A Quote by Paul Samuelson
I don't care very much for the People Magazine approach to applied economics.
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Economics evolved as a more moral and more egalitarian approach to policy than prevailed in its surrounding milieu. Let's cherish and extend that heritage. The real contributions of economics to human welfare might turn out to be very different from what most people - even most economists - expect.
I can observe the game theory is applied very much in economics. Generally, it would be wise to get into the mathematics as much as seems reasonable because the economists who use more mathematics are somehow more respected than those who use less. That's the trend.
The main point in our report was to recommend decriminalization...because of the way laws are applied, which have not worked. We have applied them for decades and it's got the prisons filled with lots of young people who sometimes come out destroyed for having half an ounce... We should approach it through education and health issues rather than a brutal reaction... There is need for change in policy, but it has to start with debate and discussion... I think the whole approach has to be reviewed.
A People Magazine article in 1982 referred to him as the late Abe Vigoda. The very-much-alive Vigoda placed an ad in Variety with him in a coffin holding a copy of People Magazine.
It is one of history's great ironies that capitalists built decent and humane societies on the basis of an amoral approach to the economics of pricing, whereas socialists built exploitative and inhumane societies on the basis of a morally inflamed approach to economics.
I'm not too sure if I have a very smart approach to revealing my life. Luckily, I doubt if many people really care about my life that much.
It is undoubtedly the business of ministers very much to consult the inclinations of the people, but they ought to take great care that they do not receive that inclination from the few persons who may happen to approach them.
That attitude does not exist so much today, but in those days there was a very sharp distinction between basic physics and applied physics. Columbia did not deal with applied physics.
Most of the people in the world are poor, so if we knew the economics of being poor, we would know much of the economics that really matters. Most of the world's poor people earn their living from agriculture, so if we knew the economics of agriculture, we would know much of the economics of being poor.
The very use of the word savage, as it is applied in its general sense, I am inclined to believe is an abuse of the word, and the people to whom it is applied.
I've always been very enamored of European newsmagazines - the 'Spiegel' kind of magazine, which has an energetic, high-low approach to news.
I started in the law; and the study of law, when it precedes the study of economics, gives you a set of foundation principles about how human beings interact. Economics is very useful, and I studied economics in graduate school. But without understanding the social and organizational context of economics, it becomes a theory without any groundwork.
If the goal of health-care reform is to provide comprehensive, universal health care in a cost-effective way, the only honest approach is a single-payer approach.
If you contrast the productivity that comes from a networked or capitalist distribution of resources versus a centralized planning system, frequently referred to as communism or socialism, the network approach does much better when it's applied accurately.
There is no such thing as economics, only social science applied to economic problems.
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.
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