“If the satisfaction to be derived from each successive increase in wealth is smaller than the satisfaction derived from the previous increase in wealth, then the disutility caused by a loss will always exceed the positive utility provided by a gain of equal size.” “His local campaigns around Macedonia also augmented that absolutely essential economic resource: slaves-slaves to work the mines, slaves to work the fields, slaves to keep the whole economy humming.” Which way should we incline? Reason cannot answer.” “Game theory says that the true source of uncertainty lies in the intentions of others.” “Fear of harm ought to be proportional not merely to the gravity of the harm, but also to the probability of the event.” “Discontinuities, irregularities, and volatilities seem to be proliferating rather than diminishing.” Here is a look at some of the most prominent Peter L. A New York City native, Bernstein served on the Visiting Committee to the Economics Department of Harvard University. Bernstein was a well known educator, financial historian, and economist best known for communicating investment economics to the public. As the author and co-author of over a dozen books, Peter L.
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