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Every good cause is worth some inefficiency.

Paul Samuelson

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Paul Samuelson
Age: 94 †
Born: 1915
Born: May 15
Died: 2009
Died: December 13
Economist
University Teacher
Gary
Indiana
Paul Anthony Samuelson
Paul A. Samuelson
Inefficiency
Worth
Cause
Environment
Causes
Every
Good

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Funeral by funeral, theory advances.
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Second, they [those who disagree with market efficiency] always claim they know a man, a bank, or a fund that does do better. Alas, anecdotes are not science. And once Wharton School dissertations seek to quantify the performers, these have a tendency to evaporate into the air - or, at least, into statistically insignificant t-statistics.
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Profits are the lifeblood of the economic system, the magic elixir upon which progress and all good things depend ultimately. But one man's lifeblood is another man's cancer.
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I don't care who writes a nation's laws - or crafts its advanced treaties - if I can write its economics textbooks.
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Let those who will write the nation's laws, if I can write its textbooks.
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Two-thirds of a century after [The Road to Serfdom] got written, hindsight confirms how inaccurate its innuendo about the future turned out to be.
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Asia's governments come in two broad varieties: young, fragile democracies - and older, fragile authoritarian regimes.
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Marshall's crime is to pretend to handle imperfect competition with tools only applicable to perfect competition.
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What good does it do a black youth to know that an employer must pay him $2 an hour if the fact that he must be paid that amount is what keeps him from getting a job?
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You could be disqualified for a job [at Harvard] if you were either smart or Jewish or Keynesian. So what chance did this smart, Jewish, Keynesian have?
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Mea culpa, mea culpa. MIT and Wharton and University of Chicago created the financial engineering instruments, which, like Samson and Delilah, blinded every CEO. They didn't realize the kind of leverage they were doing and they didn't understand when they were really creating a real profit or a fictitious one.
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Good questions outrank easy answers.
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When the economy was going up, [Milton Friedman and I] both gave the same advice, and when the economy was going down, we gave the same advice. But in between he didn't change his advice at all.
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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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Macroeconomics, even with all of our computers and with all of our information - is not an exact science and is incapable of being an exact science.
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I don't care very much for the People Magazine approach to applied economics.
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I'm not sure most of the people that get caught up in the middle of a bubble can be described as irrational. It seems pretty rational to buy a house and flip it in the next few weeks at a profit when that's been happening for along time.
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We're a me-me-me generation. We're borrowing the savings of every nation in the world. We're ... piling up a big tab. Now, I may think we're too big to have a run on us. You may think that. But it's possible that God does not.
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You know what happiness is: 'Having a little more money than your colleagues.' And that's not so tough in academic life.
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I couldn't reconcile what I was being taught at the university of Chicago, the lectures and the books I was being assigned, with what I knew to be true out in the streets.
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