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Econometrics may be defined as the quantitative analysis of actual economic phenomena based on the concurrent development of theory and observation, related by appropriate methods of inference.

Paul Samuelson

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Paul Samuelson
Age: 94 †
Born: 1915
Born: May 15
Died: 2009
Died: December 13
Economist
University Teacher
Gary
Indiana
Paul Anthony Samuelson
Paul A. Samuelson
Defined
Inference
Method
Phenomena
Based
Methods
Development
Actual
Theory
Observation
Economic
Appropriate
Econometrics
May
Analysis
Concurrent
Related
Quantitative

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By keeping labor supply down, immigration policy tends to keep wages high. Let us underline this basic principle: Limitation of the supply of any grade of labor relative to all other productive factors can be expected to raise its wage rate and increase in supply will, other things being equal, tend to depress wage rates.
Paul Samuelson
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I'm not sure most of the people that get caught up in the middle of a bubble can be described as irrational. It seems pretty rational to buy a house and flip it in the next few weeks at a profit when that's been happening for along time.
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For better or worse, US Keynesianism was so far ahead of where it started. I am a cafeteria Keynesian. You know what a cafeteria catholic is?
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I don't care very much for the People Magazine approach to applied economics.
Paul Samuelson
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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
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Marshall's crime is to pretend to handle imperfect competition with tools only applicable to perfect competition.
Paul Samuelson
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The consumer, so it is said, is the king each is a voter who uses his money as votes to get the things done that he wants done.
Paul Samuelson
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Our ideal society finds it essential to put a rent on land as a way of maximizing the total consumption available to the society. ...Pure land rent is in the nature of a 'surplus' which can be taxed heavily without distorting production incentives or efficiency. A land value tax can be called 'the useful tax on measured land surplus'.
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I couldn't reconcile what I was being taught at the university of Chicago, the lectures and the books I was being assigned, with what I knew to be true out in the streets.
Paul Samuelson
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Let those who will write the nation's laws, if I can write its textbooks.
Paul Samuelson
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Good questions outrank easy answers.
Paul Samuelson
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It isn't that greed's increased. What's increased is the realization that you've got a free field to reach out for what you'd like to do.
Paul Samuelson
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I don't care who writes a nation's laws - or crafts its advanced treaties - if I can write its economics textbooks.
Paul Samuelson
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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
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An intriguing paradox of the 1990s is that it isn't called a decade of greed.
Paul Samuelson
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Every good cause is worth some inefficiency.
Paul Samuelson
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The failure of market catallactics in no way denies the following truth: given sufficient knowledge the optimal decisions can always be found by scanning over all the attainable states of the world and selecting the one which according to the postulated ethical welfare function is best. The solution 'exists' the problem is how to 'find' it.
Paul Samuelson
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Asia's governments come in two broad varieties: young, fragile democracies - and older, fragile authoritarian regimes.
Paul Samuelson
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In every mutual fund prospectus, in every sales promotional folder, and in every mutual fund advertisement (albeit in print almost too small to read), the following warning appears: Past performance is no guarantee of future results.
Paul Samuelson
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The stock market has predicted nine of the last five recessions.
Paul Samuelson