PAUL Samuelson, called the 'foremost academic economist of the 20th century,' was an inescapable presence in our young, Third World lives. The reason? His textbooks, of course, on introductory economics, which had — and still have — global reach. Plus, the exacting and rigorous mathematical grounding of his economic writings and theorizing, for which he won a John Bates Clark medal and the National Science Award. Samuelson was also the first American economist to win the Nobel Prize in economics. In between his ultra-serious work, Samuelson found time for some economic humor. 'GDP falls when a man marries his maid,' he once wrote.
Right now, many are interested in what he would say about academic economists in the Philippines who are sinking deeper into the rabbit hole of untruths and voodoo economics. Economic professors who went astray and moved off into the deep end after getting important government work, their unhinged state induced perhaps by their attachment to perks and power.Consider Rep.
That prices and supply may stabilize, or maybe downscale, back to the P20-per-kilogram level, which is like saying that in due time the sun will rise in the west and the Philippines will attain the so-called Goldilocks economy, which is more or less the ideal of low inflation, high employment and decent growth rates. The price of rice will not return to P20 per kg in two decades or in two centuries, unless, of course, people start eating plastic rice.
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