Sunday, June 9, 2013

Mankiw at Commencement.........................

"It is true that as an economist, I know precisely what the future holds. But union rules prevent me from sharing that knowledge with the general public. So we economists usually just make stuff up, and it often turns out to be wrong. I won’t burden you with those made-up stories today."

"So here is my first lesson: Communities matter. Communities influence your behavior and shape who you will become. So choose your communities wisely. What is the right community for one person is not necessarily the right community for another. Find a place that will support you and push you to be a better person, as this school has. So far in life, your parents have often chosen the communities for you. But going forward, this is going to be more of your responsibility."

"So here is my second lesson for you: You may think you are good at something, and you may think you know what you should spend your life doing, but you may well be wrong. You will learn a lot about yourself during your first few years of adulthood. Be prepared to change your mind about your path in life and about your self-image. I know I certainly did."

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