People From Philadelphia

"I’ve seen my characters morphed into PC cyphers. But the thing is once I’m done working on them, it’s like watching your kids go off with another guy. The new daddy is here, I just don’t pay attention to it otherwise I’d be crying myself to sleep every night, so I just walk away from it and go on to new work, move forward."

"Langlands' life has been by no means as extravagant as Grothendieck's, but his romanticism is evident to anyone who reads his prose; the audacity of his program, one of the most elaborate syntheses of conjectures and theorems ever undertaken, has few equivalents in any field of scholarship."

"Just as Weil's conjectures were about counting solutions to equations in a situation where the number of solutions is known to be finite, the BSD conjecture concerns the simplest class of polynomial equations—elliptic curves—for which there is no simple way to decide whether the number of solutions is finite or infinite."

"Moreover, according to Alexander, the “troubled mathematical martyr,” exemplified not only by Galois but also by Abel, János Bolyai, Riemann, Cantor, Gödel, Turing, John Nash, Grothendieck, Perelman, and even, in a certain sense, Cauchy, remains to this day the dominant image of the “ideal mathematician,” long after the romantic paradigm was exhausted in the arts."

"Langlands and Grothendieck are both (at least) Giants by any measure, and both were consciously successors of Galois."

"Within mathematics itself, Voevodsky's proposal, if adopted, will create a new paradigm. In his “fairy tale” and some of his other papers, Langlands made deft use of categories and even 2-categories, but number theory is only superficially categorical, and so is the Langlands program. In the event that Univalent Foundations could shed light on a guiding problem in number theory — the Riemann hypothesis or the Birch Swinnerton-Dyer conjecture, which is not so far removed from Voevodsky's motives — then we could easily see Grothendieck's program absorbing the Langlands program within Voevodsky's new paradigm."

"My banner is Evangelical Truth, Apostolic Order."

"You try to explain to people the consequences of what happens to these women when Hillary Clinton goes on the attack. It’s another woman who claims to be a woman’s advocate attacking these women. I mean, this woman absolutely terrified me. And I don’t get afraid easily. I’m pretty independent."

"I started to see this pattern being there. It was a small office and you can hear everybody talking. And it was just always a lot of activity. Because, you know it started out with the FBI Filegate problem when Craig Livingston (director of the White House’s Office of Personnel Security) got all of those FBI files on so many people. Like 900 files. And if they said 900 it was probably a thousand nine hundred. And then you had the travel office fiasco. Then Whitewater in ‘94 was really starting to kick in. And at that time Robert Fiske was the special prosecutor; that’s before Ken Starr. And they were looking at indicting all kinds of people…And of course, the Clintons were very, very involved with that. There were just so many of those scandals. Cheryl Mills was in and out of the office. The whole cast of characters. They’ve been around forever. I just started hearing over and over and over again. The first time I heard it I thought it, wow! And I heard Bernie Nussbaum talking extremely very loudly. To Hillary. And basically said, ‘For Christ’s sake, Hillary. All you have to say is you don’t recall. You don’t remember anything. Nobody can argue with that.’"

"Science may carry us to Mars, but it will leave the Earth peopled as ever by the inept."

"The sentiment of to-day is social and philanthropic. ... [but] we must forever bear in mind that sentiment is subjective, and a personal thing. However exalted and however ardent, it cannot be accepted as a scale for justice, or as a test for truth."

"We can reckon the cost of misdirected emotions by the price which the past has paid for them. We know the full significance of that irresponsible sympathy which ... admits no difference between attack and resistance, between a war of aggression and a war of defence; which confuses moral issues, ignores experience, and insults the intelligence of mankind. The reformer whose heart is in the right place, but whose head is elsewhere, represents a waste of force; and we can not afford any waste in the conservation of honour and goodness."

"What the world asks now are state reforms and social reforms,—in other words, the reformation of our neighbours. What the Gospel asks, and has always asked, is the reformation of ourselves ... Mr. Chesterton spoke but the truth when he said that Christianity has not been tried and found wanting. It has been found difficult, and not tried."

