Dynamic process analysis also liberates economists from the necessity of having separate theories of the turning-points in addition to theories of cumulative upward and downward swings. Even a simple theory of inventory cycles, or acceleration-multipliers, can explain all four phases of an idealized cycle.At its best, dynamic analysis can enrich our understanding of possibilities without leading to credulity in new, over-narrow, monistic dogmas concerning the cyclical process.
About This Quote
About Paul Samuelson
Paul Samuelson was a 20th-century American economist and nobel laureate. Paul Anthony Samuelson was an American economist who was the first American to win the Nobel Memorial Prize in Economic Sciences. When awarding the prize in 1970, the Swedish Royal Academies stated that he "has done more than any other contemporary economist to raise the level of scientific analysis in economic theory". Read more on Wikipedia →