VOLUME 7

THE COLLECTED SCIENTIFIC PAPERS OF PAUL A. SAMUELSON

Edited by Janice Murray

THE MIT PRESS Cambridge, Massachusetts, and , CONTENTS

Volume VII

Editor's Preface

Part VI. Stochastic Theory 460. Long-Run Risk Tolerance When Equity Returns are Mean Progressing: Pseudoparadoxes and Vindication of 'Businessman's Risk' Money, Macroeconomics, and Economic Policy, W.C. Brainard, W.D. Nordhaus and H.W. Watts, (eds.). Cambridge, Mass.: The MIT Press, 181-204, 1991. 3 461. Paradise Lost and Refound: The Harvard ABC Barometers The Journal of Portfolio Management, 13(3), 4-9, 1987. 23 462. The VN Law and Repeated Risktaking Probability, Statistics and Mathematics, Papers in Honor of Samuel Kar- lin, T.W. Anderson, K.B. Athreya and D.L. Iglehart (eds). San Diego, California and Orlando, Florida: The Academic Press, Inc., 291-306, 1989. • 29 463. Asset Allocation Could Be Dangerous to Your Health The Journal of Portfolio Management, 16(3), 5-8, 1990. 45 464. The Long-Term Case For Equities and How It Can Be Oversold The Journal of Portfolio Management, 21(1), 15-24, 1994. 49 465. The Irreducible Role of Derived Marginal Utility in Dynamic Stochastic Programming Pacific Economic Review, 1(1), 3-11, 1996. 59 466. Proof by Certainty Equivalents that Diversification-Across-Time Does Worse, Risk Corrected, than Diversification-Throughout-Time Journal of Risk and Uncertainty, 14(2), 129-142, 1997. 68

VII Contents

467. Dogma of the Decade: Sure-Thing Risk Erosion for Long-Horizon Investors (uncut version of edited article, published as "Dogma of the Day") Bloomberg Personal, 33—34, January-February, 1997. 82 468. The Judgment of Economic Science on Rational Portfolio Management: Indexing, Timing, and Long-Horizon Effects The Journal of Portfolio Management, 4-12, Fall, 1989. 86 469. At Last, a Rational Case for Long-Horizon Risk Tolerance and for Asset- Allocation Timing? Active Asset Allocation, State of the Art Portfolio Policies, Strategies and Tactics, R. Arnold and F. Fabozzi (eds.). : Probus Publishing Co., 411-416,1992. 95 470. A Case at Last for Age-Phased Reduction in Equity Proceedings of the National Academy of Sciences, USA, 86, 9048-9051, 1989. 101 471. Risk Tolerances, Distributive Inequity, and Track Betters' Equilibrium Economic Analysis of Markets and Games, Essays in Honor of Frank Hahn, P. Dasgupta, D. Gale, O. Hart and E. Maskin (eds.). Cambridge, Mass.: The MIT Press, 602-620, 1992. 105 472. Grappling with the Rational Case for Long-Horizon Risky-Equities Tolerance Speech, University of Rome, Rome, Italy, 5 April 1995. 124 . 473. How Best to Flip-Flop if You Must: Integer Dynamic Stochastic Pro- gramming for Either-Or Journal of Risk and Uncertainty, 15(3), 183-190, 1997. 131 474. Estimating Probabilities Relevant to Calculating Relative Risk-Corrected Returns of Alternative Portfolios Journal of Risk and Uncertainty, 15(3), 191-200, 1997. 139 475. Foreword Continuous-time Finance, R.C. Merton. Cambridge, Mass.: Basil Black- well, Inc., xi-xii, 1990. 149 476. Reflections on Investing for Foundations and Colleges Speech, U.S. Trust/Rutgers University Conference, New York, 17 No- vember 1993. 151 477. 'Tis Folly to Be Wise Dow Jones Asset Management, 20-28, March/April 1998. 158 478. Foreword Bogle on Mutual Funds, New Perspectives for the Intelligent Investor, J.C. Bogle. New York: Irwin Professional Publishing, iii-iv, 1993. 162 479. Foreword to "The Theory of Security Pricing and Market Structure," M.E. Blume and J.J. Siegel Journal of Financial Markets, Institutions and Instruments, 1(3), 1-2, 1992. 164 480. Comment: Clarifying Getting Older and Getting Richer Effects Journal of Private Portfolio Management, 2(1), 25-26, 2000. 166 481. Foreword Finance, Z. Bodie and R.C. Merton. Upper Saddle River, New Jersey: Prentice-Hall, v, 2000. 168 482. The Classical Theory of Commodity Money Under a Microscope From Classical to the Theory of the Firm, Essays in Honour of D.P. O'Brien, R. Backhouse and J. Creedy (eds.). Cheltenham, UK: Edward Elgar, 47-64, 1999. 169

