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Experience teaches effectually, but brutally. It makes us acquainted with all the effects of an action, by causing us to feel them; and we cannot fail to finish by knowing that fire burns, if we have burned ourselves. For this rough teacher, I should like, if possible, to substitute a more gentle one. I mean Foresight. For this purpose I shall examine the consequences of certain economical phenomena, by placing in opposition to each other those which are seen, and those which are not seen.

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Experience - the wisdom that enables us to recognise in an undesirable old acquaintance the folly that we have already embraced.

Experience can be a very bad teacher, indeed, or not teacher at all. It is like the silly phrase, “Practice makes perfect.” In most cases, practice merely confirms us in our errors, and the longer we do something the wrong way - that is, without enlightenment and instruction- the more fixed we become in our folly.

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