Statistical Modeling, Causal Inference, and Social Science: Quotee of the Day, Sir Josiah Stamp

Quotee of the Day, Sir Josiah Stamp

Josiah Charles Stamp, 1st Baron Stamp, Bt, GCB, GBE, FBA, (June 21, 1880-April 16, 1941) was a British civil servant, industrialist, economist, statistician and banker. He was the first director of the Bank of England and chairman of the London Midland and Scottish Railway.

Statistics

"The government are very keen on amassing statistics. They collect them, add them, raise them to the nth power, take the cube root and prepare wonderful diagrams. But you must never forget that every one of these figures comes in the first instance from the village watchman, who just puts down what he damn pleases." (quoting an anonymous English judge.)

The individual source of the statistics may easily be the weakest link.

Banking

"Banking was conceived in iniquity and was born in sin. The bankers own the earth. Take it away from them, but leave them the power to create money, and with the flick of the pen they will create enough deposits to buy it back again. However, take it away from them, and all the great fortunes like mine will disappear and they ought to disappear, for this would be a happier and better world to live in. But, if you wish to remain the slaves of bankers and pay the cost of your own slavery, let them continue to create money."

via devinmoore

David Blake

I don't see how he could be "the first director of the Bank of England," since the Bank was founded in 1694 and Stamp was not born until 1880.

Aleks

David: I have no idea what "first" refers to, but it's unlikely time, as there were governors and directors prior to that. Perhaps you could open the discussion for clarification of that statement in Wikipedia?

Eli

I think when they mean first director of the Bank of England they mean position of business title, like as to say different chief positions of a job title like CEO. Thats the only I can think of cuase like you said there is no way he could be the very first director of a bank if banks were made 1694 and he was born in the year 1880