they are parts, and in which they share responsibility."

"Nowhere have REH’s epistemological flaws and empirical disappointments been more apparent than in efforts to model financial market outcomes, which are largely driven by participants’ expectations. Beginning with Robert Shiller’s (1981) pathbreaking paper, research has shown that REH models are unable to explain the basic features of fluctuations and risk in stock markets. Likewise, in their magisterial work on the current state of international macroeconomics, Maurice Obstfeld and Kenneth Rogoff (1996: 625) concluded that “the undeniable difficulties that international economists encounter in empirically explaining nominal exchangerate movements are an embarrassment, but one shared with virtually any other field that attempts to explain asset price data.” The failures of REH explanations of aggregate outcomes gave rise to alternative approaches, most notably behavioral finance models. However, sober assessments even by the likes of Obstfeld and Rogoff did not dispel the faith of most economists that REH models would one day be able to explain financial market outcomes and macroeconomic performance."

"In the early 1970s,... economists began to embrace the Rational Expectations Hypothesis (REH), according to which market participants’ expectations are “essentially the same as the predictions of the relevant economic theory” (Muth 1961: 316). What has been largely overlooked is that, … REH theorists presume that the role of market participants’ expectations in driving outcomes is not autonomous from the other components of the model. … Because REH models, by design, rule out an autonomous role for expectations, they are best viewed as derailing, rather than developing, the microfoundations approach."

"Early critics pointed out REH’s fundamental epistemological flaws. … They argued that REH, even if viewed as a bold abstraction or approximation, is grossly inadequate for representing how even minimally reasonable profit seeking participants forecast the future in real-world markets. Nevertheless, … an overwhelming majority of economists has embraced REH as the way to represent how rational individuals think about the future."

"Why did his interest in the concept of spontaneous order and the history of the doctrine of unintended social consequences undergo very little development after the 1960s? All of his political writings are in fact amazingly repetitious, exploring a small number of big themes which, however, are not further refined or extended in new contexts. As organizing concepts, they held, I am convinced, enormous potentialities but nevertheless Hayek himself failed to realize them."

"Modern economics is “sick”. Economics has increasingly become an intellectual game played for its own sake and not for its practical consequences. Economists have gradually converted the subject into a sort of social mathematics in which analytical rigor as understood in math departments is everything and empirical relevance (as understood in physics departments) is nothing. If a topic cannot be tackled by formal modelling, it is simply consigned to the intellectual underworld. To pick up a copy of American Economic Review or Economic Journal, not to mention Econometrica or Review of Economic Studies these days is to wonder whether one has landed on a strange planet in which tedium is the deliberate objective of professional publication. Economics was condemned a century ago as “the dismal science”, but the dismal science of yesterday was a lot less dismal than the soporific scholasticism of today."

"The Lange idea of managers following marginal cost-pricing rules because they are instructed to do so, while the central planning board continually alters the prices of both producer and consumer goods so as to reduce their excess demands to zero, is so administratively naive as to be positively laughable. Only those drunk on perfectly competitive, static equilibrium theory could have swallowed such nonsense. ... in all the recent calls for reform of Soviet bloc economies, no one has ever suggested that Lange was of any relevance whatsoever. And still more ironically, Lange’s “market socialism” is, on its own grounds, socialism without anything that can be called market transactions."

"There were many Hayeks: Hayek, the political scientist; Hayek, the economist; Hayek, the philosopher of social science; Hayek, the psychologist. Even in these different roles, he played many parts."

"The history of economic thought is irrepressible. It would survive even if it were banned … it would be carried on in secret in underground organizations. Many economists denigrate the history of economics as mere antiquarianism but, in fact, they have deluded ideas about the history of their own subject. After all, whenever anyone has a new idea in economics, whenever anyone hankers to start a new movement or school of thought, what is the first thing he or she does? Why, it is to rummage the attic of past ideas to establish an appropriate pedigree for the new departure. … Smith, Ricardo, Marx, Marshall and Keynes all drew on the history of economics to show that they had predecessors and forerunners; even Milton Friedman, when he launched the monetarist counterrevolution against Keynes, could not resist the temptation to quote David Hume over and again. The history of economic thought cannot be abolished and, were its study declared illegal, it would be studied in basements behind locked doors."

