Paul A Samuelson, the great pseudo Economist passed away two days back. I got into Economics reading “Economics” by Paul A Samuelson. His was the one of the very few Economics books available through my college library and I had to start with it. Samuelson didn’t take a strong stance on several issues, maybe because he didn’t want to appear dogmatic. He was of the opinion that Equality is an ideal, and the case of minimum wage laws is too complicated that he can’t oppose it strongly. Luckily, I never took much to Samuelson.
David Kramer blogs:
“His textbook Economics is still probably the most influential book used in introductory “economics” courses in colleges and universities. Though I can’t cite the exact phrase, I do remember skimming through the section on inflation years ago (after I was steeply involved in Austrian economics) and remember the book stating something to the effect that “we don’t really know what causes inflation.”
If I weren’t an atheist, I’d say I hope that Samuelson burns in hell.”
The economic naiveté of Paul Samuelson could be understood by just looking at the fact that he was stupid enough to believe the fudged Statistics from Soviet Russia. The only good thing that could be said of him is that he had the honesty to admit that he was wrong on Soviet Russia. He said: “How could one know that those statistics were fudged?”. He badly needed a lesson in a priori reasoning, which he dismissed as an exaggerated claim.