By William Manchester
MacArthur, the general public determine, the personal guy, the soldier-hero whose secret and charm created a uniquely American legend, portrayed in an excellent biography that might problem the loved myths of admirers and critics alike.
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Extra resources for American Caesar: Douglas MacArthur 1880 - 1964
Scholars seek fame. The fame they seek, as I noted in my 1961 American Economic Association presidential address, is fame with their peers—the other scientists whom they respect and whose respect they strive for. The sociologist Robert K. Merton has documented what I call this dirty little secret in his book The Sociology of Science. I am no exception. Abraham Lincoln’s law partner and biographer William Herndon observed that there was always a little clock of ambition ticking in the bosom of honest and whimsical Abe.
Thus, producers were assumed to know what outputs they would get for given inputs. Investors would know what prices would prevail in the future for the goods they were planning to sell. I don’t mean to imply that economists were so foolish as not to recognize that the economic world was uncertain or that economic agents didn’t realize that this was the case. Indeed, some literature clearly showed that much economic behavior could only be explained by assuming that economic agents were well aware of uncertainty; for example, investors held diversified portfolios and bought insurance.
That is, the households, firms, investors, and so forth knew correctly the consequences of their actions or, in some versions, at least acted as if they did. Thus, producers were assumed to know what outputs they would get for given inputs. Investors would know what prices would prevail in the future for the goods they were planning to sell. I don’t mean to imply that economists were so foolish as not to recognize that the economic world was uncertain or that economic agents didn’t realize that this was the case.
American Caesar: Douglas MacArthur 1880 - 1964 by William Manchester