"The sanguine assurance that men and nations can be legislated into goodness, that pressure from without is equivalent to a moral change within, needs a strong backing of inexperience. 'The will,' says Francis Thompson, 'is the lynch-pin of the faculties.' We stand or fall by its strength or its infirmity. Where there is no temptation, there is no virtue. Parental legislation for the benefit of the weak leaves them as weak as ever ... They may go to heaven in leading-strings, but they cannot conquer Apollyon on the way."

"War will pass when injustice passes. Never before, unless hope leaves the world."

"It is in his pleasures that a man really lives; it is from his leisure that he constructs the true fabric of self."

"The necessity of knowing a little about a great many things is the most grievous burden of our day. It deprives us of leisure on the one hand, and of scholarship on the other."

"[W]e ... know very well that we never learn unless we like our lesson, and never behave ourselves unless inspired by precept and example. The history of every nation is the heritage of its sons and daughters; and the story of its struggles, sufferings, misdeeds, and glorious atonements is the story that keeps alive in all our hearts that sentiment of patriotism, without which we are speeding swiftly on our path to national corruption and decay."

"[W]hy should our self-appointed instructors assume that because we do not chatter about a thing, we have never heard of it?"

"People who pin their faith to a catchword never feel the necessity of understanding anything."

"Had the Pilgrim Fathers been met on Plymouth Rock by immigration officials; had their children been placed immediately in good free schools, and given the care of doctors, dentists, and nurses; had they found themselves in infinitely better circumstances than they had ever enjoyed in England, indulging in undreamed-of luxuries, and taught by kind-hearted philanthropists,—what pioneer virtues would they have developed, what sons would they have bred, what honours would history have accorded them? If our early settlers were masterful, they earned the right to mastery, and the price they paid for it was endurance. To the sacrifices which they made, to their high courage and heroic labours, we owe law, liberty, and well-being."

"Banks are unprofitable because they make too many bad loans and their good loans have little profit in them. They also have the dubious advantage of an awful set of accounting conventions—“a rolling loan gathers no loss”—that permits them to mask their mistakes and hold assets without marking their value to market. Spreads are narrow, costs are high and there is too much reliance on insured deposits, with the accompanying incentive to take risks with someone else's money."

"We design performance measures to cover-up error. They are called benchmarks. We make decisions based on: Will we be found out? Discovered? Identified as the wrongdoer? Do we really want to have to explain this stuff to someone who spent his or her life in sales or marketing?"

"Ignore accounting conventions. They are not useful risk management tools; they are designed to make our lives easier and comfortable."

"Always measure opportunities lost.”Rotberg, Eugene. (2009)."

"Figure out what we are really trying to do. . . ."

"Show some humility. . . ."

"Try to understand why a transaction makes sense to your counterparty. . . ."

"Ask ‘what if?’ Quantify ‘what if?’ . . ."

"“Admit we are not sure of all the risks. . . ."

"Never penalize those who work for us for mistakes or reward them for being right about markets. It will go to their heads, is counterproductive and, in any event, material compensation will not correlate with their ability to predict the future next time."

"Sigmund Freud would have been a wonderful witness here. He would have explained the use of derivatives as denial and rationalization—the pretense that we are doing one thing when we really mean to do something else; the relationship between the banker and its client as one of ambivalence and reliance on the father figure; the use of accounting conventions as repression and the absence of reality testing; the work environment as the pleasure/pain principle—current pleasure for future damage, let someone else pick up the pieces; leveraging and doubling our bets as counter-phobic behavior; termination therapy as what happens when the CFO and Treasurer get caught; and, of course, transference—how the trader seeks to shift responsibility to his or her superior when the string runs out."

"A war takes place; an earthquake occurs; a flood of a magnitude not seen in a hundred years washes over the land; a cartel falls apart; oil prices quadruple; tax laws change, and the market in which you had an open position, or even hedged, moves in a magnitude not only unforeseen, but totally outside past models. They always do. You are in trouble."

