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" Economics is a choice between alternatives all the time. Those are the trade-offs. "
Paul Samuelson
Alternatives
Choice
Economics
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" Every good cause is worth some inefficiency. "
Paul Samuelson
Worth
Good
Good Cause
" 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. "
Paul Samuelson
Out
Depression
Education
" What I say is, 'If you're so rich, how come you're so dumb?' "
Paul Samuelson
Say
Rich
How
" 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
Stomach
World
" 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
" 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
Me
Peace
" 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
Research
Role
People
" It is not easy to get rich in Las Vegas, at Churchill Downs, or at the local Merrill Lynch office. "
Paul Samuelson
Downs
Local
Office
" 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. "
Paul Samuelson
Economics
Honor
Science
" I can tell you, because I serve on so many nonprofit boards - where half of us are academics and half of us are from Wall Street - that there's no CEO who understands at all a derivative. All they know is that somebody tells them in their organization, 'We've got a wonderful profit center.' "
Paul Samuelson
I Can
Know
You
" 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
" The Malthusian Theory - that mankind, for biological and sociological reasons, is so fertile, so fecund, that if you started out with the new continent and plenty of land for everybody, in several generations we would multiply our numbers. "
Paul Samuelson
Theory
Land
New
" The history of the twentieth century - America's century! - has been pretty much a history of rising prices. "
Paul Samuelson
History
America
Rising
" Let those who will - write the nation's laws - if I can write its textbooks. "
Paul Samuelson
Laws
Write
Will
" 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. "
Paul Samuelson
Smart
You
Way
" 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. "
Paul Samuelson
Never
Change
Criticism
" 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
Economics
Money
Pay
" A temporary reduction in tax rates on individual incomes can be a powerful weapon against recession. "
Paul Samuelson
Temporary
Tax
Powerful
" An intriguing paradox of the 1990s is that it isn't called a decade of greed. "
Paul Samuelson
1990s
Paradox
Decade
" 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. "
Paul Samuelson
High School
October
Morning
" 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. "
Paul Samuelson
Man
Bar
Business
" The very name of my subject, economics, suggests economizing or maximizing. But Political Economy has gone a long way beyond home economics. "
Paul Samuelson
Economics
Political
Name
" Charles Darwin got his theory, his notion of natural selection, evolution, and so did its independent discoverer, Alfred Wallace, from reading Malthus. "
Paul Samuelson
Reading
Natural
Independent
" 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
" 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
" 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. "
Paul Samuelson
American
Been
High
" It is dead wrong about necessary surplus of winnings over losings. "
Paul Samuelson
Dead
Over
About
" It is indeed true that the stock market can forecast the business cycle. "
Paul Samuelson
Business
True
Stock Market
" The contrafactual history is what it would have been the other way. Think of the Kennedy triumph in the missiles crisis. Worked out fine. Khrushchev blinked and so forth. The other road, you don't want to think too hard about. You could have had nuclear missiles wiping out a tenth of the globe. "
Paul Samuelson
You
History
Road
" When I was a kid, I reckoned things in Hershey bars. Is this worth three Hershey bars to me? "
Paul Samuelson
Worth
Me
Kid