VIII Contents

483. Modern Finance Theory Within One Lifetime Mathematical Finance-Bachelier Congress 2000. H. Geman, D. Madan, S.R. Pliska and T. Vorst (eds.). Berlin, Heidelberg and New York: Springer Verlag, 41-45, 2001. 187 484. One Way to Measure How Much Second Best 'Second Best' Is Economic Theory, Dynamics and Markets, Essays in Honor of Ryuzo Sato, T. Negishi, R. Ramachandran and K. Mino (eds.). Norwell, Mass.: Klu- wer Academic Publishers, 1 -17, 2001. 192 485. A Small Pearl for Doctor Stiglitz's Sixtieth Birthday: When Risk Averters Positively Relish 'Excess Volatility' Economics for an Imperfect World, Essays in Honor of Joseph E. Stiglitz, R. Arnott, B. Greenwald, R. Kanbur and B. Nalebuff (eds.). Cambridge, Mass.: The MIT Press, 11-16, 2003. 209 486. The Backward Art of Investing Money The Journal of Portfolio Management, 30-33, September 2004. 215 487. Foreword Louis Bachelier's Theory of Speculation, the Origins of Modern Finance. Trans. M. Davis and A. Etheridge. Princeton: Princeton University Press, vii-xi, 2006. ' 218 488. Is Personal Finance a Science? '• The Future of Life-Cycle Saving and Investing, Z. Bodie, D. McLeavey and L.B. Siegel (eds.). Charlottesville, Virginia: The Research Foundation of CFA Institute, 1-4, 2007. 223 489. Asymmetric or Symmetric Time Preference and Discounting in Many Facets of Economic Theory: A Miscellany Journal of Risk and Uncertainty, 37(2/3), 107-114, 2008. 227 490. The Economic Brownian Motion Speech, American Philosophical Society, Philadelphia, 11 November 1960. '235 491. An Enjoyable Life Puzzling over Modern Finance Theory Annual Review of Financial Economics, 1, 19-35,2009. 245 492. On the Himalayan Shoulders of Handbook of Portfolio Construction: Contemporary Applications of Markowitz Techniques, J.B. Guerard (ed.). New York: Springer U.S., 125-132,2010. 262 493. Book Review of Beat the Market: A Scientific Stock Market System, E.O. Thorp and S.T. Kassouf Journal of the American Statistical Association, 63, 1049-1051, 1968. 270

Part VII. Current Economics and Policy 494. The Present State of Economic Science and Its Probable Future Development Zeugen des Wissen, H. Maier-Leibnitz (ed.). Mainz: v. Hase & Koehler Verlag, 1986. Reprinted Journal of Business Administration, 18(1/2), 21- 32, 1988/89. 275 495. The Science of Economics at Century's End Mainichi Shimbun, 65, 17-23, 1988. 287 496. The Number One Economic Problem is the Structural Budget Deficit Business, Economics and the Oval Office, Advice to the New President and Other CEOs, Harvard Business Review, 6, 67-69, 1988. 293 497. A Personal View on Crises and Economic Cycles The Risk of Economic Crisis, M. Feldstein (ed.). Chicago: The Press, 167-170, 1991. 296

