Time's Up!

14Two Timeless Truths and Two Theories

In the final analysis, I find nothing as intellectually satisfying as the history of ideas… . (W)ithout the history of economics, economic theories just drop from the sky; you have to take them on faith. The moment you wish to judge a theory, you have to ask how they came to be produced in the first place and that is a question that can only be answered by the history of ideas.

—Mark Blaug, Not Only an Economist, 1997

Before he died, a father said to his son, “Here is a watch that your grandfather gave me. It is almost 200 years old. Before I give it to you, go to the jewelry store downtown. Tell them that I want to sell it, and see how much they offer you.”

The son went to the jewelry story, came back to his father, and said, “They offered $150 because it's so old.”

The father said, “Go to the pawn shop.”

The son went to the pawn shop, came back to his father, and said, “The pawn shop offered $10 because it looks so worn.”

The father asked his son to go to the museum and show them the watch.

He went to the museum, came back, and said to his father, “The curator offered $500,000 for this very rare piece to be included in their precious antique collections.”

The father said, “I wanted to let you know that the right place values you in the right way. Don't find yourself in the wrong place and get angry if you are not valued. Those that know your value are those who appreciate you; don't stay in a place where nobody sees your value” (Author ...