American - Economist | May 15, 1915 -
U.S. capital formation, which has been pretty high in the '90s and very high in the late 1990s, is what is being financed by the savings of the rest of the world, generally poorer than ourselves, because our deficit on current account, chronic deficit, is their surplus, and they have been willingly bringing that to the American market.
Paul Samuelson
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We've become a debtor nation. I don't mean just on fixed-loan terms, but we own increasingly less abroad than is owned from abroad here.
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Rent control created deadweight loss.
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Women are men without money.
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A temporary reduction in tax rates on individual incomes can be a powerful weapon against recession.
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I think economics - and this is what I've tried to impart - has a tremendous amount of human interest in it.
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Actually, in my advanced, high-falutin' frontier economics, I often work with what I define as 'money metric utility,' and I ask people, 'Do you really want that? What are you willing to pay for that?'
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Charles Darwin got his theory, his notion of natural selection, evolution, and so did its independent discoverer, Alfred Wallace, from reading Malthus.
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Economics is not an exact science. It's a combination of an art and elements of science. And that's almost the first and last lesson to be learned about economics: that in my judgment, we are not converging toward exactitude, but we're improving our data bases and our ways of reasoning about them.
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The parts of physics that are exact are the parts of physics that are exact. The parts that are inexact are vastly greater. Sensible scientists don't waste their time pushing against doors that endlessly will not give. They are opportunistic and go where they can, but there are pitfalls in that.
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I'm not speaking in favor of killing innovation. I'm speaking in favor of centrist use of the market, which involves necessarily a considerable degree of regulation. Markets by themselves will get themselves inevitably into inequality and into their own destruction. It will happen again and again.
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What I say is, 'If you're so rich, how come you're so dumb?'
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