Decision Quote by Paul Samuelson
“The failure of market catallactics in no way denies the following truth: given sufficient knowledge the optimal decisions can always be found by scanning over all the attainable states of the world and selecting the one which according to the postulated ethical welfare function is best. The solution 'exists'; the problem is how to 'find' it.”
About This Quote
Source Book: Foundations of Economic Analysis, 1947
Given enough information, the best choice exists; the challenge is locating it among all possibilities.
In simple terms: Optimal decisions exist but are hard to find.
Key Takeaway
Seek comprehensive data before deciding.
Themes
economics
decision theory
optimization
ethics
Mood
analytical
cautious
Type
theoretical
philosophical
When to use this quote
- policy design
- investment strategy
- resource allocation
- personal life choices
Key Concepts
Welfare economics
search problem
computational complexity
Questions to Reflect On
- How can we balance thorough search with practical limits?
- When is a good enough solution acceptable?
A Different Perspective
Finding the optimum may be computationally infeasible.
![“When the economy was going up, [Milton Friedman and I] both gave the same advice, and when the economy was going down, we gave the same advice. But in between he didn't change his advice at all.” quote by Paul Samuelson](https://sms4smile.com/quotes/img-quotes/0e0/paul-samuelson-9078_advice_when-the-economy-was-going-up-milton-fri_107897.jpg)
