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Paul Samuelson Biography

Paul Anthony Samuelson (15 May 1915 – 13 December 2009) was an American economist and the first American to win the Nobel Memorial Prize in Economic Sciences. The Swedish Royal Academies stated, when awarding the prize in 1970, that he "has done more than any other contemporary economist to raise the level of scientific analysis in economic theory". Economic historian Randall E. Parker has called him the "Father of Modern Economics", and The New York Times considered him to be the "foremost academic economist of the 20th century".

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Paul Samuelson Quotes

Still, I figure we shouldn't' discourage fans of actively managed funds. With all their buying and selling, active investors ensure the market is reasonably efficient. That makes it possible for the rest of us to do the sensible thing, which is to index. Want to join me in this parasitic behavior? To build a well-diversified portfolio, you might stash 70 percent of your stock portfolio into a Wilshire 5000-index fund and the remaining 30 percent in an international-index fund.

Buying, Fans, Fund, Portfolios, Selling, Thing

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.

Advice, Economy, Friedman, Milton

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.

Hands, Survival, Elbows, Sharp, Attached

What we know about the global financial crisis is that we don't know very much.

Crisis, Financial, Financial Crisis, Global

There is something in people; you might even call it a little bit of a gambling instinct… I tell people investing should be dull. It shouldn't be exciting. Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas.

Gambling, Grass, Las, People, Vegas

An American economist of two generations ago, H. J. Davenport, who was the best friend Thorstein Veblen ever had (Veblen actually lived for a time in Davenport's coal cellar) once said: "There is no reason why theoretical economics should be a monopoly of the reactionaries. " All my life I have tried to take this warning to heart, and I dare call it to your favorable attention.

Actually, Favorable, Heart, Reason Why, Take, Two

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.

Criticism, Explains, Hype, Japan, Self, Ultimately

Investing is like waiting for paint dry and grass grow so. If you like fun, let handle 800 USD and headed to Las Vegas

Dry, Fun, Handle, Usd, Vegas, Waiting

Every good cause is worth some inefficiency.

Cause, Causes, Environment, Good, Very Good, Worth

In this age of specialization, I sometimes think of myself as the last 'generalist' in economics, with interests that range from mathematical economics down to current financial journalism. My real interests are research and teaching.

Real, Teaching, Thinking, Age, Current

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.

Two, Hindsight, Century, Confirms, Road, Serfdom

I spent the four years I was an undergraduate working on the beach. And it wasn't because I was lazy; it was because my freshman class would go to a hundred different employers and wouldn't get a nibble.

Beach, Class, Freshman, Spent, Years

Economists have much to be humble about.

Be Humble, Economist, Economists, Humble

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.

Doe, God, Nation, Possible, Running, Thinking

We are like highly trained athletes, who never run a race.

Athlete, Athletes, Highly, Like, Past, Running

Economics never was a dismal science. I should be a realistic science.

Economics, Realistic, Science, Should

Kelsoism is not accepted by modern scientific economics as a valid and fruitful analysis of the distribution of income but rather it is regarded as an amateurish and cranky fad.

Analysis, Fad, Income, Scientific, Wisdom

Forsake search for needles that are so very small in haystacks that are so very large.

Forsake, Investing, Large, Needles

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.

Computer, Computers, Information, Macroeconomics, Science

You know what happiness is: 'Having a little more money than your colleagues. ' And that's not so tough in academic life.

Academic, Academic Life, Colleagues, Littles, Tough

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