“Samuelson's textbook has delivered a great deal of economic wisdom. For many economists, the positive side of the balance sheet has outweighed the negative. Indeed, his defenders might ask: Might the United States and the West have suffered another Great Depression if Samuelson had not emphasized the need for "automatic stabilizers"? Did not Samuelson's heralding of the "mixed" economy curb the appetite of third world countries for national socialism?
We will never know, of course, but it is humbling to speculate on whether alterations in principles textbooks might have led to a different U. S. economy.”

—  Mark Skousen

Mark Skousen, "The Perseverance of Paul Samuelson's Economics", The Journal of Economic Perspectives, Vol. 11, No. 2 (Spring, 1997)

Adopted from Wikiquote. Last update June 3, 2021. History

Help us to complete the source, original and additional information

Do you have more details about the quote "Samuelson's textbook has delivered a great deal of economic wisdom. For many economists, the positive side of the balan…" by Mark Skousen?
Mark Skousen photo
Mark Skousen 3
American economist, investment analyst, newsletter editor, … 1947

Related quotes

“When once asked what was missing from his classic textbook, Nobel laureate Paul Samuelson is reported to have responded, "the class struggle."”

Robert Gilpin (1930–2018) Political scientist

Source: The Political Economy of International Relations (1987), Chapter One, Nature of Political Economy, p. 22

James K. Morrow photo

“For many citizens of the Western world, this situation proved, as you might imagine, troubling—especially in the United States, where reality has never enjoyed a great deal of prestige.”

James K. Morrow (1947) (1947-) science fiction author

Source: Blameless in Abaddon (1996), Chapter 6 (p. 129; spoken by the Devil)

“From Adam Smith through John Maynard Keynes, economics had been mostly talk. At Harvard economics was talk. At MIT, Samuelson made it math.”

William Poundstone (1955) American writer

Part Three, Arbitrage, Paul Samuelson, p. 117
Fortune's Formula (2005)

Joseph E. Stiglitz photo
F. W. de Klerk photo
Subramanian Swamy photo

“Once, at a get together, I called him my guru and explained the gurukul system of our rishis. He said: "Ah! That is what the US needs." Samuelson was a rishi in the way he treated his chosen students and saw them through difficulties. He was a great and gentle guru.”

Subramanian Swamy (1939) Indian politician

Source: On Paul Samuelson, as quoted in "Subramanian Swamy: Samuelson - A genius who was my guru" http://www.business-standard.com/article/opinion/subramanian-swamy-samuelson-a-genius-who-was-my-guru-109122200056_1.html, Business Standard (22 December 2009)

Paul Krugman photo
Paul A. Samuelson photo

Related topics