Ten ways to know Paul A. Samuelson.

Szenberg, Michael ; Ramrattan, Lall ; Gottesman, Aron 等

I do not know what I may appear to the world, but to myself I seem to have been only like a boy playing on the seashore, and diverting myself in now and then finding a prettier shell or a smoother pebble than ordinary whilst the great ocean of truth lay all undiscovered about me.

--ISAAC NEWTON

I am honored to have been invited to give this talk. The invitation delights me for both personal and professional reasons. My mission as one of the first speakers is to bring all-embracing harmony to this festive assembly. Let me explain. Any one of you deserves more to be in my place. However, had any one of you been invited to deliver the opening talk, this might have caused some dissension. The question: "Why not me?" might have reverberated through this hall. So, the organizers, in their deep Cambridge wisdom, came up with an ideal solution. "Michael Szenberg. Here is an economist from a smaller pond, whose appearance will not generate ill feelings." What will permeate this hall is admiration for Paul. In the words of Kierkegaard "admiration is a happy self surrender."

In his lectures, Paul often opens with anecdotes that serve as a light introduction for the substantive analysis that follows. In the spirit of his lectures, my talk will be a warm-up for the main event. I will present selected vignettes that portray Paul's personality and character with, I hope, insight and humor. To quote Nigel Rees: "An anecdote can often say more about a person than pages of biography" (1999, ix). An historian once noted that in time the legacy of any individual can be distilled into succinct sound bytes. Think of Presidents Washington, Lincoln, and Franklin D. Roosevelt.

10. Paul Samuelson is a Great Maestro.

While Paul describes himself as having "an important role in the symphony orchestra," we see him as the conductor for the economists of the second half of the 20th century. A first-rate university is neither made by brilliant students nor by brilliant teachers alone, but by the cheerful and fruitful interaction between the two. Paul's visible hands, gifted mind, and heart succeeded in not only attracting exceptional teachers and students to MIT, but in orchestrating a superbly-tuned ensemble which takes true interest in one another.

A conductor's wife once asked Alexander Kipnis, the Russian basso, "What is it about Toscanini? What is it he does that my husband cannot do? Does he do something with his hands? Or with his eyes? Does he conduct faster? Or slower?" And Kipnis answered by quoting Gurnemanz's reply to Parsifal's query: "Who is the Grail?" The answer was: "That may not be told, but if you are chosen for it, you will not fail to know" (Sachs, 1991, 159).

In the world of music, it is a rarity to find a person who is both a gifted composer and a top conductor. So it is in economics as well. Paul is that rarity. When Paul is writing, the sun is always out. His writing--ever eloquent, ever stirring--is done with the kind of verve that one seldom finds today.

9. Paul Samuelson Lives a Balanced Life.

There is a widely exaggerated and stereotyped notion shared by many that superior scientists can neither live a balanced life nor be paragons of virtue. Consider the words of William Butler Yeats, the poet: "The intellect of man is forced to choose perfection of the life or of the work," or those of David Hull: "The behavior that appears to be the most improper actually facilitates the manifest goals of science.... As it turns out, the least productive scientists tend to behave the most admirably, while those who make the greatest contributions just as frequently behave the most deplorably" (1988, 32). In other words, aggressiveness and selfishness are associated with superior performance by scientists. But my experiences and observations of eminent economists do not support these assertions. In Paul's case, not only does he know how to maintain a balance between scholarship, family, and play, but he exhibits a high degree of humanity and kindness. The term mentsch aptly describes him.

8. Paul Samuelson Knows How to Disagree Agreeably.

The Houses of Friedman and Samuelson disagreed on both methodology and policy. Nevertheless, the intellectual battles never encroached upon their personal respect for and friendship to each other. In fact, Milton told me of how Paul influenced him in a long telephone conversation to accept the offer to write a column for Newsweek.

In ancient Israel there were two houses of learning, Hillel and Shamai, which fiercely disagreed with each other on most issues. We are told that, although they opposed each other, they respected each other; and their children married one another (Yevamot, Mishna 4). For my analogy to be complete, the grandchildren of Samuelson must marry the grandchildren of Friedman....

