Paul Samuelson Quotes - Page 2

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• When the economy was going up, [Milton Friedman and I] both gave the same advice, and when the economy was going down, we gave the same advice. But in between he didn't change his advice at all.

  Paul Samuelson

  Advice, Economy, Milton

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• The consumer, so it is said, is the king each is a voter who uses his money as votes to get the things done that he wants done.

  Paul Samuelson

  Kings, Decision, Use

  1948 Economics.

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• An American economist of two generations ago, H. J. Davenport, who was the best friend Thorstein Veblen ever had (Veblen actually lived for a time in Davenport's coal cellar) once said: "There is no reason why theoretical economics should be a monopoly of the reactionaries." All my life I have tried to take this warning to heart, and I dare call it to your favorable attention.

  Paul Samuelson

  Heart, Two, Generations

  Paul A. Samuelson (1972). “The Collected Scientific Papers of Paul Samuelson, Volume 3”, MIT Press

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• 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

  Real, Teaching, Thinking

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• 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

  Money, Vegas, Saving

  "Paul Samuelson's Words of Wisdom" by Larry Swedroe, www.cbsnews.com. December 17, 2009.

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

  Paul Samuelson

  Europe, United States, Doe

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• This message (that attempting to beat the market is futile) can never be sold on Wall Street because it is in effect telling stock analysts to drop dead.

  Paul Samuelson

  Wall, Messages, Analysts

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• It isn't that greed's increased. What's increased is the realization that you've got a free field to reach out for what you'd like to do.

  Paul Samuelson

  Greed, Realization, Fields

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• Economics has never been a science - and it is even less now than a few years ago.

  Paul Samuelson

  Years, Economics, Economist

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

  Paul Samuelson

  Vegas, Office, Rich

  "Paul Samuelson's Words of Wisdom" by Larry Swedroe, www.cbsnews.com. December 17, 2009.

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

  Paul Samuelson

  Political, Support, Growth

  "The Dollar Crisis: Causes, Consequences, Cures". Book by Richard Duncan, p. 232, 2003.

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• Contrary to what many skeptics had earlier believed, the Soviet economy is proof that a socialist command economy can function and even thrive.

  Paul Samuelson

  Economy, Proof, Function

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• For better or worse, US Keynesianism was so far ahead of where it started. I am a cafeteria Keynesian. You know what a cafeteria catholic is?

  Paul Samuelson

  Catholic, Cafeteria, Keynesianism

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• Still, I figure we shouldn't' discourage fans of actively managed funds. With all their buying and selling, active investors ensure the market is reasonably efficient. That makes it possible for the rest of us to do the sensible thing, which is to index. Want to join me in this parasitic behavior? To build a well-diversified portfolio, you might stash 70 percent of your stock portfolio into a Wilshire 5000-index fund and the remaining 30 percent in an international-index fund.

  Paul Samuelson

  Fans, Investing, Want

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• Suppose it was demonstrated that one out of twenty alcoholics could learn to become a moderate social drinker. The experienced clinician would answer, 'Even if true, act as if it were false, for you will never identify that one in twenty, and in the attempt five in twenty will be ruined.' Investors should forsake the search for such tiny needles in huge haystacks.

  Paul Samuelson

  Tiny, Twenties, Investing

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• Funeral by funeral, theory advances.

  Paul Samuelson

  Funeral, Theory

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• I couldn't reconcile what I was being taught at the university of Chicago, the lectures and the books I was being assigned, with what I knew to be true out in the streets.

  Paul Samuelson

  Book, Chicago, Taught

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• An intriguing paradox of the 1990s is that it isn't called a decade of greed.

  Paul Samuelson

  Greed, Intriguing, Materialism

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• Kelsoism is not accepted by modern scientific economics as a valid and fruitful analysis of the distribution of income but rather it is regarded as an amateurish and cranky fad.

  Paul Samuelson

  Wisdom, Income, Analysis

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• I'm not sure most of the people that get caught up in the middle of a bubble can be described as irrational. It seems pretty rational to buy a house and flip it in the next few weeks at a profit when that's been happening for along time.

  Paul Samuelson

  People, House, Next

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• Perhaps there really are managers who can outperform the market consistently - logic would suggest that they exist. But they are remarkably well-hidden.

  Paul Samuelson

  Investing, Logic, Wells

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• 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.

  Paul Samuelson

  Hands, Survival, Elbows

  Paul Anthony Samuelson (1973). “The Samuelson sampler”

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• If we made an income pyramid out of a child's blocks, with each layer portraying $1,000 of income, the peak would be far higher than the Eiffel Tower, but almost all of us would be within a yard of the ground.

  Paul Samuelson

  Children, Block, Pyramids

  Paul Anthony Samuelson (1961). “Economics: An Introductory Analysis”

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• Marshall's crime is to pretend to handle imperfect competition with tools only applicable to perfect competition.

  Paul Samuelson

  Perfect, Competition, Tools

  Paul Anthony Samuelson (2014). “Paul Samuelson on the History of Economic Analysis: Selected Essays”, p.419, Cambridge University Press

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• What counts is results, and there can be no doubt that the Soviet planning system has been a powerful engine for economic growth...The Soviet model has surely demonstrated that a command economy is capable of mobilizing resources for rapid growth.

  Paul Samuelson

  Powerful, Doubt, Growth

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