"Freud, Galileo and Darwin told us, at different times and in different ways, that we are not the center of the universe; that we do not have control; that we do not fully understand our motivations; that we are not all that special. They did not have an easy time of it—for each society wants to believe that it can exercise control over its own destiny and over others. I suspect their findings apply not just to science or personal behavior, but to the way power and leverage can be exercised by nation states. Yours, I suspect, will be the first generation which will have to achieve results with neither military nor economic predominance—no matter where you sit."

"The dollar is the final term in almost every equation which arises in the practice of engineering in any or all of its branches, except qualifiedly as to military and naval engineering, where in some cases cost may be ignored. In other words, the true function of the engineer is, or should be, not only to determine how physical problems may be solved, but also how they may be solved most economically. For example, a railroad may have to be carried over a gorge or arroyo. Obviously it does not need an engineer to point out that this may be done by filling the chasm with earth, but only a bridge engineer is competent to determine whether it is cheaper to do this or to bridge it, and to design the bridge which will safely and most cheaply serve, the cost of which should be compared with that of an earth fill. Therefore the engineer is, by the nature of his vocation an economist. His function is not only to design, but also so to design as to ensure the best economical result. He who designs an unsafe structure or an inoperative machine is a bad engineer; he who designs them so that they are safe and operative, but needlessly expensive, is a poor engineer, and, it may be remarked, usually earns poor pay; he who designs good work, which can be executed at a fair cost, is a sound and usually a successful engineer; he who does the best work at the lowest cost sooner or later stands at the top of his profession, and usually has the reward which this implies."

"The Engineer is one who, in the world of physics and applied sciences, begets new things, or adapts old things to new and better uses; above all, one who, in that field, attains new results in the best way and at lowest cost."

"As an engineer by training and practice, and as a manufacturer having upwards of thirty-five years of practical experience in industrial management in many phases, I avail myself with pleasure of this opportunity of meeting this large body of students who are preparing themselves for active work in the world, and of submitting for your consideration some suggestions concerning your future work, especially in the field with which I am most familiar and in which some of you, I feel sure, will find your best opportunities, and which will form the topic of my argument, namely, Industrial Engineering"

"Afternoon Session, Wednesday, May 26th."

"The monogram of our national initials, which is the symbol for our monetary unit, the dollar, is almost as frequently conjoined to the figures of an engineer's calculations as are the symbols indicating feet, minutes, pounds, or gallons. The final issue of his work, in probably a majority of cases, resolves itself into a question of dollars and cents, of relative or absolute values. This statement, while true in regard to the work of all engineers, applies particularly to that of the mechanical engineer, for the reason that his functions, more frequently than in the case of others, include the executive duties of organizing and superintending the operations of industrial establishments, and of directing the labor of the artisans whose organized efforts yield the fruition of his work."

"To insure the best results, the organization of productive labor must be directed and controlled by persons having not only good executive ability, and possessing the practical familiarity of a mechanic or engineer with the goods produced and the processes employed, but having also, and equally, a practical knowledge of how to observe, record, analyze and compare essential facts in relation to wages, supplies, expense accounts, and all else that enters into or affects the economy of production and the cost of the product. There are many good mechanical engineers; — there are also many good " businessmen ;"— but the two are rarely combined in one person. But this combination of qualities, together with at least some skill as an accountant, either in one person or more, is essential to the successful management of industrial works, and has its highest effectiveness if united in one person, who is thus qualified to supervise, either personally or through assistants, the operations of all departments of a business, and to subordinate each to the harmonious development of the whole."

"Henry R. Towne is unquestionably the pioneer of management science. He began, as early as 1870, the systematic application at the Yale & Towne works, of what are now recognized as efficient management methods. In 1886, his paper "The Engineer as Economist," delivered before the American Society of Mechanical Engineers, probably inspired Frederick W. Taylor, then a young man of twenty, to devote his energies to the labor that formed his life work."

