Economics has never been a science - and it is even less now than a few years ago.
Interpretation
The quote suggests that economics lacks the empirical rigor of a true science and has deteriorated over time.
Paul Samuelson's quote reflects a critical perspective on the field of economics, emphasizing that it does not adhere to the scientific method as strictly as other disciplines. By stating that economics has become less of a science over the years, he implies a growing detachment from objective analysis and that the discipline may be influenced by subjective interests and ideologies.
In practice
In a debate about economic policy, this quote can be used to argue the inadequacies of current economic theories.
To a person of analytical ability, perceptive enough to realise that mathematical equipment was a powerful sword in economics, the world of economics was his or her oyster in 1935. The terrain was strewn with beautiful theorems begging to be picked up and arranged in unified order.
I can't think of a president who has been overburdened by a knowledge of economics.
My belief is that nothing that can be expressed by mathematics cannot be expressed by careful use of literary words.
Politicians like to tell people what they want to hear - and what they want to hear is what won't happen.
My family was well off but not rich. I spent the four years I was an undergraduate working on the beach. And it wasn't because I was lazy; it was because my freshman class would go to a hundred different employers and wouldn't get a nibble. That was a disequilibrium system. I realized that the ordinary old-fashioned Euclidean geometry didn't apply.
There's nothing in Keynesian economics that would allow you to solve stagflation. But there's nothing in neoclassical economics that would allow you to solve stagflation, either.
The ride to orbit was impressive, as it always is. But once I got on board the space station, it really felt like I was visiting an old home; it felt very comfortable.
Science has to be understood in its broadest sense, as a method for apprehending all observable reality, and not merely as an instrument for acquiring specialized knowledge.
We thus learn that man is descended from a hairy quadruped, furnished with a tail and pointed ears, probably arboreal in its habits, and an inhabitant of the Old World.
As climate change moves from a model of the future to the reality of the present, health care systems across the country are facing a difficult set of questions. What are doctors supposed to do when wildfires, rising floodwater or other natural disasters threaten their ability to provide care for patients?
The chances that your tombstone will read 'Killed by Asteroid' are about the same as they'd be for 'Killed in Airplane Crash.'
All evolutionary biologists know that variation itself is nature's only irreducible essence... I had to place myself amidst the variation.
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