Paul Samuelson
Paul Samuelson
Paul Anthony Samuelsonwas an American economist, and the first American to win the Nobel Memorial Prize in Economic Sciences. The Swedish Royal Academies stated, when awarding the prize, that he "has done more than any other contemporary economist to raise the level of scientific analysis in economic theory". Economic historian Randall E. Parker calls him the "Father of Modern Economics", and The New York Times considered him to be the "foremost academic economist of the 20th century"...
NationalityAmerican
ProfessionEconomist
Date of Birth15 May 1915
CountryUnited States of America
Asia's governments come in two broad varieties: young, fragile democracies - and older, fragile authoritarian regimes.
Let those who will write the nation's laws, if I can write its textbooks.
Marshall's crime is to pretend to handle imperfect competition with tools only applicable to perfect competition.
Every good cause is worth some inefficiency.
Globalization presumes sustained economic growth. Otherwise, the process loses its economic benefits and political support.
The consumer, so it is said, is the king each is a voter who uses his money as votes to get the things done that he wants done.
Sooner or later the Internet will become profitable. It's an old story played before by canals, railroads and automobiles.
The failure of market catallactics in no way denies the following truth: given sufficient knowledge the optimal decisions can always be found by scanning over all the attainable states of the world and selecting the one which according to the postulated ethical welfare function is best. The solution 'exists'; the problem is how to 'find' it.
The stock market has predicted nine of the last five recessions.
We're a me-me-me generation. We're borrowing the savings of every nation in the world. We're ... piling up a big tab. Now, I may think we're too big to have a run on us. You may think that. But it's possible that God does not.
By keeping labor supply down, immigration policy tends to keep wages high. Let us underline this basic principle: Limitation of the supply of any grade of labor relative to all other productive factors can be expected to raise its wage rate; and increase in supply will, other things being equal, tend to depress wage rates.
Economists are said to disagree too much but in ways that are too much alike: If eight sleep in the same bed, you can be sure that, like Eskimos, when they turn over, they'll all turn over together.
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.
Two factors explain our success. One, MIT's renaissance after World War II as a federally supported research resource. Two, the mathematical revolution in macro- and micro-economic theory and statistics. This was overdue and inevitable, MIT was the logical place for it to flourish.