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" 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

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" 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. "

" 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.' "

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

Paul Samuelson

Worth

Kid

" Good questions outrank easy answers. "

" Time is our ultimate scarcity. Isaac Newton can give us more electricity, but he can't give us more than 24 hours of the day of time. And so we're constantly having to sacrifice alternate activities to get the one that pleases us most. "

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

" '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

Dramatic

" 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. "

" 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

" 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. "

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

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

" What I say is, 'If you're so rich, how come you're so dumb?' "

" Let those who will - write the nation's laws - if I can write its textbooks. "

" 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. "

" 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

" 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. "

" 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. "

" Today we see how utterly mistaken was the Milton Friedman notion that a market system can regulate itself... Everyone understands now, on the contrary, that there can be no solution without government. "

" It is not easy to get rich in Las Vegas, at Churchill Downs, or at the local Merrill Lynch office. "

" 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. "

" 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. "

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

" 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. "

" 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. "

" Charles Darwin got his theory, his notion of natural selection, evolution, and so did its independent discoverer, Alfred Wallace, from reading Malthus. "

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

" American society was economically ill-run in the 1980s. Our society has been on a consumption binge. If the American people had a town meeting and said, 'What do we care about posterity? Posterity hasn't done anything for us; we're going to whoop it up now,' that is a rational judgment. But nobody ever did that. "

" 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. "

" I can't think of a president who has been overburdened by a knowledge of economics. "