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Samuelson's textbook has delivered a great deal of economic wisdom. For many economists, the positive side of the balance sheet has outweighed the negative. Indeed, his defenders might ask: Might the United States and the West have suffered another Great Depression if Samuelson had not emphasized the need for "automatic stabilizers"? Did not Samuelson's heralding of the "mixed" economy curb the appetite of third world countries for national socialism?
We will never know, of course, but it is humbling to speculate on whether alterations in principles textbooks might have led to a different U.S. economy. (en) |
