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" 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. "

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

" 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. "

" 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. "

" 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. "

" Companies are not charitable enterprises: They hire workers to make profits. In the United States, this logic still works. In Europe, it hardly does. "

" Women are men without money. "

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

" 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. "

" My belief is that nothing that can be expressed by mathematics cannot be expressed by careful use of literary words. "

" 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. "

" 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. "

" Good questions outrank easy answers. "

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

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

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

" 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. "

" 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. "

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

Paul Samuelson

Worth

Kid

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

" 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

" Asia's governments come in two broad varieties: young, fragile democracies - and older, fragile authoritarian regimes. "

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

" 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. "

" 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

Lazy

Rich

" '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

" 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 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. "

" Economics is a choice between alternatives all the time. Those are the trade-offs. "

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