American - Economist | May 15, 1915 -
I can't think of a president who has been overburdened by a knowledge of economics.
Paul Samuelson
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The Malthusian Theory - that mankind, for biological and sociological reasons, is so fertile, so fecund, that if you started out with the new continent and plenty of land for everybody, in several generations we would multiply our numbers.
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My belief is that nothing that can be expressed by mathematics cannot be expressed by careful use of literary words.
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What is it that the scientist finds useful in being able to relate a positive description of behavior to the solution of a maximizing problem? That is what a good deal of my own early work was about.
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Keynes's contribution was not just to advocate spending government money in the middle of a recession. Every government had done that going back to the days of the Irish potato famine. What he gave to us was a way of thinking about the magnitude and the dimensions and so forth.
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'There are no easy pickings.' That would be a more accurate, less dramatic statement than 'There's no such thing as a free lunch.'
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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.
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Economics has never been a science - and it is even less now than a few years ago.
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An intriguing paradox of the 1990s is that it isn't called a decade of greed.
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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.
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Self-deception ultimately explains Japan's plight. The Japanese have never accepted that change is in their interest - and not merely a response to U.S. criticism.
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Asia's governments come in two broad varieties: young, fragile democracies - and older, fragile authoritarian regimes.
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