Paul A. Samuelson, 1958 Quotes

A collection of quotes by Paul A. Samuelson, 1958.

Paul A. Samuelson, born on May 15, 1915, in Gary, Indiana, was an influential American economist. In 1958, at the age of 43, Samuelson became the first American to win the Nobel Prize in Economic Sciences. Known for his remarkable contributions to the field of economics, he was a prominent figure in shaping modern economic theory.

Samuelson attended the University of Chicago, where he pursued his undergraduate and graduate studies. He later joined the Massachusetts Institute of Technology (MIT) as a faculty member, where he spent most of his academic career. At MIT, he played a pivotal role in establishing the economics department as one of the world's leading centers for economic research and teaching.

In 1948, Samuelson published his highly influential book, "Economics: An Introductory Analysis," which became a standard textbook and helped popularize Keynesian economics in the United States. His book brought attention to the significance of government intervention and fiscal policy in managing economic fluctuations.

Throughout his career, Samuelson made significant contributions to diverse areas of economic theory, including consumption analysis, investment theory, public finance, and mathematical economics. His work laid the foundation for modern microeconomic analysis by applying mathematical models to explain economic behavior.

Paul A. Samuelson's exceptional research and intellectual rigor continue to shape the study of economics and influence policymakers worldwide. He passed away on December 13, 2009, leaving behind a lasting legacy as one of the greatest economists of the 20th century.

The history of the twentieth century - America's century! -

The history of the twentieth century - America's century! - has been pretty much a history of rising prices... inflation is itself a problem. But the legitimate and hysterical fears of inflation are - quite aside from the evil of inflation itself - likely, in their own right, to be problems. In short, I fear inflation. And I fear the fear of inflation. Avoiding inflation is not an absolute imperative, but rather is one of a number of conflicting goals that we must pursue and that we may often have to compromise. Even if the military outlook were serene - and it is not - modern democracies must expect in the future to be much of the time at, or near, the point where inflation is a concern. Our greatest economic problem will be to face that concern realistically, to weigh inflation's quantitative evil against the evils of actions taken against it, to develop methods of adjusting to the residue of inflation which attainment of the 'golden mean' might involve. The challenge is great but the prognosis is cheerful.Responding to the question: What is the most important economic problem to be faced by the United States in the next twenty years?

Paul A. Samuelson, 1958

Economics