“ Good questions outrank easy answers. ”
It is indeed true that the stock market can forecast the business cycle.
~ Paul Samuelson
The dream of any scholar has, for me, come true by virtue of this award. The Nobel Prizes are justly famous in the hard sciences, in literature, and for peace.
Economics is not an exact science. It's a combination of an art and elements of science. And that's almost the first and last lesson to be learned about economics: that in my judgment, we are not converging toward exactitude, but we're improving our data bases and our ways of reasoning about them.
I can't think of a president who has been overburdened by a knowledge of economics.
