Samuelson Sounds Off

Conor Clarke interviews Paul Samuelson, a recipient of both the John Bates Clark medal and a Nobel prize. Samuelson, age 94, discusses the history of Keynesian economics, his relationships with Milton Friedman, Alan Greenspan, and Larry Summers, as well as the current stimulus debate. Part two of the interview appears here. [%comments]


The first comment under the second interview adds a great perspective to the interview:
"Samuelson seems more forgiving of his own gross errors than he is of others. In 1973 he predicted that the Soviet Union's economy would outstrip the US economy. In 1976 in his tenth edition of Economics he wrote that it "is a vulgar mistake to think that most people in Eastern Europe are miserable." (In 1980 he removed "vulgar"). In 1989, he delivered this chestnut: "The Soviet economy is proof that ... a socialist command economy can function and even thrive." "


Samuelson didn't win a Nobel prize. There is no Nobel prize in Economics. It's an award given out by the Swedish Treasury Department. There are only five (5) Nobel prizes: physics, medicine, chemistry, literature and peace.


Yeah yeah we all know that Fittstim but it is considered the equivalent.