Paul Samuelson

Economist Theorist American 1915 – 2009

Wrote influential textbook and unified microeconomics and macroeconomics.

392 quotes

"Interdependence means our fates are intertwined."
Relationships
"The study of history is the study of consequences."
History
"Small changes in initial conditions can produce large differences in outcomes."
Philosophy
"The best insights emerge from dialogue, not monologue."
Wisdom
"What lies beneath the surface is often more important than what appears obvious."
Knowledge
"The mind that learns to ask good questions will never run out of answers."
Education
"Progress requires both innovation and patience."
Perseverance
"The humble scholar is more likely to discover truth."
Wisdom
"In a world of limited resources, every choice involves sacrifice."
Philosophy
"The role of education is to teach people how to think, not what to think."
Education
"Understanding begins with acknowledging complexity."
Wisdom
"The greatest strength is the willingness to change your mind based on evidence."
Strength
"The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design."
Knowledge
"Economics is a science of thinking in terms of models, joined to the art of choosing models which are relevant to the contemporary world."
Science
"I don't care who writes a nation's laws if I can write its economics textbooks."
Education
"The beauty of a compound growth rate is that it is timeless."
"Money is a veil. In the long run, real forces determine real outcomes."
Money
"Trade is a positive sum game. When nations trade freely, all benefit."
Politics
"The first rule of economics is that scarcity is real. The second rule is that we must therefore make choices."
Wisdom
"You do not need to know how to build a car to drive one, but you need to understand markets to navigate the modern economy."
Knowledge
"Innovation requires both creative thinking and rigorous analysis."
Creativity
"History teaches us that markets are not always rational, but that they tend toward equilibrium over time."
History
"The art of economics is knowing which assumptions to accept and which to challenge."
Art
"Freed from the assumption of perfect information, we can better understand human behavior."
Philosophy
"Education is the most powerful tool for breaking cycles of poverty."
Education
"A society that does not invest in its youth is a society in decline."
Leadership
"The welfare state is not charity—it is enlightened self-interest."
Justice
"Democracy without economic literacy is incomplete."
Politics
"The greatest discoveries come from questioning conventional wisdom."
Courage
"Progress requires both stability and innovation in equal measure."
Change