"Despite entries on socialism, socialist economics and market socialism, and biographical entries on Oskar Lange and Ludwig von Mises, the Socialist Calculation Debate, so crucial in the revival of general equilibrium theory and the rise of modern welfare economics in the 1930s, is nowhere discussed at length in The New Palgrave."

"Modern Austrian economists go so far as to suggest that the Walrasian approach to the problem of multimarket equilibrium is a cul de sac: if we want to understand the process of competition, rather than the equilibrium end-state achieved by competition, we must begin by discarding such static reasoning as is implied by Walrasian GE theory. I have come slowly and extremely reluctantly to the view that they are right and that we have all been wrong."

"Hayek's career raises many puzzles and sometimes takes on the appearance of an endless trail of unresolved or only partly resolved issues."

"Cambridge theories of value and distribution themselves suffer from the very malady which they hope to cure: rhetoric apart, they are deeply infected by static, equilibrium analysis of maximizing economic agents, acting with full information in a world of perfect certainty, as in the orthodoxy they deplore. … If there is something wrong with neo-classical economics – as there may well be – the Cambridge theories share all of its weaknesses and practically none of its strengths."

"Joan Robinson's much-awaited textbook in “modern economics” perfectly exemplifies the typical attitude of Cambridge economists to micro-economics. The whole of traditional price theory is covered in one chapter … [some] prices are formed by conventional mark-ups on prime costs, the level of the mark-up itself being left unexplained. Apart from this chapter, the book is doggedly macro-economic in treatment … A striking omission from the book is any mention of the closely related concepts of externalities and public goods, which most economists would nowadays regard as the basic ingredients of “market failure” that has come to be fruitfully applied … to problems of pollution and congestion."

"Nothing is more difficult than to turn and entire discipline around, asking itself to jettison its own history over the last 200 years."

"The motion of my blood no longer keeps time with the tumult of the world. It leads me to seek happiness in the lap of, and love of my family, in the society of my neighbors, and my books, in the wholesome occupations of my farm and my affairs, in an interest or affection in every kind of bud that opens, in every breath that blows around me, in an entire freedom of rest or motion, owing account to myself alone of my hours and actions."

"The differentiation of the neuroses from organic visceral diseases, Dr. Crohn said, "is one of the difficult problems in clinical medicine. Let him who is proud of his acumen and experience as a physician survey, from year to year, his own record in this respect, and his pride may take, will take, a severe fall. With his eyes wide open to the problem, with much experience with the world, people and moods, and with years of clinical training and knowledge, no one is immune to, at times, mistaking organic diseases for the neuroses, or of falsely interpreting neurotic symptoms in terms of pathological states."

"Most retired business people "know how to work but they don't know how to play; they are completely devoid of the spirit of relaxation and recreation. Such forced idleness is ruinous to the morale of many of the more capable men of affairs.""

"Foster gained widespread attention when he announced that Reed, from the start, would reject competitive intercollegiate sports and fraternal organizations in favor of a democratic and intellectual environment, with emphasis on a quality of teaching compatible with his idea of a “Johns Hopkins for undergraduates.” He also eschewed grading in an effort to underscore Reed’s commitment to knowledge for knowledge’s sake, and set the senior thesis and oral exam as mandatory goalposts for graduation."

"Foster's great success as a teacher, reflected in his textbooks Argumentation and Debating (1908) and Essentials of Exposition and Argument (1911), led to his remarkably early promotion to full professor at Bowdoin in 1905. The vision of an "ideal college" discussed in Administration of the College Curriculum (1911), based on his Ph.D. dissertation at Teachers College of Columbia University, led to his selection in 1910 as first president of Reed College in Portland, Oregon. At Reed, Foster promoted a democratic spirit and serious intellectual pursuits, instituting seminars, theses, and comprehensive examinations, while excluding fraternities, sororities, and competitive intercollegiate sports. His educational experiment at Reed attracted national attention. He later returned to his early interest in rhetoric, publishing books on Basic Principles of Speech (with Lew Sarett, 1936) and Speech (1942)."

