Words of “Wisdom” from This Year’s Recipient of the Nobel Prize in Economics
October 9, 2018
“The Soviet economy is proof that, contrary to what many skeptics had earlier believed, a socialist command economy can function and even thrive.”
–Paul Samuelson and William Nordhaus, Economics, 13th edition, p. 837.
Samuelson was the first American recipient of the Nobel Prize in Economics (1970), awarded by the Swedish central bank and not the Nobel Foundation. Nordhaus is this year’s recipient. In the 1989 edition of their textbook they predicted that the Soviet economy would become larger than the U.S. economy somewhere around the year 2000.
Dr. Thomas DiLorenzo [send him mail] is a former professor of economics at Loyola University Maryland and a longtime member of the senior faculty of the Mises Institute. He is the author or co-author of eighteen books including The Real Lincoln; How Capitalism Saved America; Lincoln Unmasked; Hamilton's Curse; Organized Crime: The Unvarnished Truth About Government; The Problem with Socialism; and The Politically-Incorrect Guide to Economics.
National Socialist Automobile Fuel (Amended)