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Quote by Paul Samuelson

“Economists have much to be humble about.”

Quote by Paul Samuelson

Author

Paul Samuelson was an American economist renowned for his contributions to the field of economics. Born on May 15, 1915, and passing away on December 13, 2009, Samuelson was a significant figure in modern economics. His book 'Economics' has been widely used as a textbook in universities. more

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“For better or worse, US Keynesianism was so far ahead of where it started. I am a cafeteria Keynesian. You know what a cafeteria catholic is?”

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“I couldn't reconcile what I was being taught at the university of Chicago, the lectures and the books I was being assigned, with what I knew to be true out in the streets.”

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“I don't care very much for the People Magazine approach to applied economics.”

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“I spent the four years I was an undergraduate working on the beach. And it wasn't because I was lazy; it was because my freshman class would go to a hundred different employers and wouldn't get a nibble.”

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“If we made an income pyramid out of a child's blocks, with each layer portraying $1,000 of income, the peak would be far higher than the Eiffel Tower, but almost all of us would be within a yard of the ground.”

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Book:Economics: An Introductory Analysis

Source: Economics: An Introductory Analysis

“I'm not sure most of the people that get caught up in the middle of a bubble can be described as irrational. It seems pretty rational to buy a house and flip it in the next few weeks at a profit when that's been happening for along time.”

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“It isn't that greed's increased. What's increased is the realization that you've got a free field to reach out for what you'd like to do.”

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“Macroeconomics, even with all of our computers and with all of our information - is not an exact science and is incapable of being an exact science.”

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“Mea culpa, mea culpa. MIT and Wharton and University of Chicago created the financial engineering instruments, which, like Samson and Delilah, blinded every CEO. They didn't realize the kind of leverage they were doing and they didn't understand when they were really creating a real profit or a fictitious one.”

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“Profits are the lifeblood of the economic system, the magic elixir upon which progress and all good things depend ultimately. But one man's lifeblood is another man's cancer.”

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Book:Coll Sci Pap V5

Source: Coll Sci Pap V5