IX Contents

498. Has Economic Science Improved the System? American Society, Public and Private Responsibilities, W. Knowlton and R. Zeckhauser (eds.). New York: Harper Collins Publishers, 299-315, 1986. 300 499. Thoughts on the Stockholm School and on Scandinavian Economics The Stockholm School of Economics Revisited, L. Jonung (ed.). New York: Cambridge University Press, 391 -407, 1991'. 317 500. The To-Be-Expected Angst Created for by Mathematics Eastern Economic Journal, 20(3), 267-273, 1994. 334 501. How Not to Cure the Imbalance of Trade, published as "Where Iacocca and Common Sense Err" The New York Times, 15 September 1985. 341 502. U.S. Economic Prospects and Policy Options: Impact on Japan-U.S. Relations Unkept Promises, Unclear Consequences: U.S. Economic Policy and the Japanese Response, J.A. Rizzo and R. Sato (eds.). Cambridge: Cambridge University Press, 109-136, 1988. 345 503. The Past and Future of International Trade Theory New Directions in Trade Theory, J. Levinsohn, A. Deardorff and R.M. Stern (eds.). Ann Arbor, Michigan: The University of Michigan Press, 17-22, 1995. 373 504. American and European Economic Divergences at Century's End Lecture, Institut d'Economic Industrielle, University of Toulouse, Tou- louse, France, 9 May 1996. 379 505. How Economics Has Changed Journal of Economic Education, 18(2), 107-110, 1987. 388 506. Leaning Against What Inflationary Wind? Challenge, 36(5), 20-26, 1993. 392 507. Economic Science Grapples with Dilemmas of International Finance Lionel Robbins Memorial Lecture, Claremont College, California, 28 January 1991. 399 508. Recurring Quandaries in International Trade Keynote Address, Conference on International Finance Markets, New York University, New York, 5 May 1988. 408 509. Realities for a Fine June Day Speech, Harvard Business School Class of 1948 Reunion, Cambridge, Massachusetts, 5 June 1993. 414 510. Informal Thoughts about Macroeconomics Roundtable Discussion, Banca d'ltalia, Rome, Italy, 3 October 1997. 420 511. Two Gods That Fail Challenge, 42(5), 29-33, 1999. ' 426 512. Foreword Passion and Craft, Economists at Work, M. Szenberg (ed.). Ann Arbor, Michigan: The University of Michigan Press, xi-xiv, 1998. 431 513. Book Review of Globalization and the Theory of Input Trade, R.W. Jones Review of International Economics, 9(3), 547-549, 2001. 435 514. Innovational Progress Sans Thrift Japan and the World Economy, 14(3), 281-284, 2002. 438 515. The State of the World Economy Monetary Stability and Economic Growth, A Dialog Between Leading Economists, R.A. Mundell and P.J. Zak (eds.). Cheltenham: Edward El- gar Publishing Limited, 24-37, 2002. 442 Contents

516. Pure Theory Aspects of Industrial Organization and Globalization Japan and the World Economy, 15(1), 89-90, 2003. 456 517. A Few Theoretical Aspects of Deregulation Japan and the World Economy, 15(1), 131-133, 2003. 458 518. The Pros and Cons of Globalization Japan and the World Economy, 18(4), 593-594, 2006. 461

