In Other Parts of the World: Ben Bernanke’s Speech

Via Paul Krugman. The guy who has a beard and happens to be in control of the cash flow in many economies, including Hong Kong’s, made a speech at Princeton’s graduation ceremony. He made ten noteworthy points, he called them ten suggestions, during it. Knowing how short an attention span Hong Kong people have (Oh! Who am I kidding? The majority of the people on Earth has the attention span of a gold fish), I will summarize them as follow:

1. Life is amazingly unpredictable; any 22-year-old who thinks he or she knows where they will be in 10 years, much less in 30, is simply lacking imagination.

2. Will you keep learning and thinking hard and critically about the most important questions? Will you become an emotionally stronger person, more generous, more loving, more ethical? Will you involve yourself actively and constructively in the world?

3. We have been taught that meritocratic institutions and societies are fair. Putting aside the reality that no system, including our own, is really entirely meritocratic, meritocracies may be fairer and more efficient than some alternatives. But fair in an absolute sense? Think about it. A meritocracy is a system in which the people who are the luckiest in their health and genetic endowment; luckiest in terms of family support, encouragement, and, probably, income; luckiest in their educational and career opportunities; and luckiest in so many other ways difficult to enumerate–these are the folks who reap the largest rewards. The only way for even a putative meritocracy to hope to pass ethical muster, to be considered fair, is if those who are the luckiest in all of those respects also have the greatest responsibility to work hard, to contribute to the betterment of the world, and to share their luck with others.

4. Who is worthy of admiration?…Those most worthy of admiration are those who have made the best use of their advantages or, alternatively, coped most courageously with their adversities. I think most of us would agree that people who have, say, little formal schooling but labor honestly and diligently to help feed, clothe, and educate their families are deserving of greater respect–and help, if necessary–than many people who are superficially more successful. They’re more fun to have a beer with, too.

5. Cynicism is a poor substitute for critical thought and constructive action. Sure, interests and money and ideology all matter, as you learned in political science. But my experience is that most of our politicians and policymakers are trying to do the right thing, according to their own views and consciences, most of the time. If you think that the bad or indifferent results that too often come out of Washington are due to base motives and bad intentions, you are giving politicians and policymakers way too much credit for being effective… The greatest forces in Washington are ideas, and people prepared to act on those ideas. Public service isn’t easy. But, in the end, if you are inclined in that direction, it is a worthy and challenging pursuit.

6. Economics is a highly sophisticated field of thought that is superb at explaining to policymakers precisely why the choices they made in the past were wrong. About the future, not so much. However, careful economic analysis does have one important benefit, which is that it can help kill ideas that are completely logically inconsistent or wildly at variance with the data.

7. Remember that money is a means, not an end. A career decision based only on money and not on love of the work or a desire to make a difference is a recipe for unhappiness.

8. Nobody likes to fail but failure is an essential part of life and of learning. If your uniform isn’t dirty, you haven’t been in the game.

9. Develop your own definition of success, you will be able to do so, if you wish, with a close companion on your journey. In making that choice, remember that physical beauty is evolution’s way of assuring us that the other person doesn’t have too many intestinal parasites. Don’t get me wrong, I am all for beauty, romance, and sexual attraction–where would Hollywood and Madison Avenue be without them? But while important, those are not the only things to look for in a partner.

10. Call your mom and dad once in a while.

People should start taking notes. While we are at it, I will throw in some Marcus Aurelius as well:

If any man is able to convince me and show me that I do not think or act right, I will gladly change; for I seek the truth by which no man was ever injured. But he is injured who abides in his error and ignorance.

I do my duty: other things trouble me not; for they are either things without life, or things without reason, or things that have rambled and know not the way.

I hope people can start learning, and soon.

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3 則回應給 In Other Parts of the World: Ben Bernanke’s Speech

  1. Bill 說道:

    Thank you for sharing. We are facing the era of over protection of our kids. I will send this to my daughters. Tell you what, I have only achieved the 10th point in Krugman’s speech. I started calling my mum every day when I was in uni because I stayed in the dorm and after migration I call her from Monday to Friday. For other wisdom, I am still learning though a bit late.


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