7. Paul Samuelson is Politically Savvy.

Theodore Schultz, then chairman of the Economics Department at the University of Chicago, sought Samuelson as a counterbalance to the school's laissez faire philosophy. Schultz's argument to Paul was enticing: "We'll have two leading minds of different philosophical bent--you and Milton Friedman--and that will be fruitful." Paul tells us that he verbally accepted the offer initially, but changed his mind twenty four hours later, fearing that the position would force him to counterbalance Friedman by adopting leftist opinions that he didn't fully agree with. (1) Samuelson clearly defined himself as a centrist, rather than an advocate of a right- or left-wing philosophy. Also, he resisted requests by former Presidents John E Kennedy and Lyndon B. Johnson to join the Council of Economic Advisers. As he said, "in the long-run the economic scholar works for the only coin worth having--our own applause" (Samuelson, 1962). Also, by distancing himself from politics, Paul can call the "shots as they really appear to be."

In 1952, Albert Einstein graciously declined the presidency of Israel. He later remarked "equations are more important to me because politics are for the present, but an equation is something for eternity" (Gelb, 1999, 323).

6. Paul Samuelson is Piercingly Witty.

Einstein had this to say about fame: "Yesterday idolized, today hated and spat upon, tomorrow forgotten, and the day after tomorrow promoted to sainthood. The only salvation is a sense of humor" (Gelb, 1999, 322). Alan Brown tells us that when Paul was asked how many children he had, he responded: "First we got one, then we got two, then we got three, then we got scared." (2) Avinash Dixit recalls Paul's humorous description of Joan Robinson's visit to the United States: "She was taken in a sealed train from coast to coast--from Paul Baran to Paul Sweezy." (3) Jagdish Bhagwati relates a story about Paul's encounter with the British economist, Lord Thomas Balogh. Paul "once traveled from Heathrow airport to a party in Oxford; he walked up to Balogh and said: 'Tommy, I have just been reading the Financial Times and I find that someone has signed your name to a terrible article; you must do something about it!'" (4) Indeed, Paul's capacity for irreverence and wit is true to the John Maynard Keynes maxim: "Words ought to be a little wild, for they are the assault of thoughts on the unthinking" (June 1933, 761).

5. Paul Samuelson is Human.

Paul has no problem with wealth, yet he advocates positions that work against his personal economic interests. He notes that, while advocating the closing of tax loopholes, he has no difficulty taking advantage of those that remain. Fundamentally, Paul represents a middle path, as expressed in the ancient dictum that "men with vision walk in the middle." (5)

Paul once remarked that the only fault of a certain person was that he had a loose string on his coat. One of the most famous loose strings on Paul's own coat has to do with his 1944 prediction in the New Republic that foretold of greater unemployment following the end of World War II, a prediction that subsequently was proven incorrect.

This is reminiscent of Nathan Milstein, the famous violinist, who was approached by an admirer and asked to play a false note, only to prove his humanity.

4. Paul Samuelson is Unique.

In ancient times, sages argued whether vast knowledge and erudition take precedence over brilliant depth and sharp dialectics. The argument was inconclusive and ended in a draw. Archilochus, the pre-Socratic philosopher, expressed this enigmatically: "The fox knows many things, but the hedgehog knows one big thing." There are economists who are hedgehogs, who search for scientific insights by turning their critical lens toward a few selected areas. Others, being more fox-like, drive their talents into many directions. Paul has reached immortal stature in the history of economics by being both a hedgehog and a fox. He possesses a genius that covers in its depth and breadth many areas within economics. Will Baumol describes him as a jack of all trades and a master of every one. (6) It is rare, indeed, to find conversation, correspondence, and scholarship so well blended in one person.

In contrast to the natural sciences, where Isaac Newton and Albert Einstein made their major contributions, most economics masterpieces were written when the authors were middle aged. Adam Smith, Karl Marx, John Maynard Keynes, and Milton Friedman come to mind. However, Paul started much earlier, in his 20s; and, even now, his new articles influence the fields of economics and finance.

Furthermore, not only is he a master of economics, his vast knowledge is far-reaching. For example, Janos Kornai tells us "He knows history. If he had a Hungarian sitting at his side at the dinner table, he would quote easily names of politicians or novelists of the Austrian-Hungarian empire of the late 19th century. He also understands the significance of the history of a country. This is a rare quality at a time when the education of economists has become excessively technical." (7)

Similarly, Bengt Holmstrom recalls a dinner at his house for a group of young faculty members, which Paul attended as well. "Between meals I arranged a light, informal trivia competition. Had answers been counted, he would have won hands down. He even knew the third president--of Finland--a question I threw in as a joke." (8)

With so much encyclopedic knowledge at his disposal, there is one challenge left for Paul: to appear on Jeopardy or Who Wants to be a Millionaire? His appearance, however, would probably bankrupt ABC.

