Samuelson is the leading proponent of the broken window fallacy....The primary stupidity behind Keynesian voodoo economics.1. At every level schooling is slanted to the Left. Of course elementary school, but waaayyyyyy more so at the university level.
And it takes a strong person, a careful reader, and an inquisitive one, to see through the propaganda miasma.
Today's birthday boy is a prime example of what happens when we believe 'experts' and 'scholars' and 'professors' are objective.
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Paul Samuelson, in full Paul Anthony Samuelson, (born May 15, 1915, Gary, Indiana, U.S.—died December 13, 2009, Belmont, Massachusetts), American economist who was awarded the Nobel Prize in Economic Sciences in 1970 for his fundamental contributions to nearly all branches of economic theory.
Samuelson was educated at the University of Chicago (B.A., 1935) and at Harvard University (Ph.D., 1941). He became a professor of economics at the Massachusetts Institute of Technology (MIT) in 1940. He also served as an economic adviser to the United States government.
Samuelson contributed to many areas of economic theory ..."
Britannica.com
You were fed his Leftist lies in every economics class.
2. Another 'brilliant' Liberal economist out to support communism, i.e., command and control by big government.
c. In 1970 the winner of the Nobel Prize in Economics, and the author of the best-selling and most popular economics text was Paul Samuelson.
"As non-economist Tim Bethell pointed out in a 1988 article in National Review, successive editions of Samuelson's Economics showed a graph of relative growth rates for the US and Soviet economies with the Soviet growth rate rising more steeply than the American one. ....the Soviets were projected to overtake the US in about twenty-five years."
John O’Sullivan, The President, the Pope, And the Prime Minister: Three Who Changed the World, p. 255
The 'data' was, of course, fed to this scholar by the same folks who built Potemkin Villages.
3. "With each new edition of the book, the date of intersection with the US economy was shifted out into the future. Samuelson's seventh edition (1967) ....put the Soviet economy at 50% of the US in 1960...with intersection ...in about 1990.
By the tenth edition (1976)....Soviet GDP had moved ahead to 57% of US........intersection point around the year 2000.
The graph has been dropped from Samuelson's ...(twelth) edition.
4. BTW.... "It is a vulgar mistake to think that most people in Eastern Europe are miserable," wrote Samuelson in the tenth edition of his textbook "Economics." This, mind you, in the aftermath of the 1953 East German uprising, the 1956 Hungarian uprising and the Poznan protests in Poland, the 1968 revolution in Czechoslovakia--all suppressed with bloodshed by Soviet tanks."
http://www.beichman.com/Articles/SAMUELSN.htm
5. Reagan, on the other had it 100% correct.
But....who gets taught in the university???
I took several Economics courses in the 1970s and used Samuelson's text book.
The book was fine on giving basic Economic fundamentals of supply and demand and elasticity and things like that.
However, the thing that I remember was most screwed up was the premise that the government could somehow stimulate the economy by taking money from the people that earned it and giving it to somebody else. Samuelson put far too much faith in government to get it right.
He really ignored how FDR screwed up the Depression recovery with government interference.
As far as the college "educated" are concerned, they're being trained to be stupid, by eliminating the Socratic method from the curricula,,,,They are taught that you regurgitate what you are told, or fail...Questioning is out of the question.
Ignorance is not knowing and the willingness to question, stupidity is unwavering allegiance in the face of contrary information.
You are confused Moon Bat.
The Broken Window fallacy is sound Economics. The filthy ass government doesn't created jackshit. Just takes from those that do and gives to those that don't. It has been 50 years but I remember the text harping on how beneficial the government is in stimulating the economy and we all know that is bullshit.
The government is a necessary evil for the few necessary things we need out of government and we should keep it as small as possible and the welfare state is a big burden on our economic that stifles economic growth.. Samuelson would not agree with me on that and I don't give a shit.
I'm not a moonbat (it's one word, dude) and Samuelson is a fucking Keynesian loon.
Brush up on your Hayek, Hazlitt, and Sowell.