He was awarded the David A. Confronted by contradictions, overlaps, and fallacies in the classical language of economics, he sought unification — and clarification — in mathematics.
There is perhaps no single factor contributing so much to people's frequent reluctance to let the market work as their inability to conceive how some necessary balance, between demand and supply, between exports and imports, or the like, will be brought about without deliberate control.
Hayek There is an almost universal tendency, perhaps an inborn tendency, to suspect the good faith of a man who holds opinions that differ from our own opinions.
When I speak of reason or rationalism, all I mean is the conviction that we can learn through criticism of our mistakes and errors, especially through criticism Paul samuelson s secret others, and eventually also through self-criticism. Karl Popper The worst mistake a fighter for our ideals can make is to ascribe to our opponents dishonest or immoral aims.
I know it is sometimes difficult not to be irritated into a feeling that most of them are a bunch of irresponsible demagogues who ought to know better… We ought to realize that their conceptions derive from serious thinkers whose ultimate ideals are not so very different from our own and with whom we differ not so much on ultimate values, but on the effective means of achieving them FA Hayek The great virtue of a free market system is that it does not care what colour people are; it does not care what their religion is; it only Paul samuelson s secret whether they can produce something you want to buy.
It is the most effective system we have discovered to enable people who hate one another to deal with one another and help one another.
This means that, so long as we keep within the accepted rules, moral pressure can be brought on us only through the esteem of those whom we ourselves respect and not through the allocation of material reward by a social authority. Our conduct ought certainly to be guided by our desire for their esteem.
FA Hayek Academic economics is primarily useful, both to the student and the political leader, as a prophylactic against popular fallacies Henry Simons It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a 'dismal science.
Smith was to put it, we owe our bread not to the benevolence of the baker but to his self-interest, a pedestrian truth which is worthwhile to repeat again and again in view of the ineradicable prejudice that every action intended to serve the profit interest must be anti-social by this fact alone.
Joseph Schumpeter Along with many others of my generation, I was a socialist when I started my university studies. But my first few economics courses taught me the power of competition, markets, and incentives, and I quickly became a classical liberal.
That means someone who believes in the power of individual responsibility, a market economy, and a crucial but limited role of government. Gary Becker Two seemingly contradictory charges are now rife: They are going to pass it, whatever the defense they may hear; the only success victorious defense may produce is a change in the indictment.
Joseph Schumpeter The most important single central fact about a free market is that no exchange takes place unless both parties benefit Milton Friedman Far too many policy proposals are premised on the absurd notion that privately available profit opportunities exist but remain unnoticed by all but professors, politicians, pundits, and preachers — officious observers who never offer to stake their own funds and efforts on seizing these opportunities.
Seizing with their own private initiative these opportunities if these opportunities are real would not only yield well-deserved profits to the these professors, politicians, pundits, and preachers, but it would also solve the very problems that they assert are so awful.
Don Boudreaux For the bulk of mankind Consequently, man has had to learn the hard way that in order to obtain more of this good he must forego some of that: By developed instinct, the economist initially presumes it to be appropriate that payment of the price should be made by those who receive the good.
Alchian and Allen Most economic fallacies derive from the tendency to assume that there is a fixed pie, that one party can gain only at the expense of another. That assures lowest prices and highest quality. Milton Friedman The existence and preservation of a competitive situation in private industry makes possible a minimizing of the responsibilities of the sovereign state.
It frees the state from the obligation of adjudicating endless, bitter disputes among persons as participants in different industries and among owners of different kinds of productive services. In a word, it makes possible a political policy of laissez faire.
Henry Simons Laissez faire has never been more than a slogan in defense of the proposition that every extension of state activity should be examined under a presumption of error. The main tradition of economic liberalism has always assumed a well-established system of law and order designed to harness self-interest to serve the welfare of all.
Aaron Director The preservation of a free system is so difficult precisely because it requires a constant rejection of measures which appear to be required to secure particular results, on no stronger grounds than that they conflict with a general rule [of non-government intervention], and frequently without our knowing what will be the costs of not observing the rule in the particular instance.
A successful defense of freedom must therefore be dogmatic and make no concessions to expediency, even where it is not possible to show that, besides the known beneficial effects, some particular harmful result would also follow from its infringement. Freedom will prevail only if it is accepted as a general principle whose application to particular instances requires no justification.An Interview With Paul Samuelson, Part Two.
Conor Clarke. Jun 18, This is the second part of my interview with Paul Samuelson. What's the secret?
Well, I'll tell you! Luck. CALL FOR PAPERS. The DEFCON 16 Call for Papers is now Closed! The DEFCON 16 speaking schedule is complete, with occasional minor adjustments.! So keep your eye on the Speaker Page and the Schedule Page for all the latest info as it happens.
You can also subscribe to the DEFCON RSS Feed for up to the minute news. Nov 22, · Paul Anthony Samuelson (15 May – 13 December ) was an American economist and the first American to win the Nobel Memorial Prize in Economic Sciences.
Markus Torgeby ran to free himself from the pressures he faced at home, but when they became overwhelming, the wilderness came calling. Paul A. Samuelson Biographical “ In this age of specialization, I sometimes think of myself as the last ‘generalist’ in economics,” wrote Paul Anthony Samuelson, Professor of Economics at the Massachusetts Institute of Technology, “with interests that range from mathematical economics down to current financial journalism.
My real interests are research and teaching. This chapter provides an appraisal of Samuelson's work on trade theory. It explains the scientific importance of starting with the Ricardian 2x2 model and the current literature on comparative advantage.
Samuelson rests this model on the shoulders of giants, whether we want to explain gains from trade by swapping bananas for steel, or from the modern theoretical points of view.