Paul Samuelson (1915-2009)

“The stock market has forecast nine of the last five recessions.”

“Economics has never been a science – and it is even less now than a few years ago.”

“Funeral by funeral, theory advances.”

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

“What we know about the global financial crisis is that we don’t know very much.”

“Wall Street indices predicted nine out of the last five recessions!”

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

“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.”

“An intriguing paradox of the 1990s is that it isn’t called a decade of greed.”

“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”

“Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas.”

“Politicians like to tell people what they want to hear – and what they want to hear is what won’t happen.”

“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.”

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

“Asia’s governments come in two broad varieties: young, fragile democracies – and older, fragile authoritarian regimes.”

“Every good cause is worth some inefficiency.”

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

“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.”

 

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