Advice Quote by Paul Samuelson
![“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)
“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.”
About This Quote
Samuelson notes that both he and Friedman gave identical advice regardless of economic direction, but Friedman never altered his stance during intermediate phases.
In simple terms: Both gave same advice in booms and busts; Friedman stayed constant.
Key Takeaway
Consistent advice may ignore nuanced economic shifts.
Themes
economics
policy
consistency
advice
Mood
analytical
critical
Type
economic observation
personal anecdote
When to use this quote
- monetary policy decisions
- investment strategy meetings
- public economic commentary
Key Concepts
rigidity
oversimplification
Practical Applications
- incorporate flexibility into economic guidance
- evaluate advice against changing data
Questions to Reflect On
- When is it appropriate to adjust economic advice?
- What are the dangers of overly rigid policy positions?
A Different Perspective
Sticking to a single stance can miss opportunities or risks in transitional periods.
