"The very name of my subject, economics, suggests economizing or maximizing. But Political Economy has gone a long way beyond home economics. Indeed, it is only in the last third of the century, within my own lifetime as a scholar, that economic theory has had many pretensions to being itself useful to the practical businessman or bureaucrat. I seem to recall that a great economist of the last generation, A. C. Pigou of Cambridge University, once asked the rhetorical question, āWho would ever think of employing an economist to run a brewery?ā Well, today, under the guise of operational research and managerial economics, the fanciest of our economic tools are being utilized in enterprises both public and private."
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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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"Maximum Principles in Analytical Economics," Prize Lecture, Lecture to the memory of Alfred Nobel, December 11, 1970
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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