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— Barbara Degenevieve"As an academic I feel I should intellectualize and theoretically analyze when all I really want to do is let the work take me somewhere, manipulate me, and then rough me up a bit. When it comes right down to it, I only want to spend time with work that makes me think and teaches me something while making my body react."
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Complexity and obscurity have professional value - they are the academic equivalents of apprenticeship rules in the building trades. They exclude the outsiders, keep down the competition, preserve the image of a privileged or priestly class. The man who makes things clear is a scab. He is criticized less for his clarity than for his treachery.
— John Kenneth Galbraith
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I have concluded that most PhD economists under appraise the power of the common-stock-based "wealth effect," under current extreme conditions... "Wealth effects" involve mathematical puzzles that are not nearly so well worked out as physics theories and never can be... What has happened in Japan over roughly the last ten years has shaken up academic economics, as it obviously should, creating strong worries about recession from "wealth effects" in reverse.
— Charlie Munger
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