Jan. 19th, 2017

henry_flower: A melancholy wolf (Default)

From the biography of Paul Samuelson (Founder of Modern Economics: Paul A. Samuelson: Volume 1: Becoming Samuelson, 1915-1948):

'... he ascribed his intelligence to genetics: "I began as an out-and-out believer in heredity. My brothers and I were smart kids. My cousins all weighed in above the average." He was congenitally smart and made no secret of it, at one point noting in the early 1950s he was prescribed some medication that dulled his mind, giving him for the first time insight into "how the other half lives."'

From the comments to http://marginalrevolution.com/marginalrevolution/2017/01/founder-modern-economics-paul-samuelson.html:

'Paul Samuelson stated in the 1961 edition of his famous economics textbook that USSR GNP was half that of the U.S. but was growing faster... and would exceed the U.S. as early as 1984 or perhaps as late as 1997. By the 1980 edition, Samuelson slipped those dates to 2002/2012, but stuck firmly to his "brilliant" economic analysis of the Soviet economy. Samuelson kept predicting Soviet economic dominance up until 1989.'

My copy of Economics doesn't have the chapter about the Soviets! Had I found it there, I would have never bothered to read Samuelson.

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