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Top 2 Michael Pettis Quotes (2024 Update)

Michael Pettis Quote: “Unfortunately, predictions of this sort are notoriously unreliable, and economists seem to be especially bad at predicting turning points. Karl Marx once noted that when the train of history hits a curve, intellectuals tend to fall off the train. Intellectual inertia keeps them moving in the same direction, even though the train is no longer going there. Earlier predictions, Marx suggests, are pretty useless in a debate about whether we are at a turning point.”

1. “Unfortunately, predictions of this sort are notoriously unreliable, and economists seem to be especially bad at predicting turning points. Karl Marx once noted that when the train of history hits a curve, intellectuals tend to fall off the train. Intellectual inertia keeps them moving in the same direction, even though the train is no longer going there. Earlier predictions, Marx suggests, are pretty useless in a debate about whether we are at a turning point.”

— Michael Pettis

Michael Pettis Quote: “This is where the debate must focus. Or to cite John Mills in his 1867 paper, “On Credit Cycles and the Origin of Commercial Panics”: “Panics do not destroy capital; they merely reveal the extent to which it has been previously destroyed by its betrayal into hopelessly unproductive works.”

2. “This is where the debate must focus. Or to cite John Mills in his 1867 paper, “On Credit Cycles and the Origin of Commercial Panics”: “Panics do not destroy capital; they merely reveal the extent to which it has been previously destroyed by its betrayal into hopelessly unproductive works.”

— Michael Pettis

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