"Engineering has long been conceded a place as one of the modern arts, and has become a well-defined science, with a large and growing literature of its own, and of late years has subdivided itself into numerous and distinct divisions, one of which is that of mechanical engineering. It will probably not be disputed that the matter of shop management is of equal importance with that of engineering, as affecting the successful conduct of most, if not all, of our great industrial establishments, and that the management of works has become a matter of such great and far-reaching importance as perhaps to justify its classification also as one of the modern arts."

"Improvements in the prevailing methods of work and organization during this era were principally initiated by men actively engaged in industrial enterprises. The person most often referred to as the first to propose a rational and systematic science of management (and hence organization) was Henry R. Towne (1844-1924), president of the Yale and Towne Manufacturing Company, who in 1886 presented a paper titled "The Engineer as Economist." His comments, delivered at a meeting of the (ASME), stressed the importance of management as a field of independent study, equal to that of engineering. Noting the almost complete lack of management literature, the virtual absence of a medium for the exchange of administrative ideas and experience, and the total absence of management associations, Towne urged that ASME serve as a center for the development and study of industrial management. Such a suggestion was considered nothing less than revolutionary."

"Webster defines profit as excess of value over cost, and gain as that which is obtained as an advantage. I have availed of this well-expressed though delicate distinction between the two terms, to coin a name for the system herein described, whereby to differentiate it from profit-sharing as ordinarily understood and practised. The right solution of this problem will manifestly consist in allotting to each member of the organization an interest in that portion of the profit fund which is or may be affected by his individual efforts or skill, and in protecting this interest against diminution resulting from the errors of others or other extraneous causes not under his control. Such a solution, while not simple, is attainable under many circumstances, and attainable by methods which experience has shown to be both practical and successful."

"Executives must have a practical knowledge of how to observe, record, analyze and compare essential facts in relation to... all... that enters into or affects the economy of production, the costs of the product."

"We conceive the prominent element in present-day industrial management to be: the mental attitude that consciously applies the transference of skill to all the activities of industry. Here emphasis is placed upon the word all, for the restricted application of this principle to machines and tools has been highly developed for a long period. But its conscious application in a broad way to the production departments, and particularly to the workmen, we believe has been made during the last quarter of a century."

"Among the names of those who have led the great advance of the industrial arts during the past thirty years, that of Frederick Winslow Taylor will hold an increasingly high place. Others have led in electrical development, in the steel industry, in industrial chemistry, in railroad equipment, in the textile arts, and in many other fields, but he has been the creator of a new science, which underlies and will benefit all of these others by greatly increasing their efficiency and augmenting their productivity. In addition, he has literally forged a new tool for the metal trades, which has doubled, or even trebled, the productive capacity of nearly all metal-cutting machines. Either achievement would entitle him to high rank among the notable men of his day; — the two combined give him an assured place among the world's leaders in the industrial arts."

"The new institutionalism focuses instead on nonlocal environments, either organisational sectors or fields roughly coterminous with the boundaries of industries, professions, or national societies. Environments, in this view, are more subtle in their influence; rather than being co-opted by organisations, they penetrate the organisation, creating the lenses through which actors view the world and the very categories of structure, action and thought."

"The new institutionalism in organization theory and sociology comprises a rejection of rational-actor models, and interest in institutions as independent variables, a turn toward cognitive and cultural explanations, and an interest in properties of supra-individual units of analysis that cannot be reduced to aggregations or direct consequences of individual’s attributes or motives."

"Both the old and new approaches share a scepticism toward rational-actor models of organisation, and each views institutionalisation as a state-dependent process that makes organisations less instrumentally rational by limiting the options they can pursue. Both emphasise the relationship between organisations and their environments, and both promise to reveal aspects of reality that are inconsistent with organisations’ formal accounts. Each approach stresses the role of culture in shaping organisational reality."