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Paul Samuelson - Pigou Quotes

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I had a great admiration for Pigou. I thought that, in many ways, he was not only a faithful follower of Alfred Marshall, but he was also a more fertile developer of the Marshallian tradition than Marshall himself. … Whitehead said to me: Don't you think that Pigou was an overrated economist? Wasn't Foxwell a better man? Since I am an honest man, I said to Whitehead: No, I think Pigou was a much more important economist than Foxwell.

Paul Samuelson
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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, Who would ever think of employing an economist to run a brewery? 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.

Paul Samuelson

Quote of the day

What we observe is not nature itself but nature exposed to our method of questioning. Our scientific work in physics consists in asking questions about nature in the language that we possess and trying to get an answer from experiment by the means that are at our disposal.
Werner Heisenberg

Paul Samuelson

Paul Samuelson
Creative Commons

Born: May 15, 1915
Died: December 13, 2009 (aged 94)
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