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" 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
Compromise
Inflation
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" 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
Like
" Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas. "
Paul Samuelson
Vegas
Want
You
" Companies are not charitable enterprises: They hire workers to make profits. In the United States, this logic still works. In Europe, it hardly does. "
Paul Samuelson
United States
Workers
Hire
" 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
American
I Am
Ahead
" I think economics - and this is what I've tried to impart - has a tremendous amount of human interest in it. "
Paul Samuelson
Human
Economics
Think
" 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
Realize
Good
Saying
" People had J.F.K. all wrong. They thought of him as a dashing, deciding type. He was an extremely hesitant person who checked the ice in front of him all the time. "
Paul Samuelson
People
Person
Wrong
" I'm not speaking in favor of killing innovation. I'm speaking in favor of centrist use of the market, which involves necessarily a considerable degree of regulation. Markets by themselves will get themselves inevitably into inequality and into their own destruction. It will happen again and again. "
Paul Samuelson
Will
Again
Inequality
" Often, when I became a consultant to a federal agency, that precipitated its demise. "
Paul Samuelson
Consultant
Demise
Federal
" What is it that the scientist finds useful in being able to relate a positive description of behavior to the solution of a maximizing problem? That is what a good deal of my own early work was about. "
Paul Samuelson
Behavior
Work
Problem
" 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
Age
Myself
Think
" Investing should be dull. It shouldn't be exciting. "
Paul Samuelson
Dull
Exciting
Investing
" My family was well off but not rich. 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. That was a disequilibrium system. I realized that the ordinary old-fashioned Euclidean geometry didn't apply. "
Paul Samuelson
Go
Lazy
Rich
" My belief is that nothing that can be expressed by mathematics cannot be expressed by careful use of literary words. "
Paul Samuelson
Mathematics
Nothing
Words
" Good questions outrank easy answers. "
Paul Samuelson
Good
Education
Easy
" 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. "
Paul Samuelson
History
Meaning
Opportunity
" 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. "
Paul Samuelson
Ideas
Alive
Defeat
" Let those who will - write the nation's laws - if I can write its textbooks. "
Paul Samuelson
Laws
Write
Will
" The history of the twentieth century - America's century! - has been pretty much a history of rising prices. "
Paul Samuelson
History
America
Rising
" 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
Allow
Economics
Either
" 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
Follow
" Rent control created deadweight loss. "
Paul Samuelson
Created
Rent
Loss
" It is dead wrong about necessary surplus of winnings over losings. "
Paul Samuelson
Dead
Over
About
" When I was a kid, I reckoned things in Hershey bars. Is this worth three Hershey bars to me? "
Paul Samuelson
Worth
Me
Kid
" I believe, in the stock market - that's one of my fields - that most people are irrational. And to be irrational, you can be irrational in so many different ways that, practically, the result is indeterminate. "
Paul Samuelson
Stock Market
You
Believe
" I have not been able in one lecture even to scratch the surface of the role of maximum principles in analytic economics. "
Paul Samuelson
Surface
Economics
Principles
" Economics is a choice between alternatives all the time. Those are the trade-offs. "
Paul Samuelson
Alternatives
Choice
Economics
" Funeral by funeral, theory advances. "
Paul Samuelson
Advances
Theory
Funeral
" I think that it's more important for an economist to be wise and sophisticated in scientific method than it is for a physicist because with controlled laboratory experiments possible, they practically guide you; you couldn't go astray. Whereas in economics, by dogma and misunderstanding, you can go very sadly astray. "
Paul Samuelson
Think
Important
Economics
" A temporary reduction in tax rates on individual incomes can be a powerful weapon against recession. "
Paul Samuelson
Temporary
Tax
Powerful