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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?

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
Black
Paid
Facts
Youth
Doe
Pay
Must
Amount
Good
Getting
Employer
Hours
Employers
Fact
Keeps
Jobs
Hour

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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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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 who writes a nation's laws - or crafts its advanced treaties - if I can write its economics textbooks.
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An intriguing paradox of the 1990s is that it isn't called a decade of greed.
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Every good cause is worth some inefficiency.
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Asia's governments come in two broad varieties: young, fragile democracies - and older, fragile authoritarian regimes.
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Good questions outrank easy answers.
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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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The stock market has predicted nine of the last five recessions.
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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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First, those who disagree with market efficiency simply assert that it stands to common sense that greater effort to get facts and greater acumen in analyzing those facts will pay off in better performance somehow measured. (By this logic, cure for cancer must have been found by 1955).
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By keeping labor supply down, immigration policy tends to keep wages high. Let us underline this basic principle: Limitation of the supply of any grade of labor relative to all other productive factors can be expected to raise its wage rate and increase in supply will, other things being equal, tend to depress wage rates.
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Perhaps there really are managers who can outperform the market consistently - logic would suggest that they exist. But they are remarkably well-hidden.
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Two factors explain our success. One, MIT's renaissance after World War II as a federally supported research resource. Two, the mathematical revolution in macro- and micro-economic theory and statistics. This was overdue and inevitable, MIT was the logical place for it to flourish.
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Let those who will write the nation's laws, if I can write its textbooks.
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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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Marshall's crime is to pretend to handle imperfect competition with tools only applicable to perfect competition.
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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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Funeral by funeral, theory advances.
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It isn't that greed's increased. What's increased is the realization that you've got a free field to reach out for what you'd like to do.
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