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" American society was economically ill-run in the 1980s. Our society has been on a consumption binge. If the American people had a town meeting and said, 'What do we care about posterity? Posterity hasn't done anything for us; we're going to whoop it up now,' that is a rational judgment. But nobody ever did that. "

Paul Samuelson

People

Meeting

Society

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" It is not easy to get rich in Las Vegas, at Churchill Downs, or at the local Merrill Lynch office. "

" Politicians like to tell people what they want to hear - and what they want to hear is what won't happen. "

Paul Samuelson

Politicians

People

" In well-functioning markets, price equals opportunity cost. Meaning that the proper way to price out and charge us for things is to charge us what those resources could otherwise have produced. This is a lesson the Soviet Union never learned at all, and the rest is history. "

" I did not throw out my education lightly, but what I was being taught was of no use in explaining what I saw around me. It was the Great Depression. "

" Milton Friedman. Friedman had a solid MV = PQ doctrine from which he deviated very little all his life. By the way, he's about as smart a guy as you'll meet. He's as persuasive as you hope not to meet. "

" One of the pleasing things about science is that we do all climb towards the heavens on the shoulders of our predecessors. Economics, like physics, has its heroes, and the letter 'H' that I used in my mathematical equations was not there to honor Sir William Hamilton, but rather Harold Hotelling. "

" In the jargon of American vaudeville, Professors Frisch and Tinbergen are a 'hard act to follow.' But then, all my life, I have been following such great scholars and policy advisors as these. "

Paul Samuelson

Life

Great

" I decided that there was only one place to make money in the mutual fund business, as there is only one place for a temperate man to be in a saloon: behind the bar and not in front of it. "

" 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. "

" Keynes's contribution was not just to advocate spending government money in the middle of a recession. Every government had done that going back to the days of the Irish potato famine. What he gave to us was a way of thinking about the magnitude and the dimensions and so forth. "

" Funeral by funeral, theory advances. "

" Globalization presumes sustained economic growth. Otherwise, the process loses its economic benefits and political support. "

" I have not been able in one lecture even to scratch the surface of the role of maximum principles in analytic economics. "

" The Keynesian idea is once again accepted that fiscal policy and deficit spending has a major role to play in guiding a market economy. I wish Friedman were still alive so he could witness how his extremism led to the defeat of his own ideas. "

" I think economics - and this is what I've tried to impart - has a tremendous amount of human interest in it. "

" 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. "

" Charles Darwin got his theory, his notion of natural selection, evolution, and so did its independent discoverer, Alfred Wallace, from reading Malthus. "

" The history of the twentieth century - America's century! - has been pretty much a history of rising prices. "

" Often, when I became a consultant to a federal agency, that precipitated its demise. "

" It is dead wrong about necessary surplus of winnings over losings. "

" 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. "

" I came to the University of Chicago on the morning of January 2, 1932. I wasn't yet a graduate of high school for another few months. And that was about the low point of the Herbert Hoover/Andrew Mellon phase after October of 1929. That's quite a number of years to have inaction. "

" When I was a kid, I reckoned things in Hershey bars. Is this worth three Hershey bars to me? "

Paul Samuelson

Worth

Kid

" Self-deception ultimately explains Japan's plight. The Japanese have never accepted that change is in their interest - and not merely a response to U.S. criticism. "

" Investing should be dull. It shouldn't be exciting. "

" We've become a debtor nation. I don't mean just on fixed-loan terms, but we own increasingly less abroad than is owned from abroad here. "

" 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. "

" The dream of any scholar has, for me, come true by virtue of this award. The Nobel Prizes are justly famous in the hard sciences, in literature, and for peace. "

Paul Samuelson

Dream

Peace

" Economics has never been a science - and it is even less now than a few years ago. "

" U.S. capital formation, which has been pretty high in the '90s and very high in the late 1990s, is what is being financed by the savings of the rest of the world, generally poorer than ourselves, because our deficit on current account, chronic deficit, is their surplus, and they have been willingly bringing that to the American market. "