Part VIII. Miscellany 519. The Law Beats Maxwell's Demon Scientific Correspondence, Nature, 347(6), 24-25, 1990. 467 520. Conserved Energy Without Work or Heat Proceedings of the National Academy of Sciences, USA, 89, 1090-1094, 1992. 469 521. Economics and Thermodynamics: von Neumann's Problematic Conjecture Rational Interaction, Essays in Honor of John C. Harsanyi, R. Selten (ed.). New York: Springer-Verlag, 377-389, 1992. 474 522. Factor-Price Equalization by Trade in Joint and Non-Joint Production Review of International Economics, 1(1), 1-9, 1992. 492 523. Altruism as a Problem Involving Group versus Individual Selection in Economics and Biology American Economic Review, 83(2)^143-148, 1993. 501 524. Facets of Balassa-Samuelson Thirty Years Later Review of International Economics, 2(3), 201-226, 1994. 507 525. Foreword The Political Economy of the New Left—An Outsider's View, A. Lind- beck. New York: Harper & Row Publishers, ix-xxi, 1971. 533 526. On Just How Great 'Great Books' Are European Journal of the History of Economic Thought, 8(3), 301-308,2001. 546 527. Reflections on How Biographies of Individual Scholars Can Relate to a Science's Biography Foreword, Inside the 's Mind, Conversations with Eminent Economists, PA. Samuelson and W.A. Barnett (eds.). Oxford: Blackwell Publishing Ltd., viii-x, 2007. 550 528. An Interview with Paul A. Samuelson, by William Barnett Inside 's Mind, Conversations with Eminent Economists, P.A. Samuelson and W.A. Barnett (eds.). Oxford: Blackwell Publishing Ltd., 143-164,2007. 553 529. Advance of Total Factor Productivity from Entrepreneurial Innovations Entrepreneurship, Growth, and Public Policy, Z.J. Acs, D.B. Audrestch and R.J. Strom (eds.). Cambridge and New York: Cambridge University Press, 71-78, 2009. 575

Part IX. Biographical Writings 530. The 1985 Nobel Prize in Economics Science, 231, 1399-1401, March 1986. 585 531. 1892-1970 Remembering the University of Chicago Teachers, Scientists, and Scholars, E. Shils (ed.). Chicago: The University of Chicago Press, 533-547, 1991. 588 532. Irving Fisher 1867-1947 Irving Fisher's 'The Nature of Capital and Income', M. Tochtermann (ed.) (published in German). Dusseldorf: Verlag Wirtschaft und Finanzen, 47-55, 1991. 602

XI Contents

533. An Economist's Economist Obituary of Walter Heller, The New York Times, 23 June 1987. 611 534. Robert Solow: An Affectionate Portrait Journal of Economic Perspectives, 3(3), 91-97, 1989. 613 535. Galbraith as Artist and Scientist Unconventional Wisdom, Essays in Economics in Honor of John Kenneth Galbraith, S. Bowles, R. Edwards and W.G. Shepherd (eds.). Boston: The Houghton Mifflin Co., 123-128, 1989. 620 536. Tribute to Nicholas Georgescu-Roegen on His 85th Birthday Libertas Mathematica, 10, 1-4, 1990. 626 537. Schumpeter, Joseph Alois (with "1991 Afterthoughts on Schumpeter," unpublished) Dictionary of American Biography, Supplement 4, 1946-1950, J.A. Garry and E.T. James (eds.). New York: Charles Scribner's Son, 720-723, 1974. 629 538. Gottfried Haberler (1990-1995) The Economic Journal, 106(439), 1679-1687, 1996. 637 539. Gibbs in Economics Proceedings of the Gibbs Symposium Yale University May 15-17, 1989, D.G. Caldi and G.D. Mostow (eds.). Providence, Rhode Island: Ameri- can Mathematical Society, 255-267, 1989. 646 540. Remembering Joan Joan Robinson and Modern Economic Theory, G.R. Feiwel (ed.). New York: The New York University Press, 121-143, 1989. 659 541. The Fitness Maximized by the Classical Canonical Economy: A Theme from Houthakker and R.A. Fisher Aggregation, Consumption and Trade, Essays in Honor of H. S. Houthak- ker, L. Phlips and L.D. Taylor (eds.). Dordrecht: Kluwer Academic Pub- lishers, 9-19, 1992. 682 542. Leontief's 'The Economy as a Circular Flow': An Introduction Structural Change and Economic Dynamics, 2(1), 177—179, 1991. 693 543. Homage to Chakravarty: Thoughts on His Lumping Schumpeter with Marx to Define a Paradigm Alternative to Mainstream Growth Theories Capital, Investment and Development, Essays in Memory of Sukhamoy Chakravarty, K. Basu, M. Majumdar and T. Mitra (eds.). Oxford: Black- well Publishers, 244-258, 1993. 696 544. Tribute to Wolfgang Stolper on the Fiftieth Anniversary of the Stolper- Samuelson Theorem The Stolper-Samuelson Theorem, A Golden Jubilee, A.V Deardorff and R.M. Stern (eds.). Ann Arbor: The University of Michigan Press, 343- 349,1994. 711 545. Tribute to Jan Tinbergen: One Exact Match for Economics and Physics Indian Journal of Applied Economics, 5(3), 1-16, 1996. 718 546. Gustav Cassel's Scientific Innovations: Claims and Realities History of Political Economy, 25(3), 515-527, 1993. 734 547. Piero Sraffa (1898-1983) (published in Italian as "Un genio con poche opera")

