Farewell Alan Greenspan
It seems appropriate on the eve of his retirement, to post my favorite of his quotes.
"It is decidedly not true that 'nice guys finish last' as that highly original American baseball philosopher, Leo Durocher, was once alleged to have said. I do not deny that many appear to have succeeded in a material way by cutting corners and manipulating associates, both in their professional and in their personal lives. But material success is possible in this world and far more satisfying when it comes without exploiting others. The true measure of a career is to be able to be content, even proud, that you succeeded through your own endeavors without leaving a trail of casualties in your wake.
"I cannot speak for others whose psyches I may not be able to comprehend, but, in my working life, I have found no greater satisfaction than achieving success through honest dealings and strict adherence to the view that for you to gain, those you deal with should gain as well. Human relations--be they personal or professional--should not be zero sum games. And beyond the personal sense of satisfaction, having a reputation for fair dealing is a profoundly practical virtue. We call it 'good will' in business and add it to our balance sheets.
"Trust is at the root of any economic system based on mutually beneficial exchange. In virtually all transactions, we rely on the word of those with whom we do business. Were this not the case, exchange of goods and services could not take place on any reasonable scale. Our commercial codes and contract law presume that only a tiny fraction of contracts, at most, need be adjudicated. If a significant number of businesspeople violated the trust upon which our interactions are based, our court system and our economy would be swamped into immobility."
Alan Greenspan, at the Commencement Address, Harvard University, Cambridge Massachusetts; June 10, 1999. (From "The Quotations of Chairman Greenspan" by Larry Kahaner)
"It is decidedly not true that 'nice guys finish last' as that highly original American baseball philosopher, Leo Durocher, was once alleged to have said. I do not deny that many appear to have succeeded in a material way by cutting corners and manipulating associates, both in their professional and in their personal lives. But material success is possible in this world and far more satisfying when it comes without exploiting others. The true measure of a career is to be able to be content, even proud, that you succeeded through your own endeavors without leaving a trail of casualties in your wake.
"I cannot speak for others whose psyches I may not be able to comprehend, but, in my working life, I have found no greater satisfaction than achieving success through honest dealings and strict adherence to the view that for you to gain, those you deal with should gain as well. Human relations--be they personal or professional--should not be zero sum games. And beyond the personal sense of satisfaction, having a reputation for fair dealing is a profoundly practical virtue. We call it 'good will' in business and add it to our balance sheets.
"Trust is at the root of any economic system based on mutually beneficial exchange. In virtually all transactions, we rely on the word of those with whom we do business. Were this not the case, exchange of goods and services could not take place on any reasonable scale. Our commercial codes and contract law presume that only a tiny fraction of contracts, at most, need be adjudicated. If a significant number of businesspeople violated the trust upon which our interactions are based, our court system and our economy would be swamped into immobility."
Alan Greenspan, at the Commencement Address, Harvard University, Cambridge Massachusetts; June 10, 1999. (From "The Quotations of Chairman Greenspan" by Larry Kahaner)
posted by Tom Demko at
11:03 PM
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