A Quote by Paul Samuelson
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.
Related Quotes
Two-factor economics makes it clear that our economic problem is not what one-factor (labor-centric) thinkers assert: an inequitable distribution of income. It is an inequitable distribution of productive power, from which an unworkable distribution of income results.
The real scientific study of the distribution of wealth has, we must confess, scarcely begun. The conventional academic study of the so-called theory of distribution into rent, interest, wages, and profits is only remotely related to the subject. This subject, the causes and cures for the actual distribution of capital and income among real persons, is one of the many now in need of our best efforts as scientific students of society.
Most intellectuals outside the field of economics show remarkably little interest in learning even the basic fundamentals of economics. Yet they do not hesitate to make sweeping pronouncements about the economy in general, businesses in particular, and the many issues revolving around what is called 'income distribution'.
My research in this period centered around growth, technical change, and income distribution, both how growth affected the distribution of income and how the distribution of income affected growth.
Crankiness is at the essence of all comedy. My wife and I were discussing the different types of cranky. There's entertaining cranky, annoying cranky, angry cranky.
The climate change problem is at its heart an ethical problem. It's a problem of income distribution and it's a problem of income distribution with dimensions that we don't usually think about very much.
When the word 'morality' comes up in connection with economics, income distribution and financial stability are usually the issues. Is it moral for rich countries to use such a high proportion of the world's resources or for investment bankers to earn large bonuses?
Conventions of generality and mathematical elegance may be just as much barriers to the attainment and diffusion of knowledge as may contentment with particularity and literary vagueness... It may well be that the slovenly and literary borderland between economics and sociology will be the most fruitful building ground during the years to come and that mathematical economics will remain too flawless in its perfection to be very fruitful.
It is ironic that the scientific facts throw Darwin out, but leave William Paley, a figure of fun to the scientific world for more than a century, still in the tournament with a chance of being the ultimate winner... Indeed, such a theory is so obvious that one wonders why it is not widely accepted as being self-evident. The reasons are psychological rather than scientific.
Unless the fundamental categories of economics such as 'property' were to be redefined in a radically personal way the liberal rationalist curse which had established economics as a scientific discipline cut off from human interests would proliferate. Economic models ... have failed to incorporate any meaningful index of individual benefit other than the original utilitarian one, ... the index of increasing income or an increasing flow of commodities.
We regard as 'scientific' a method based on deep analysis of facts, theories, and views, presupposing unprejudiced, unfearing open discussion and conclusions. The complexity and diversity of all the phenomena of modern life, the great possibilities and dangers linked with the scientific-technical revolution and with a number of social tendencies demand precisely such an approach, as has been acknowledged in a number of official statements.
I don't see basic income as a panacea, but we must have a new income distribution system. The old one has broken down irretrievably.
Despite a voluminous and often fervent literature on "income distribution," the cold fact is that most income is not distributed: It is earned.
As a composer I might class myself as a Neo-Romantic, inasmuch as I have always regarded music as a highly personal and emotional form of expression. I like to write music which takes its inspiration from poetry, art and nature. I do not care for purely decorative music. Although I am in sympathy with modern idioms, I abhor music which attempts nothing more than the illustration of a stylistic fad. And in using modern techniques, I have tried at all times to subjugate them to a larger idea or a grander human feeling.
Under Obama, income growth has been confined almost entirely to those at the top of the income distribution, continuing a pattern that began under President George W. Bush.
Paul Davies takes us on a logically and rhetorically compelling modern search for human agency. This outstanding analysis, well informed by naturalistic views of our evolved affective nature, is the kind of philosophical work that is essential for a field to move forward when ever-increasing findings from modern science are inconsistent with traditional philosophical arguments. This book is for all who wish to immerse themselves in the modern search for free will. It is steeped in the rich liqueur of current scientific and philosophical perspectives and delusions.
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