A Quote by Paul Samuelson

Economists have much to be humble about. — © Paul Samuelson
Economists have much to be humble about.
Question: Why does anyone bother to listen to economists anymore? The profession has become an embarrassment, and the most respected economists have shown themselves to have as much predictive power as a deck of tarot cards.
There is something, however humble, which can properly be called skill among those who recognise themselves as economists.
If economists could manage to get themselves thought of as humble, competent people on a level with dentists, that would be splendid.
Although economists have studied the sensitivity of import and export volumes to changes in the exchange rate, there is still much uncertainty about just how much the dollar must change to bring about any given reduction in our trade deficit.
No one knows anything about economics. It's the great lie of the economists. By contrast in football people might have contrasting opinions, each of which has some validity. But the economists always speak in conditionals - what a mess.
Engineers do engineering, i.e. they build bridges. So engineering needs engineers. The economy does NOT need economists. Economists do not make economy, but they try it and that is why we have so much problems with some financial models.
I am one of the most successful economists, according to what markets tell us, though most of my professional colleagues, who are much keener to accept market outcomes than I am, would dismiss me as a crank or - the worst of all abuses among economists - a 'sociologist.'
So much of how we act and what we do is based on humility or pride - that's everything. And when you can humble yourself, you know, we are more like Christ when we can humble ourselves.
When most people think of economists, they think of macro-economists. Macro-economists try to describe or - even harder - predict the movements of a hugely dynamic system. They're like a transplant surgeon trying to simultaneously transplant every failing organ in someone's body.
Economists tend to think they are much, much smarter than historians, than everybody. And this is a bit too much because at the end of the day, we don't know very much in economics.
I've changed for the better. I'm much more selfless and humble and you're reminded about what life's really about. You love your kid so much that you just want to be a brilliant role model for them. It cleans up your act a bit.
It affects every aspect of our lives, is often said to be the root of all evil, and the analysis of the world that it makes possible - what we call 'the economy' - is so important to us that economists have become the high priests of our society. Yet, oddly, there is absolutely no consensus among economists about what money really is.
Be modest, be humble, be simple.Make sure you come in first so that you have something to be humble about.
The temptation to use mathematics is irresistible for economists. It appears to convey the appropriate air of scientific authority and precision to economists' musings.
Ive changed for the better. Im much more selfless and humble and youre reminded about what lifes really about. You love your kid so much that you just want to be a brilliant role model for them. It cleans up your act a bit.
I really do not see much use in exalting the humble and meek; they do not remain humble and meek long when they are exalted.
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