Chapter 13: The questionnaires
PAUL A. SAMUELSON 1. What was the most serious economic catastrophe so far? The 1929–37 worldwide Great Depression. 2. What has been the most promising economic development? Improved macro knowledge and electorates’ willingness to use it. 3. What is the most important economic threat for the future? Geopolitical new ‘cold war’ and chronic terrorisms. 4. What is the worst economic policy error that you can remember? Herbert Hoover and pre-1930 orthodox economists everywhere who resisted fiscal/central bank expansions of spending after 1929. 5. What was the most enlightened concrete economic policy measure? The Marshall Plan 1950–53. 6. Please name a politician that you admire for his/her good hand in economic policy. Franklin Delano Roosevelt. 7. In your mind, what has been the most misleading theoretical approach in economics? Libertarianism. 8. What was the most important theoretical breakthrough? Modern Finance Theory – micro and macro. 9. If it was only for economic reasons, in which country would you like to live today? Canada. 265 266 Roads to wisdom, conversations with ten Nobel Laureates in economics 10. If it was only for the intellectual challenge, in which times would you have liked to live? 1930–70 as an adult. 11. If you had to choose between efficiency and equality, which would you pick? Science’s enhanced efficiency affords some inefficiency to enhance equality. 12. If you had to choose between liberty and justice, which would you pick? The justice I’d espouse would target realized liberty. 13. What is the absolute limit to...
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