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" Investing should be dull. It shouldn't be exciting. "
Paul Samuelson
Dull
Exciting
Investing
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" 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
" 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. "
Paul Samuelson
Back
Money
Thinking
" Economics has never been a science - and it is even less now than a few years ago. "
Paul Samuelson
Science
Now
Years
" 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
" Every good cause is worth some inefficiency. "
Paul Samuelson
Worth
Good
Good Cause
" What I say is, 'If you're so rich, how come you're so dumb?' "
Paul Samuelson
Say
Rich
How
" 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
" 'There are no easy pickings.' That would be a more accurate, less dramatic statement than 'There's no such thing as a free lunch.' "
Paul Samuelson
Easy
More
Dramatic
" 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
" The history of the twentieth century - America's century! - has been pretty much a history of rising prices. "
Paul Samuelson
History
America
Rising
" Women are men without money. "
Paul Samuelson
Men
Women Are
Women
" 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
" People have the wrong idea that God will forgive Reagan. They say he didn't know what he was doing. It's true he didn't know a lot of what was going on, but he was directly responsible. "
Paul Samuelson
Doing
God
Know
" 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
" 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
" 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
" 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
" 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
" 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
" Let those who will - write the nation's laws - if I can write its textbooks. "
Paul Samuelson
Laws
Write
Will
" 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
" 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
" Asia's governments come in two broad varieties: young, fragile democracies - and older, fragile authoritarian regimes. "
Paul Samuelson
Come
Fragile
Older
" 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
" It is dead wrong about necessary surplus of winnings over losings. "
Paul Samuelson
Dead
Over
About
" 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
" A temporary reduction in tax rates on individual incomes can be a powerful weapon against recession. "
Paul Samuelson
Temporary
Tax
Powerful
" Good questions outrank easy answers. "
Paul Samuelson
Good
Education
Easy
" I can't think of a president who has been overburdened by a knowledge of economics. "
Paul Samuelson
Think
President
Economics