What we know about the global financial crisis is that we don't know very much.
Interpretation
The quote emphasizes the uncertainty and complexity surrounding knowledge of the global financial crisis.
This quote by Paul Samuelson reflects the idea that our understanding of the global financial crisis is limited, highlighting the unpredictable nature of economics and the multitude of factors that influence financial systems. It reminds us that even experts can struggle to fully comprehend the intricate dynamics that lead to such significant events.
In practice
In a discussion about the unpredictability of economic trends at a business seminar.
To a person of analytical ability, perceptive enough to realise that mathematical equipment was a powerful sword in economics, the world of economics was his or her oyster in 1935. The terrain was strewn with beautiful theorems begging to be picked up and arranged in unified order.
I can't think of a president who has been overburdened by a knowledge of economics.
My belief is that nothing that can be expressed by mathematics cannot be expressed by careful use of literary words.
Politicians like to tell people what they want to hear - and what they want to hear is what won't happen.
My family was well off but not rich. I spent the four years I was an undergraduate working on the beach. And it wasn't because I was lazy; it was because my freshman class would go to a hundred different employers and wouldn't get a nibble. That was a disequilibrium system. I realized that the ordinary old-fashioned Euclidean geometry didn't apply.
Economics has never been a science - and it is even less now than a few years ago.
The market economy-capitalism-is a social system of consumers' supremacy.
I'm just saying that if you understand how the economic machine works, it just works like a machine. There are cause-effect relationships.
No pecuniary consideration is more urgent, than the regular redemption and discharge of the public debt: on none can delay be more injurious, or an economy of time more valuable.
Competition is the most promising means to achieve and secure prosperity. It alone enables people in their role of consumer to gain from economic progress. It ensures that all advantages which result from higher productivity may eventually be enjoyed.
Let's not only provide a jumpstart to the economy and immediately or save 3 million jobs, but let's also put a down payment on some of the structural problems that we have in our economy.
There should be no unemployment. There is large percentage of labor now which cannot make a living because wages are not high enough. That is industry's 2nd job. 1st job is to make good product. 2nd pay a good wage.
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