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" 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. "

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" 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

" 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. "

" Good questions outrank easy answers. "

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

" Funeral by funeral, theory advances. "

" 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. "

" 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

" What we know about the global financial crisis is that we don't know very much. "

" 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. "

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

" 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. "

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

Paul Samuelson

Worth

Kid

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

" Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas. "

" 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. "

" 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. "

" Every good cause is worth some inefficiency. "

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

" The parts of physics that are exact are the parts of physics that are exact. The parts that are inexact are vastly greater. Sensible scientists don't waste their time pushing against doors that endlessly will not give. They are opportunistic and go where they can, but there are pitfalls in that. "

Paul Samuelson

Physics

Against

" 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. "

" Women are men without money. "

" 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. "

" You're not making a decision if you come to a fork in the road. There is no 'it' to take. It's one or the other. "

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

" 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. "

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

" Economics is not an exact science. It's a combination of an art and elements of science. And that's almost the first and last lesson to be learned about economics: that in my judgment, we are not converging toward exactitude, but we're improving our data bases and our ways of reasoning about them. "

" Sooner or later the Internet will become profitable. It's an old story played before by canals, railroads and automobiles. "

" 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. "

" The very name of my subject, economics, suggests economizing or maximizing. But Political Economy has gone a long way beyond home economics. "