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Paul Samuelson

There have been so many heartfelt, genuine obituaries to this Keynesian today, including from Paul Krugman.

In an attempt to return to terra firma and remind the reader that we are living in the unsustainable, dystopian, consumer-based throw-away nightmare world the Keynesians built, Murray Rothbard reviewed Paul Samuelson’s famous economics textbook which is used to indoctrinate hundreds of thousands of students the world over in the following words:

“Samuelson’s Economics differs from its rivals largely in being bigger, more indigestible, and filled with the flip and unsupported wisecracks with which Samuelson is wont to dismiss deviant economic views.”

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Categories: Mainstream failure
  1. December 14, 2009 at 7:30 pm

    With time, I believe the mathematical “problem solving” orientation of twentieth-century economics will be viewed as piece-meal and insufficient, especially as we look at the viability of the market-mechanism itself in the wake of the financial crisis. Relatedly, Samuelson’s “mathematization” of economics treats the discipline as though it were a science–ignoring the inherent limits to prediction of a human system, whether social, political or economic. For more, pls see http://euandus3.wordpress.com/2009/12/14/paul-samuelson-the-20th-century-economist-has-passed/

  2. December 14, 2009 at 11:21 pm

    Indeed. Economics is not a maths problem. It’s a study of individuals creativity seeking ways to profit from exchange.

    Keynesians do not “get it” – they cannot understand the concept of the inherent heterogeniety of capital. $100 billion spent on warfare is not the same as $100 billion spent on solar technology. For the Keynesians it’s all the same, it’s all “Investment”.

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