Wednesday, March 3, 2010

Friedman on uncertainty

Thomas Sowell on Milton Friedman, his former teacher:

"I remember doing a paper in which I said at one point, 'Either A this will happen or B that will happen.' And he wrote in the margin 'Or C, your analysis is wrong.'

And when I saw him afterwards I said, 'Where was my analysis wrong?'

He said, 'I didn't say your analysis was wrong. I just wanted you to keep that possibility in mind.'"

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