Sunday, November 5, 2023

Three from Paul Samuelson

"... there is only one valid reality in a given economic situation, however hard it may be to recognize and isolate it. There is not one theory of economics for Republicans and one for Democrats, not one for workers and one for employers." 


"Individual virtues can be restored to being social virtues, provided we are able to restore a healthy environment of adequate aggregate demand for the product of business."


"... the political health of a democracy is tied up in a crucial way with the successful maintenance of stable high employment and living opportunities." 


From Chapter 1 of Samuelson's Economics, fourth edition (1958).

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