"The daily expenditures by consumers for new consumers' goods, upon which business stability largely depends, are determined in part by the total volume of money in circulation, in part by other factors including the frequency with which that money is returned to consumers. The flow of money, therefore, from use in consumption to another use in consumption should not be overlooked in studies of the causes and conditions of business fluctuations. It is the purpose of this paper to describe certain aspects of this circuit flow of money, to raise the question whether it does not deserve more attention that it has yet received in our analyses of business cycles, and to suggest pertinent lines of investigation. Unfortunately, the statistics upon which the most important conclusions concerning this subject must be based are not at hand and are not likely to be for a long time to come. The following discussion will have served its purpose if it stimulates further inquiry in profitable directions and helps to hasten the day when the necessary statistics are available."

"Formal debate is a kind of game. In the time limit, the order of speakers, the alternation of sides, the give and take of rebuttal, the fixed rules of conduct, the ethics of the contest, the qualifications for success, and the final awarding of victory, debate has much in common with tennis."

"The diagram on the opposite page, similar in plan and purpose to one devised by Mr. M. C. Rorty, represents, in a general way, the circuit flow of money. To find fault with this diagram from an engineering standpoint would not be difficult; neither would it be sensible. All we should ask of these reservoirs and pipes is that they serve the purpose at hand. In the main, subject to certain qualifica qualifications to be made presently, this diagram does serve our purpose. It pictures the flow of money when business is relatively stable."

"Most grown-up people get rid of the childish notion that whatever appears in print is true, but many cling to the equally absurd notion that the printing of a statement does give it some claim to dignity and credence. For the purposes of argumentation, let us here make this point emphatic: The mere fact that a statement appears in print lends not one atom to its value. Every assertion that is brought forward — though it may have been printed a thousand times and repeated a million times — must be challenged and tested before it can be regarded as trustworthy testimony of authority, — before it can be of any value as evidence."

"The " general" definition may give you no hint as to the way in which a particular assertion is meant to be interpreted. When, therefore, as in formal debate, a proposition is advanced by persons other than those who discuss it, clearness in defining is not sufficient. In such cases a definition must have two qualities: it must be clear, and it must be satisfactory to the persons addressed. They must know what the speaker means, and they must be convinced that his meaning is the correct one, — correct for that particular proposition at the time and place and under the conditions of that particular debate. Otherwise, they may object in the end that he has proved, not the given proposition, but another which he has substituted for it by means of arbitrary definitions."

"The reference to the source of authority should be definite. Such vague phrases as the following, common though they are, are worthless as proof : —"

"The double reservoir at the top shows the amount of money in the hands of individuals and available for expenditure in consumption. This is what we have previously called the consumers' fund. The reservoir is divided into two parts in order graphically to represent the fact that a large part of the money received by individuals is income, most of which is spent in consumption; while a smaller part is money received from the sale of real estate, bonds and stocks, most of which is reinvested. The two parts of the reservoir, however, are connected with pipes, in order to take account of the fact that some income is invested and some money received from the sale of securities is spent in consumption. These connecting pipes are important. We must bear in mind that they are always partly, and never wholly, clogged. By their aid, we may visualize the fact that we have no means of knowing how much of the consumers' fund actually will be spent in consumption in any given period of time."

"Let us not be surprised, however, if the study of the principles of argumentation — or even Burke's much mis-taught Speech — seems dry without the prospect of actual debate. We should hardly expect a half-back to feel much enthusiasm over reading the rules of the game and tackling a dummy if he could not look forward to tackling a man. When elocution and argumentative writing have failed to stimulate interest, formal debate may succeed, for it is a kind of game. In the time limit, the order of speakers, the alternation of rides, the actual struggle of opposing forces, the give and take of rebuttal, the fixed rules and the ethics of conduct, the qualifications for success, and the final awarding of victory, debate has much in common with tennis and football."

"At home, as well as abroad, there is paralyzing uncertainty among business men as to whether the Reserve Board will allow that expansion of bank credit without which such prosperity as we have had in recent years simply cannot last. In short, the Board has created a state of mind which breeds business depression."

