Tuesday, December 15, 2009

On Paul Samuelson, may he R.I.P

Aristotle Geek has a post on the noted economist Paul Samuelson who died a couple of days ago.Samuelson said this about the Soviet Union right before it collapsed-
The Soviet Union is proof that, contrary to what many skeptics had earlier believed, the socialist command economy can function and even thrive.
Aristotle Geek also has a great quotation by Mark Skousen, one of Samuelson's critics-
The ultimate value of a free economy is not production, but freedom, and freedom comes not as a profit, but at a cost.

Read the whole thing.