Corriere delta Sera, 6 March 1983. x 747 548. Knut Wicksell (published as "Wicksells Werk und Personlichkeit - Eine kritische Analyse in moderner Sicht") Foreword to Faksimile-Edition of Wicksell's "Finanztheoretische Un- tersuchungen," Klassiker der Nationalokonomie (published in German). Dusseldorf: Verlag Wirtschaft und Finanzen, 25-36, 1988. 751

XII Contents

549. Some Memories of Norbert Weiner Proceedings of Symposia in Pure Mathematics, Vol. 60, The Legacy of Norbert Weiner A Centennial Symposium, D. Jerison, I.M. Singer and D.W. Stroock (eds.). Providence, Rhode Island: American Mathematical Society, 37-42, 1997. 761 550. Gottfried Haberler as Economic Sage and Trade Theory Innovation Wirtschafts Politische Blatter, 37, 310-317, 1990. 767 551. Wicksell and Neoclassical Economics The New Palgrave: A Dictionary of Economics, Vol. IV, J. Eatwell, M. Mil- gate and P. Newman (eds.). London and Basingstoke: The Macmillan Press, 908-910, 1987. 775 552. Harold Freeman (1909-1997) Memorial Service Tribute, MIT, Cambridge, Massachusetts, 10 March 1998. 778 553. My John Hicks Indian Journal of Applied Economics, 7(4), 1-4, 1998. Reproduced in John Hicks, His Contribution to Economic Theory and Application, K. Putta- swamaiah (ed.). New Brunswick and London: Transaction Publishers, 1-4, 2001. 782 554. Foreword Trade, Welfare, and Economic Policies, Essays in Honor of Murray C. Kemp, H. Herberg and N. Van Long (eds.). Ann Arbor: The University of Michigan Press, vii-viii, 1993. * 786 555. Foreword Bioeconomics and Sustainability, Essays in Honor of Nicholas Georgescu- Roegen, K. Mayumi and J.M. Gowdy (eds.). Cheltenham, UK and Northampton, Mass.: Edward Elgar Publishing, xiii-xvii, 1999. 788 556. Book Review of The Economics of Irving Fisher. Reviewing the Scientific Work of a Great Economist, H-E. Loef and H.G. Monissen (eds.). European Journal of the History of Economic Thought, 8(2), 263-270, 2001. 793 557. A Personal Tribute to John Harsanyi Games and Economic Behavior, 36, 28-29, 2001. 801 558. David Ricardo (1772-1823) International Encyclopedia of the Social and Behavioral Sciences, N.J. Smelser and P.B. Baltes (eds.). Oxford: Pergamon, 13330-13334, 2001. 803 559. My Bertil Ohlin Bertil Ohlin, A Centennial Celebration (1899-1999), R. Findlay, L. Jo- nung and M. Lundahl (eds.). Cambridge, Mass.: The MIT Press, 51-61, 2002. 808 560. Edmund Phelps, Insider-Economists' Insider Knowledge, Information and Expectations in Modern Macroeconomics, in Honor of Edmund S. Phelps, P. Aghion, R. Frydman, J. Stiglitz and M. Woodward (eds.). Princeton: Princeton University Press, 1-2, 2003. 819 561. Reflections on the Schumpeter I Knew Well Journal of Evolutionary Economics, 13(5), 463-467, 2003. Reproduced in Entrepreneurship, the New Economy and Public Policy, Schumpeterian Perspectives, U. Cantner, E. Dinopoulos and R. Lanzillotti (eds.). Berlin, Heidelberg and New York: Springer-Verlag, 2005. 821 562. A Portrait of the Master as a Young Man Wassily Leontief and Input-Output Economics, E. Dietzenbacher and M.L. Lahr (eds.). Cambridge: Cambridge University Press, 3-8, 2004. 826

