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Often I’ve stated how I hate to be wrong. That has aborted many a tempting error, but not all of them. But I hate much more to stay wrong. Early on, … - Paul Samuelson
" "Often I’ve stated how I hate to be wrong. That has aborted many a tempting error, but not all of them. But I hate much more to stay wrong. Early on, I’ve learned to check back on earlier proclamations. One can learn much from one’s own errors and precious little from one’s triumphs. By September of 1945, it was becoming obvious that oversaving was not going to cause a deep and lasting post-war recession. So then and there, I cut my losses on that bad earlier estimate.
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About Paul Samuelson
Paul Anthony Samuelson (May 15, 1915 – December 13, 2009) was an American economist. He was the first American to win the Nobel Prize in Economics.
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Paul Anthony Samuelson
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Paul A. Samuelson
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Additional quotes by Paul Samuelson
My final words are cut short by this audience’s well-fed drowsiness. I will leave as a question for later discussion: Will hedge funds make our golden years more golden, or will the new concoctions of option engineers, instead of reducing risks by spreading them optimally (in fact, by making possible about 100 to 1 over leveraging), result in microeconomic losses for pension funds and, maybe someday, even threaten the macro system with lethal financial implosions?
Remember that our goal is not the abolition of all business cycles--even if that were feasible, it might not be desirable. Instead we aim to wopie out persistent slump or unsought inflation. If only capitalism had succeeded in the past in this more modest goal, how different would have been the course of human history!
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