Because of an editing error, an article on Page 36 this weekend about the failure of economists to anticipate the latest recession misquotes the economist John Maynard Keynes, who compared the financial markets of the 1930s to newspaper beauty contests in which readers tried to correctly pick all six eventual winners. Keynes noted that a competitor did not have to pick “those faces which he himself finds prettiest, but those that he thinks likeliest to catch the fancy of the other competitors.” He did not say, “nor even those that he thinks likeliest to catch the fancy of other competitors.”
Longer essays may also contain an introductory page that defines words and phrases of the essay's topic. Most academic institutions require that all substantial facts, quotations, and other porting material in an essay be referenced in a bibliography or works cited page at the end of the text. This scholarly convention helps others (whether teachers or fellow scholars) to understand the basis of facts and quotations the author uses to support the essay's argument and helps readers evaluate to what extent the argument is supported by evidence, and to evaluate the quality of that evidence. The academic essay tests the student's ability to present their thoughts in an organized way and is designed to test their intellectual capabilities.