Paul Samuelson on the Soviet Economy (1989)

Gary North - July 29, 2015

"There's a sucker born every minute." -- P. T. Barnum never said it. But here is evidence of the truth of the statement.

Paul Samuelson was the first American winner of the Nobel Prize in Economics (1970).

In 1989, he and his co-author William Nordhaus, both of M.I.T., wrote this: "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 ed. (New York: McGraw Hill, 1989), p. 837.