"The great superiority of debating, as the schools should look upon it, lies in the fact that it adds to many of the elements of the present absorbing interest in athletics those educational values which contribute directly to the highest type of citizenship."

"It is not easy to phrase the proposition so that it shall mean precisely what we wish to argue; so that it shall include the whole matter at issue, nothing more and nothing less ; so that there shall be no possible ambiguity. Yet, unless the proposition is so phrased, a debate may degenerate into a lifeless quibble concerning the meaning of the terms, under which the living heart of the question is buried."

"One of the early presidents of Harvard College wrote a dissertation on the question, "Whether angels speak any language; if so, whether it is Hebrew." Much futile discussion on such questions has at various times brought debating into ill repute. A question should offer something more than an ingenious exercise; it should offer the chance of arriving at some conclusion regarded by the particular audience or disputants as of some practical importance. It should be discarded if, like the proposition, "The pen is mightier than the sword/' it offers no possibility of arriving at reasonably sound conclusions through the process of argument."

"Unless disputants understand the meaning attached by each other to the terms of a controversy, they may worry along indefinitely without making an inch of progress. The contending parties may think they agree on the proposition, when, as a matter of fact, their apparent agreement is due to ambiguity in the use of the terms. On the other hand, the contending parties may work themselves into a quarrel over imaginary disagreements concerning ideas, when in fact they are merely confused as to the meaning of words. Disputes which seem interminable are sometimes ended abruptly and happily upon the accidental discovery that the parties in dispute agreed all the time as to the real questions at issue, while neither side understood what the other side meant."

"There is within each of us a "life-instinct," which is forever working toward health, happiness, and all that makes for more life for the individual."

"A human being always acts and feels and performs in accordance with what he imagines to be true about himself and his environment."

"One of the three who dominated debate at the Constitutional debate"

"He never would concur in upholding domestic slavery. It was a nefarious institution. It was the curse of heaven in the States where it prevailed. Compare the free regions of the Middle States, where a rich & noble cultivation marks the prosperity & happiness of the people, with the misery & poverty which overspread the barren wastes of Va.Maryd & the other States having slaves. Travel thro' the whole Continent & you behold the prospect continually varying with the appearance and disappearance of slavery. The moment you leave the E. Sts. & enter N. York, the effects of the institution become visible, passing thro' the Jerseys & entering Pa. every criterion of superior improvement witnesses the change. Proceed southwdly & every step you take thro' the great region of slaves presents a desert increasing, with the increasing proportion of these wretched beings. The admission of slaves into the Representation when fairly explained comes to this: that the inhabitant of Georgia and S.C. who goes to the Coast of Africa, and in defiance of the most sacred laws of humanity tears away his fellow creatures from their dearest connections & damns them to the most cruel bondages, shall have more votes in a Govt. instituted for the protection of the rights of mankind, than the Citizen of Pa. and N. Jersey who views with a laudable horror, so nefarious a practice. … He would sooner submit himself to a tax for paying for all such negroes in the U. States, than saddle posterity with such a Constitution"

"Whenever I go anywhere I find persons in humble situations who smile at me and wish me well. I smile back and wish them well. It is because at some time or other I have tipped them. To me the system has never been an annoyance but a delightful opportunity for the exercise of tact and judgment."

"Morris should be remembered for his antislavery expressions in the Convention of 1787 and many other contributions to the final product of that convention."

"In adopting a republican form of government, I not only took it as a man does his wife, for better or for worse, but what a few men do with their wives, I took it knowing all of it bad qualities. Neither ingratitude, therefore, nor slander can disappoint expectation nor excite surprise. If, in arduous circumstances, the voice of my country should call for my services, and i have the well founded belief, that they can be useful, they shall certainly be rendered; but I hope that no such circumstances will arise and in the mean time, 'pleas'd let me trifle away."

"An American has a stronger sympathy with this country than any other observer, and nourished as he is in the very bosom of liberty, he cannot but be deeply afflicted to see that in almost every event, this struggle must terminate in despotism. Yet such is the melancholy spectacle, which presents itself to my mind, and with which it has long been occupied. I eanestly wish and pray, that events may prove all my reasonings to have been fallacious, and all my apprehensions vain. I am, &c."