3. Paul Samuelson is a Mentor.

When Paul's Foundations was published in the 1940s, readers experienced a kind of revelation that created a sensation. This brings to mind the post-WWI public's similar reaction to Marcel Proust's Remembrance of Things Past. Critics compared Proust's prolific writings to those of Homer, Dante, and Shakespeare. But, what a difference in Proust's and Paul's dispositions!

The attitude and the embrace by Paul of younger scholars lead to the nurturing and development of great minds, many of whom are seated in this hall. It is revealing to contrast his actions with those of Marcel Proust. Whenever Proust was asked to evaluate a manuscript, he always enclosed the following letter: "Divine work. It is a work of genius. I would not change a word. I take my hat off for you. All the best, Marcel Proust." (9) The novelist wrote the same laudatory note to all potential writers who contacted him. When confronted about what he was doing, Proust said that he did not have time to read the submitted material because it interfered with his writing. By telling young authors that their work was that of a genius, he made sure that they would not return their revised papers to him with changes. Interestingly, when Proust first wrote Remembrance, his monumental seven-volume tome, no one would publish it. In fact, he had to use his own funds to publish the first volume. Yet, this experience did nothing to fill Proust's heart with empathy for young writers or to enhance his reverence for the human spirit. Proust's behavior, though amusing and seemingly innocent, illustrates the gross impediments the turn of the century classical author was willing to place before fledgling writers and thereby violate an important moral principle, "Before the blind do not put a stumbling block" (Leviticus 19:14). Paul would find such a deceitful act abhorrent.

Perry Mehrling of Columbia University told me a characteristic story of Paul. "[Paul] mentioned that he had heard about a piece I had written on Irving Fisher. I have no idea how he heard about it, but I offered to send him a copy and within a few days I got back a letter. [Paul] read the paper and wanted to set down his own interpretation, but then he closes the letter with a remarkable line that I treasure: 'Do disregard my heresies and follow your own star.'" (10) It is remarkable that you, Paul, extended the same type of support and nurturing to me and other economists who occupy the back benches of the academy.

2. Paul Samuelson is a Pioneer

Andre Gide remarked that "I will maintain that an artist needs this: a special world of which he alone has the key" (1948, 77). In the world of the physical sciences, it was Isaac Newton who used mathematics to unravel the mystery of the universe. So did Paul in economics by moving economic methodology from Marshall's diagrammatic presentations to the present day quantitative approaches. He single-handedly and fruitfully rewrote the theory of many branches of economics. Among his greatest contributions is his neoclassical synthesis. As such, he broadened the discipline, deepened it, and opened the doors to others. As Paul said to the students present at the Nobel banquet, "You are the posterity we work for. I can assure you that we are bestowing on you the most glorious gift of all--plenty of difficult problems still unsolved." (11) As a pioneer, Paul adhered to Ralph Waldo Emerson's tenet that one should not "follow where the path may lead, [but] go, instead, where there is no path and leave a trail." To rephrase what Cicero wrote of Socrates, Paul called down modern economics from the skies and implanted it in the universities throughout the world (Gelb, 1999, 15).

1. Paul Samuelson Continues to Contribute.

What is amazing about Paul is that his life's work continues even today. What trumpet player Clark Terry stated of Duke Ellington applies equally well to Paul; "He wants life and music to be always in a state of becoming. He doesn't even like to write definitive endings to a piece. He'd often ask us to come up with ideas for closings, but when he'd settle on one of them, he'd keep fooling with it. He always likes to make the end of a song sound as if it's still going somewhere" (Hentoff, 2004, xix).

We are drawn to thinkers, musicians, and scientists who are in a constant state of becoming. When Pablo Casals, the famous cellist, was asked why he continued to practice four hours a day at the age of ninety-three, he said, "Because I think I can still make some progress" (Szenberg 1998, 17). Similarly, Michelangelo frequently used the phrase "Ancora Imparo," I am still learning, as he continued in his old age to perfect his masterpieces.

