"Well, I'd say, and this is probably a change from what I would have said when I was younger: Have a very healthy respect for the study of economic history, because that's the raw material out of which any of your conjectures or testings will come. And I think the recent period has illustrated that. The governor of the Bank of England seems to have forgotten or not known that there was no bank insurance in England, so when Northern Rock got a run, he was surprised. Well, he shouldn't have been. But history doesn't tell its own story. You've got to bring to it all the statistical testings that are possible. And we have a lot more information now than we used to."
Quote Details
Added by wikiquote-import-bot
Unverified quote
0 likes
Academics from the United StatesJews from the United StatesEconomists from the United StatesNobel laureates in EconomicsPeople from Gary
Original Language: English
Available Languages (1)
Sources
Conor Clarke, An Interview With Paul Samuelson, Part Two (2009)
https://en.wikiquote.org/wiki/Paul_Samuelson
Revision History
No revisions have been submitted for this quote.
Categories
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.
119 quotes on TrueQuotesView all quotes by Paul Samuelson ā
Related Quotes
"The General Theory caught most economists under the age of 35 with the unexpected virulence of a disease first attackā¦"
"Herein lies the secret of the General Theory. It is a badly written book, poorly organized; any layman who, beguiled ā¦"
"Just as Hegel is said to have understood his philosophy for the first time when he read its French translation, Vilfrā¦"
"I was lucky to enter economics in 1932. Analytical economics was poised for its take-off. I faced a lovely vacuum thaā¦"
"The existence of analogies between central features of various theories implies the existence of a general theory whiā¦"
"The general method involved may be very simply stated. In cases where the equilibrium values of our variables can be ā¦"
"In the preface to the reissue of Risk, Uncertainty and Proļ¬t, Frank Knight makes the penetrating observation that undā¦"
"Figure 12-6 pulls together in a simplified way the main elements of income determination. Without saving and investmeā¦"
"I think the acceptance of "mathematical expectation of utility" or its "arithmetic mean" was an unthinking carryover ā¦"
"Science is not art. Yet, despite the lack of complete identity between art and science, there is much in common amongā¦"