I believe, in the stock market - that's one of my fields - that most people are irrational. And to be irrational, you can be irrational in so many different ways that, practically, the result is indeterminate. Paul Samuelson More Quotes by Paul Samuelson More Quotes From Paul Samuelson Good questions outrank easy answers. Paul Samuelson environmental asking-questions nature Politicians like to tell people what they want to hear - and what they want to hear is what won't happen. Paul Samuelson political philosophy people Sooner or later the Internet will become profitable. It's an old story played before by canals, railroads and automobiles. Paul Samuelson railroads internet stories I don't care who writes a nation's laws - or crafts its advanced treaties - if I can write its economics textbooks. Paul Samuelson textbooks law writing What we know about the global financial crisis is that we don't know very much. Paul Samuelson financial-crisis crisis financial Macroeconomics, even with all of our computers and with all of our information - is not an exact science and is incapable of being an exact science. Paul Samuelson macroeconomics computer information Investing is like waiting for paint dry and grass grow so. If you like fun, let handle 800 USD and headed to Las Vegas Paul Samuelson vegas waiting fun To prove that Wall Street is an early omen of movements still to come in GNP, commentators quote economic studies alleging that market downturns predicted four out of the last five recessions. That is an understatement. Wall Street indexes predicted nine out of the last five recessions! And its mistakes were beauties. Paul Samuelson wall movement mistake There is something in people; you might even call it a little bit of a gambling instinct… I tell people investing should be dull. It shouldn't be exciting. Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas. Paul Samuelson vegas gambling people Every good cause is worth some inefficiency. Paul Samuelson very-good environment causes Economists are said to disagree too much but in ways that are too much alike: If eight sleep in the same bed, you can be sure that, like Eskimos, when they turn over, they'll all turn over together. Paul Samuelson eight together sleep A growing nation is the greatest ponzi game ever contrived. Paul Samuelson nations growing games Profits are the lifeblood of the economic system, the magic elixir upon which progress and all good things depend ultimately. But one man's lifeblood is another man's cancer. Paul Samuelson cancer magic men You know what happiness is: 'Having a little more money than your colleagues.' And that's not so tough in academic life. Paul Samuelson academic-life tough littles Thousands of important and intelligent men have never been able to grasp the principle of comparative advantage or believe it even after it was explained to them Paul Samuelson intelligent men believe Kelsoism is not accepted by modern scientific economics as a valid and fruitful analysis of the distribution of income but rather it is regarded as an amateurish and cranky fad. Paul Samuelson income analysis wisdom Economists have much to be humble about. Paul Samuelson economist be-humble humble Economics never was a dismal science. It should be a realistic science. Paul Samuelson realistic economics should The stock market has predicted nine of the last five recessions. Paul Samuelson five lasts nine Suppose it was demonstrated that one out of twenty alcoholics could learn to become a moderate social drinker. The experienced clinician would answer, 'Even if true, act as if it were false, for you will never identify that one in twenty, and in the attempt five in twenty will be ruined.' Investors should forsake the search for such tiny needles in huge haystacks. Paul Samuelson investing tiny twenties
