Paul Samuelson Quotes
Today we see how utterly mistaken was the Milton Friedman notion that a market system can regulate itself... Everyone understands now, on the contrary, that there can be no solution without government.
Samuelson, Paul A. "The End of Wall Street Capitalism." Interview by Nathan Gardels. New Perspectives Quarterly, vol. 25, no. 4, Wiley-Blackwell, 2008, p. 15.
Some economic conservatives see little or no role for government. For many of them, in a free market there is no role for government. This quotation, from one of the economic heroes of the conservatives, shows that he not only saw a role for government, but believed that government was essential to the operation of a free market.
The mantra was not heard much after the collapse of the ‘smart’ markets in 2008 and the ‘dumb’ governments had to come to the rescue of the economy all over the industrialized world.
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Paul Anthony Samuelson (May 15, 1915 – December 13, 2009) was an American economist who was the first American to win the Nobel Memorial Prize in Economic Sciences. When awarding the prize in 1970, the Swedish Royal Academies stated that he "has done more than any other contemporary economist to raise the level of scientific analysis in economic theory". Economic historian Randall E. Parker has called him the "Father of Modern Economics", and The New York Times considers him to be the "foremost academic economist of the 20th century".
