American - Economist | May 15, 1915 -
I did not throw out my education lightly, but what I was being taught was of no use in explaining what I saw around me. It was the Great Depression.
Paul Samuelson
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I can tell you, because I serve on so many nonprofit boards - where half of us are academics and half of us are from Wall Street - that there's no CEO who understands at all a derivative. All they know is that somebody tells them in their organization, 'We've got a wonderful profit center.'
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Sooner or later the Internet will become profitable. It's an old story played before by canals, railroads and automobiles.
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Funeral by funeral, theory advances.
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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.
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When I was a kid, I reckoned things in Hershey bars. Is this worth three Hershey bars to me?
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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.
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Good questions outrank easy answers.
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To a person of analytical ability, perceptive enough to realise that mathematical equipment was a powerful sword in economics, the world of economics was his or her oyster in 1935. The terrain was strewn with beautiful theorems begging to be picked up and arranged in unified order.
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Politicians like to tell people what they want to hear - and what they want to hear is what won't happen.
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It is not easy to get rich in Las Vegas, at Churchill Downs, or at the local Merrill Lynch office.
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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.
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