Paul Samuelson citations (56 citations, Page 2)

[Samuelson, Paul Anthony, Puttaswamaiah, K., 2002, Paul Samuelson and the Foundations of Modern Economics, 10 http://books.google.co.uk/books?id=_Lvflq4Wv-wC&lpg=PP1&pg=PA10]
New millennium

“The proof of the pudding is in the eating. There was a widespread myth of the 1970s, a myth along Tom Kuhn’s (1962) Structure of Scientific Revolutions lines. The Keynesianism, which worked so well in Camelot and brought forth a long epoch of price-level stability with good Q growth and nearly full employment, gave way to a new and quite different macro view after 1966. A new paradigm, monistic monetarism, so the tale narrates, gave a better fit. And therefore King Keynes lost self esteem and public esteem. The King is dead. Long live King Milton!
Contemplate the true facts. Examine 10 prominent best forecasting models 1950 to 1980: Wharton, Townsend–Greenspan, Michigan Model, St. Louis Reserve Bank, Citibank Economic Department under Walter Wriston’s choice of Lief Olson, et cetera. … M did matter as for almost everyone. But never did M alone matter systemically, as post-1950 Friedman monetarism professed.”

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Paul A. Samuelson

New millennium, An Interview with Paul A. Samuelson, 2003

“I used to joke to Bob Solow that the distance between me and Joan Robinson is less than the distance between Joan Robinson and me. His reply was, “You’ll never convince her of that.””

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Paul A. Samuelson

Still one lives in hope.
On April 14, 1972, quoted in Marjorie Shepherd Turner, Joan Robinson and the Americans (1989)
1950s–1970s

“We economists love to quote Keynes’s final lines in his 1936 General Theory—for the reason that they cater so well to our vanity and self-importance. But to admit the truth, madmen in authority can self generate their own frenzies without needing help from either defunct or avant-garde economists. What establishment economists brew up is as often what the Prince and the Public are already wanting to imbibe. We guys don’t stay in the best club by proffering the views of some past academic crank or academic sage.”

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Paul A. Samuelson

Coeditor's Forword in Inside the economist’s mind: conversations with eminent economists (2007)
New millennium

“As a theorist I have great advantages. All I need is a pencil (now a ball pen) and an empty pad of paper. There are analysts who sit and look vacantly out the window, but after the age of 20 I was not one of them. I ought to envy the new generation who have grown up with the computer, but I don’t. None of them known to me sits idly at the console, improvising and experimenting in the way that a composer does at the piano. That ought to become increasingly possible. But up to now, in my observation, the computer is largely a black box into which researchers feed raw input and out of from which they draw various summarizing measures and simulations. Not having access to look around in the box, the investigator has less intuitive familiarity with the data than used to be the case in the bad old days.”

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Paul A. Samuelson

“My Life Philosophy: Policy Credos and Working Ways,” in M. Szenberg (ed.) Eminent Economists: Their Life Philosophies (1992)
1980s–1990s

“With the assistance of mathematics, I can see a property of the ninety-nine dimensional surfaces hidden from the naked eye. If an increase in the price of fertilizer alone always increases the amount the firm buys of caviar, from that fact alone I can predict the answer to the following experiment which I have never seen performed and upon which I have no observations: an increase in the price of caviar alone will increase the amount the firm buys of fertilizer. In thermodynamics such reciprocity or integrability conditions are known as Maxwell Conditions; in economics they are known as Hotelling conditions in honor of Harold Hotelling’s 1932 work.”

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Paul A. Samuelson

Source: 1950s–1970s, Maximum Principles in Analytical Economics, 1970, p. 67

“Here is my advice. When in doubt, give my new efforts a hearing. Many feel a calling to break new ground; in the end, few will end upfinding their efforts chosen. But the yea-sayer does do less harm than the naysayer, in that the Darwinian process of adverse testing will in time (most likely?) separate the useful from the useless, the trivial from the profound.”

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Paul A. Samuelson

"Foreword: Eavesdropping on the Future?" in New Frontiers in Economics (2004)
New millennium

“I was lucky to enter economics in 1932. Analytical economics was poised for its take-off. I faced a lovely vacuum that young economists today can hardly imagine. So much remained to be done. Everything was still in an imperfect state. It was like fishing in a virgin lake: a whopper at every cast, but so many lovely new specimens that the palate never cloyed.”

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Paul A. Samuelson

Introduction to the Enlarged Edition
1940s, Foundations of Economic Analysis (1947; 1983)

“Just as Hegel is said to have understood his philosophy for the first time when he read its French translation, Vilfredo Pareto could have learned what it was he meant exactly to say when he read Bergson's 1938 classic.”

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Paul A. Samuelson

Introduction to the Enlarged Edition
1940s, Foundations of Economic Analysis (1947; 1983)

“Science is not art. Yet, despite the lack of complete identity between art and science, there is much in common among different creative processes.”

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Paul A. Samuelson

Introduction to the Enlarged Edition
1940s, Foundations of Economic Analysis (1947; 1983)

“Scholars still debate whether Columbus brought syphilis to the New World or vice versa. But it cannot be doubted that the 2008 world meltdown carries on its label the words Made in America.”

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Paul A. Samuelson

"Farewell to Friedman-Hayek Libertarian Capitalism", Tribune Media Services (2008)
New millennium

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