Paul A. Samuelson, (interview), Quotes

A collection of quotes by Paul A. Samuelson, (interview), .

Paul A. Samuelson was an esteemed American economist who made significant contributions to the field of economics during the 20th century. Born on May 15, 1915, in Gary, Indiana, Samuelson showed early promise and graduated summa cum laude from the University of Chicago in 1935. He went on to earn his Ph.D. in economics from Harvard University in 1941 and embarked on a remarkable career that spanned several decades.

Samuelson had a profound impact on the development of modern economics. He is renowned for his work in integrating mathematics into economic analysis, leading to the prominence of mathematical rigor in the field. His groundbreaking book, "Foundations of Economic Analysis," published in 1947, laid the groundwork for this synthesis and became a cornerstone of economic theory.

In addition to his rigorous research, Samuelson had a passion for teaching and held prominent positions at several esteemed institutions, including the Massachusetts Institute of Technology (MIT), where he spent the majority of his career. He guided and inspired numerous students, leaving a lasting impression on the field.

Samuelson's contributions were widely recognized, and in 1970, he was awarded the Nobel Memorial Prize in Economic Sciences for his outstanding achievements. Throughout his life, he continued to actively participate in economic debates and remained a respected figure in the profession, both for his intellectual contributions and his dedication to teaching. Paul A. Samuelson passed away on December 13, 2009, leaving behind a powerful legacy in the field of economics.

...a force that operates year-in and year-out, whenever we a

...a force that operates year-in and year-out, whenever we are at high employment, to push up prices. It's a price creep, not a price gallop; but the bad thing about it is that, instead of setting in only after you have reached overfull employment, the suspicion is dawning that it may be a problem that plagues us even when we haven't arrived at a satisfactory level of employment.describing cost-push inflation

Paul A. Samuelson, (interview),

Economics

I think, without question, that unemployment of more than 6

I think, without question, that unemployment of more than 6 per cent is something to be concerned about. You don't push the panic button, but you don't relax and enjoy it either... I myself don't believe in a numbers game in which you give a maximum tolerable percentage, because I think, truly, it does vary with the times... I would hesitate to specify the figure today, but I will say this: it would be, in my mind, less than a 4 per cent figure - that is, for the period ahead. I would not, realistically, think we could hope for a 2 per cent figure in the near future, as certain European countries have been able to do. But I do think that if we are pretty zealous in this matter and insist upon getting low figures - say, 3.5 per cent - then our very success in accomplishing that may lead to a new epoch just beyond when we could hope to go below 3 per cent...

Paul A. Samuelson, (interview),

Economics