"In the absence of perfect certainty, the futures prices needed for making the requisite wealth-like comparisons are simply unavailable. So it would be difficult to make operational the theoristās desired measures. But operational practicality aside, if the theorist specifies in detail the dynamic technology of his model, he will meet none of the pitfalls that come from an attempt to summarize his model by various crude aggregations. The contradictions that result from over-crude aggregation should never be confused with the technical relations that hold at the firm and family level or with the market capitalizations which hold in competitive security and asset markets."
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Academics from the United StatesJews from the United StatesEconomists from the United StatesNobel laureates in EconomicsPeople from Gary
Original Language: English
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"The Evaluation of 'Social Income': Capital Formation and Wealth", in F. A. Lutz and D. C. Hague (eds.), The Theory of Capital (1961)
https://en.wikiquote.org/wiki/Paul_Samuelson
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Paul Samuelson
Paul Anthony Samuelson (May 15, 1915 ā December 13, 2009) was an American economist. He was the first American to win the Nobel Prize in Economics.
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