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Paul Samuelson Quotes
Paul Samuelson Quotes
Paul Samuelson
American
Economist
Born:
May 15
,
1915
Been
Economics
Money
People
Will
You
Related authors:
Alan Greenspan
Herbert A. Simon
John Kenneth Galbraith
Milton Friedman
Paul A. Volcker
Richard Thaler
Robert Reich
Thomas Sowell
Time is our ultimate scarcity. Isaac Newton can give us more electricity, but he can't give us more than 24 hours of the day of time. And so we're constantly having to sacrifice alternate activities to get the one that pleases us most.
Paul Samuelson
Time
Day
Sacrifice
Our
Pleases
Constantly
Scarcity
Give
Having
More
He
Hours
Most
Alternate
Isaac
Ultimate
Than
Get
Us
Newton
Electricity
Activities
What we know about the global financial crisis is that we don't know very much.
Paul Samuelson
Financial
Financial Crisis
Crisis
About
Global
Know
Very
Much
Economics is not an exact science. It's a combination of an art and elements of science. And that's almost the first and last lesson to be learned about economics: that in my judgment, we are not converging toward exactitude, but we're improving our data bases and our ways of reasoning about them.
Paul Samuelson
Art
Science
First
Economics
Judgment
Lesson
Our
Ways
Exact
About
Data
Almost
Toward
Combination
Learned
Improving
Them
Reasoning
Elements
Bases
Last
Globalization presumes sustained economic growth. Otherwise, the process loses its economic benefits and political support.
Paul Samuelson
Benefits
Political
Otherwise
Economic
Economic Benefits
Economic Growth
Support
Globalization
Loses
Sustained
Process
Growth
In this age of specialization, I sometimes think of myself as the last 'generalist' in economics, with interests that range from mathematical economics down to current financial journalism. My real interests are research and teaching.
Paul Samuelson
Myself
Age
Financial
Sometimes
Economics
Research
Down
Think
Range
Journalism
Real
Mathematical
Current
Interests
Teaching
Specialization
Last
Today we see how utterly mistaken was the Milton Friedman notion that a market system can regulate itself... Everyone understands now, on the contrary, that there can be no solution without government.
Paul Samuelson
Today
Government
Market
On The Contrary
Everyone
System
Solution
See
Mistaken
Without
Understands
How
Itself
Contrary
Notion
Regulate
Now
Utterly
Milton
To a person of analytical ability, perceptive enough to realise that mathematical equipment was a powerful sword in economics, the world of economics was his or her oyster in 1935. The terrain was strewn with beautiful theorems begging to be picked up and arranged in unified order.
Paul Samuelson
Beautiful
World
Economics
Strewn
Enough
Analytical
Ability
Perceptive
Picked
Powerful
Terrain
Arranged
Equipment
His
Mathematical
Up
Begging
Person
Order
Realise
Unified
Theorems
Sword
Her
It is indeed true that the stock market can forecast the business cycle.
Paul Samuelson
Business
Market
Indeed
True
Forecast
Stock
Stock Market
Cycle
You're not making a decision if you come to a fork in the road. There is no 'it' to take. It's one or the other.
Paul Samuelson
You
Decision
Other
Take
Road
Come
Making
Fork
Fork In The Road
Politicians like to tell people what they want to hear - and what they want to hear is what won't happen.
Paul Samuelson
People
Politicians
Tell
Like
Hear
Want
Happen
Every good cause is worth some inefficiency.
Paul Samuelson
Good
Worth
Cause
Every
Some
Inefficiency
Good Cause
My belief is that nothing that can be expressed by mathematics cannot be expressed by careful use of literary words.
Paul Samuelson
Mathematics
Words
Nothing
Literary
Cannot
Use
Belief
Expressed
Careful
In 1936, money had no important role. Interest rates were one-eighth of one-eighth of one per cent. I did some research, and I found that the interest on one million dollars of ninety-day Treasuries was $37. People didn't even bother to collect it. The Fed wasn't important.
Paul Samuelson
People
Money
Important
Research
Collect
Some
Per
Rates
Fed
Bother
Had
Important Role
Were
Dollars
Role
Did
Cent
Interest
Interest Rates
Even
Found
Million
Million Dollars
When I was a kid, I reckoned things in Hershey bars. Is this worth three Hershey bars to me?
Paul Samuelson
Me
Worth
Three
Hershey
Reckoned
Kid
Bars
Things
The problem is no longer that with every pair of hands that comes into the world there comes a hungry stomach. Rather it is that, attached to those hands are sharp elbows.
Paul Samuelson
Problem
World
Every
Those
Hungry
Rather
Attached
Sharp
Longer
Hands
Stomach
Elbows
Pair
It is not easy to get rich in Las Vegas, at Churchill Downs, or at the local Merrill Lynch office.
Paul Samuelson
Rich
Local
Churchill
Easy
Vegas
Office
Get
Downs
Las Vegas
Things swept so badly that I had distrust - after 1967, let's say - of American Keynesianism. For better or worse, U.S. Keynesianism was so far ahead of where it started. I am a cafeteria Keynesian.
Paul Samuelson
Better
Worse
Say
Distrust
Had
Badly
Am
American
Where
After
Far
Swept
Things
Started
Investing should be dull. It shouldn't be exciting.
Paul Samuelson
Investing
Exciting
Dull
Should
Let me acknowledge that I realize that, in honoring me, the Committee of the Royal Academy of Sciences is in fact saying a good word for all of those of my generation who have been laboring in the same vineyard.
Paul Samuelson
Saying
Good
Me
Generation
Word
Honoring
Those
My Generation
Fact
Academy
Sciences
Been
Same
Committee
In Fact
Acknowledge
Realize
Who
Vineyard
Royal
There's nothing in Keynesian economics that would allow you to solve stagflation. But there's nothing in neoclassical economics that would allow you to solve stagflation, either.
Paul Samuelson
You
Economics
Nothing
Would
Solve
Allow
Either
It is dead wrong about necessary surplus of winnings over losings.
Paul Samuelson
About
Wrong
Over
Dead
Surplus
Necessary
The remarkable fact is not how much government does to control economic activity, but how much it does not do.
Paul Samuelson
Government
Control
Economic
Economic Activity
Fact
Remarkable
Does
How
How Much
Much
Activity
Avoiding inflation is not an absolute imperative but rather is one of a number of conflicting goals that we must pursue and that we may often have to compromise.
Paul Samuelson
Goals
Inflation
Must
Rather
Compromise
Imperative
Absolute
Pursue
May
Often
Conflicting
Avoiding
Number
I can't think of a president who has been overburdened by a knowledge of economics.
Paul Samuelson
Knowledge
Economics
Think
President
Has-Been
Been
Who
A temporary reduction in tax rates on individual incomes can be a powerful weapon against recession.
Paul Samuelson
Recession
Weapon
Temporary
Rates
Individual
Powerful
Powerful Weapon
Reduction
Tax
Against
Tax Rates
Incomes
Actually, in my advanced, high-falutin' frontier economics, I often work with what I define as 'money metric utility,' and I ask people, 'Do you really want that? What are you willing to pay for that?'
Paul Samuelson
Work
You
People
Money
Economics
Pay
Define
Willing
Advanced
Metric
Often
Frontier
Want
Ask
Really
Utility
Actually
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