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Santayana voiced an often quoted aphorism when he suggested “[t]hose who cannot remember the past are condemned to repeat it.” The melancholy truth may be, however, that “[w]hat experience and history teach is this—that people and governments never have learned anything from history.” If history cannot give us all kinds of scientific knowledge, and permit us to make estimates of the future with the degree of precision that we can predict the outcome of standard experiments in physics and chemistry, its study at least ought to give us insight into the human condition, no mean achievement. I am somewhat uncomfortable in a conference on law and economic policy. The law part does not bother me; I have practiced it, worked to reform it through legislation, and taught it for more years than I care to admit; it is the economic part that troubles me. Modern economic analysis owes too much, for my druthers, to the conceit of Bentham and his followers in their arrogant reliance on disembodied reason. In fact, they have “shaped the course of law reform” for large segments of the modern world; unfortunately, they “neglected all the complex social evolution which . . . [went into] the making of . . . [that] world and individuals” in it; and for that “reason . . . , they considered that the study of history was a matter of minor importance.” Bentham and his many followers too often tend to rely on a handful of assumptions and

Of Characterization and Other Matters: Thoughts about Multiple Damages