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Econometrics may be defined as the quantitative analysis of actual economic phenomena based on the concurrent development of theory and observation, related by appropriate methods of inference.

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
Method
Phenomena
Based
Methods
Development
Actual
Theory
Observation
Economic
Appropriate
Econometrics
May
Analysis
Concurrent
Related
Quantitative
Defined
Inference

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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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Funeral by funeral, theory advances.
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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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Our ideal society finds it essential to put a rent on land as a way of maximizing the total consumption available to the society. ...Pure land rent is in the nature of a 'surplus' which can be taxed heavily without distorting production incentives or efficiency. A land value tax can be called 'the useful tax on measured land surplus'.
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For better or worse, US Keynesianism was so far ahead of where it started. I am a cafeteria Keynesian. You know what a cafeteria catholic is?
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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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In every mutual fund prospectus, in every sales promotional folder, and in every mutual fund advertisement (albeit in print almost too small to read), the following warning appears: Past performance is no guarantee of future results.
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Let those who will write the nation's laws, if I can write its textbooks.
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Every good cause is worth some inefficiency.
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Good questions outrank easy answers.
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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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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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The failure of market catallactics in no way denies the following truth: given sufficient knowledge the optimal decisions can always be found by scanning over all the attainable states of the world and selecting the one which according to the postulated ethical welfare function is best. The solution 'exists' the problem is how to 'find' it.
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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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Man does not live by GNP alone.
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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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The stock market has predicted nine of the last five recessions.
Paul Samuelson
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Asia's governments come in two broad varieties: young, fragile democracies - and older, fragile authoritarian regimes.
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I don't care very much for the People Magazine approach to applied economics.
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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.
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