Contrary to what many skeptics had earlier believed, the Soviet economy is proof that a socialist command economy can function and even thrive.
Paul SamuelsonForsake search for needles that are so very small in haystacks that are so very large.
Paul SamuelsonKelsoism 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 SamuelsonSecond, they [those who disagree with market efficiency] always claim they know a man, a bank, or a fund that does do better. Alas, anecdotes are not science. And once Wharton School dissertations seek to quantify the performers, these have a tendency to evaporate into the air - or, at least, into statistically insignificant t-statistics.
Paul Samuelson