Nachwort

Because there is this tension between striving for perfection and never truly reaching it, no scientist or artist is ever satisfied or ever stops working. We owe to Martha Graham the following central insight on the subject: "There is no satisfaction whatever at any time. There is only a queer, divine dissatisfaction; a blessed unrest that keeps us marching and makes us more alive than the others." (12)

Paul, today is your birthday. This is a special day for us all. We agree that you are one of the youngest people that we have ever met. Your intellectual partnership with your office neighbor Bob Solow is scientific legend. The story continues to unfold as you continue to influence public and scientific debate. Grow older but not old. March on with joy, zest, and sparkle, and keep the tennis game going. Paul, because you have fierce moral sensibility, because you care deeply for others, and because you have a great affinity for the essentials of life--service, kindness, and compassion--you hold the keys to the Kingdom, according to Christian teachings.

To conclude these remarks, I decided to consult two of my favorite philosophers, Mae West and George Bernard Shaw. When I told Mae about Paul, she declared, "too much of a good thing can be wonderful!" George was more wordy and solipsistic, but also got Paul exactly right. He said "The harder I work, the more I live. I rejoice in life for its own sake. Life is no brief candle to me. It is a sort of splendid torch which I have got hold of for the moment, and I want to make it burn as brightly as possible before handing it on to future generations." (13)

Paul, our maestro, "the worthiest among the worthy," the chosen one--L'Chaim! To Life!

References

Gelb, M. J. (1999). Discover Your Genius. New York, HarperCollins.

Gide, A. (1948). The Journals of Andre Gide (Volume I: 1889-1913). Translated by Justin O'Brien. New York, Alfred A. Knopf.

Haggin, B. H. (1967). The Toscanini Musicians Knew. New York, Horizon Press.

Hentoff, N. (2004). American Music Is. New York, Da Capo Press.

Hull, D. L. (1988). Science as a Process: An Evolutionary Account of the Social and Conceptual Development of Science. Chicago, University of Chicago Press.

Keynes, J. M. (June 1933). "National Self-sufficiency." The Yale Review 22, 755-769.

Rees, N. (1999). Dictionary of Anecdotes. London, Cassell.

Sachs, H. (1991). Reflections on Toscanini. New York, Grove Weidenfeld.

Samuelson, P. A. (September 11 and 18, 1944). "Unemployment Ahead." New Republic.

Samuelson, P. A. (March 1962) "Economists and the History of Ideas." American Economic Review 52, 1-18.

Szenberg, M., ed. (1992). Eminent Economists, Their Life Philosophies. New York, Cambridge University Press.

Szenberg, M., ed. (1998). Passion and Craft, Economists at Work, with a foreword by Paul A. Samuelson. Ann Arbor, MI, University of Michigan Press.

Footnotes

(1.) Interview, July 1, 2004

(2.) Personal Correspondence, 2004

(3.) Personal Correspondence, 2004

(4.) Personal Correspondence, 2004

(5.) Tosefta: Baba Kama, 2.12

(6.) In his essay, "Generalists' Generalissimo"

(7.) Personal Correspondence, 2004

(8.) Personal Correspondence, 2004

(9.) Maariv, "Literary Supplement," weekend edition in the 1990s

(10.) Personal Correspondence, 2004

(11.) Paul A. Samuelson, Nobel Banquet Speech, December 10, 1970; available at http:// nobelprize.org/economics/laureates/1970/ samuelson-speech.html

(12.) From a letter to Agnes de Mille, undated

(13.) From George Bernard Shaw's play Man and Superman: A Comedy and a Philosophy.

Michael Szenberg, * Lall Ramrattan ** and Aron Gottesman ***

* Corresponding author; Lubin School of Business, Pace University, 1 Pace Plaza, New York City, NY 10038; mszenberg@pace.edu; (212) 618-6529

** University of California, Berkeley Extension

*** Lubin School of Business, Pace University This talk was delivered by Michael Szenberg at the 90th birthday celebration for Paul A. Samuelson on May 15, 2005 in Boston, MA. We would like to thank Bengt Holmstrom and James Poterba for organizing the event.

We wish to thank Victor R. Fuchs for graciously reviewing these remarks and offering his invaluable comments. We would also like to thank Irene Gunther, administrative assistant at Omicron Delta Epsilon, and the Omicron Delta Epsilon Executive Board for their continued support: James Bradley, Jr.; Mary Ellen Benedict; Kristine L. Chase; Robert R. Ebert; William D. Gunther; Katherine A. Nantz; Farhang Niroomund; Charles F. Phillips, Jr.; Robert S. Rycroft and Joseph M. Santos.

Reprinted with permission from Economics of Education Review (Spring 2006).