Author

Every good cause is worth some inefficiency.

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

From Paul Samuelson

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.

From Paul Samuelson

Funeral by funeral, theory advances.

From Paul Samuelson

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.

From Paul Samuelson

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.

From Paul Samuelson

I came to the University of Chicago on the morning of January 2, 1932. I wasn't yet a graduate of high school for another few months. And that was about the low point of the Herbert Hoover/Andrew Mellon phase after October of 1929. That's quite a number of years to have inaction.

From Paul Samuelson

Things swept so badly that I had distrust - after 1967, let's say - of American Keynesianism. For better or worse, U.S. Keynesianism was so far ahead of where it started. I am a cafeteria Keynesian.

From Paul Samuelson

'There are no easy pickings.' That would be a more accurate, less dramatic statement than 'There's no such thing as a free lunch.'

From Paul Samuelson

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.

From Paul Samuelson

Paul Samuelson

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