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" Often, when I became a consultant to a federal agency, that precipitated its demise. "
Paul Samuelson
Consultant
Demise
Federal
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" When I was a kid, I reckoned things in Hershey bars. Is this worth three Hershey bars to me? "
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" Good questions outrank easy answers. "
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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 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
Go
Against
" What I say is, 'If you're so rich, how come you're so dumb?' "
Paul Samuelson
Say
Rich
How
" 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
" 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
" Let those who will - write the nation's laws - if I can write its textbooks. "
Paul Samuelson
Laws
Write
Will
" 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
" Women are men without money. "
Paul Samuelson
Men
Women Are
Women
" 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
" An intriguing paradox of the 1990s is that it isn't called a decade of greed. "
Paul Samuelson
1990s
Paradox
Decade
" 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
" It is indeed true that the stock market can forecast the business cycle. "
Paul Samuelson
Business
True
Stock Market
" 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
" 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. "
Paul Samuelson
Just
Here
Become
" 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 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
" 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
" Funeral by funeral, theory advances. "
Paul Samuelson
Advances
Theory
Funeral
" 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
" 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
" 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
" 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
" Investing should be dull. It shouldn't be exciting. "
Paul Samuelson
Dull
Exciting
Investing
" A temporary reduction in tax rates on individual incomes can be a powerful weapon against recession. "
Paul Samuelson
Temporary
Tax
Powerful
" 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
" 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