Words of “Wisdom” from This Year’s Recipient of the Nobel Prize in Economics

“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.

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5:00 am on October 9, 2018

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