XIII Contents

563.nAbram Bergson, 1914-2003, A Biographical Memoir by Paul A. Samuelson Biographical Memoirs, vol. 84. Washington, D.C.: The National Acad- emies Press, 3-14, 2004. 832 564. Samuelson on Harry [Gordon Johnson], the Full Achiever The American Journal of Economics and Sociology. 60(3), 601-606, 2001. 841 565. Franco: A Mind Never at Rest Banco Nazionale del Lavoro Quarterly Review, 58(233/234), 5-6, 2005. 847 566. Alice Bourneuf i. Notable American Women, A Biographical Dictionary Completing the 20th Century, S. Ware (ed.). Cambridge, Massachusetts and London: The Belknap Press of Press, 72-73, 2004. 852 567. Affectionate Reminiscences of Richard Musgrave FinanzArchiv, 64(2), 166-168, 2008. 854 568. An Economist Even Greater Than His High Reputation Markets, Money and Capital: Hicksian Economics for the Twenty First Century, R. Scazzeri, A. Sen and S. Zamagni (eds.). Cambridge: Cam- bridge University Press, 49-51, 2009. 857 569. Remembering Milton Friedman, Nobel Monetary Economist, a review of his theories and policies, K. Puttaswamaiah (ed.). Enfield, New Hampshire: Isle Publish- ing Company, 31 -36, 2009. 860 570. A Few Remembrances of Friedrich von Hayek (1899-1992) Journal of Economic Behavior and Organization 69, 1 -4, 2009. 866 571. Thiinen: An Economist Ahead of His Times The Isolated State in Relation to Agriculture and Political Economy, Part III: Principles for the Determination of Rent, the Most Advantageous Rotation Period and the Value of Stands of Varying Age in Pinewoods, Johann Heinrich von Thiinen, U. van Suntum (ed.). New York: Palgrave Macmillan, St. Martin's Press, xii-xiv, 2009. 870 572. The Schumpeter Circle at Harvard: 1932-1950 Journal of Evolutionary Economics, Forthcoming in a special issue on . 873 573. The Richard Goodwin Circle at Harvard (1938-1950) Computable, Constructive and Behavioural Economic Dynamics, Essays in Honour of Kumaraswamy (Vela) Velupillai, S. Zambelli (ed.). Abingdon: Routledge, 49-54, 2010. 878

Part X. Autobiographical Writings 574. My Life Philosophy: Policy Credos and Working Ways Eminent Economists, Their Life Philosophies, M. Szenberg (ed.). New York: Cambridge University Press, 236-247, 1991. 887 575. Statistical Flowers Caught in Amber Statistical Science, 6(4), 330-338, 1991. 899 576. On the Historiography of Economics: A Correspondence (with Mark Blaug and Don Patinkin) Journal of the History of Economic Thought, 13(2), 144-158, 1991. 908 577. The Passing of the Guard in Economics Eastern Economic Journal, 14(4), 312-329, 1988. 923 578. Economics in Our Time Speech on the occasion of the 90th anniversary of the Nobel Prize. Stock- holm, Sweden, 6 December 1991. 935

XIV Contents

579. Me and Kennedy Speech, Examiner Club, Boston, Massachusetts, 3 January 1994. 950 580. At Eighty: MIT and I Speech, Paul A. Samuelson's MIT 80th birthday party, Boston, Massa- chusetts, 30 April 1995. 964 581. Paul Anthony Samuelson (b. 1915) (interview) The Coming of Keynesianism to America, Conversations with the Founders of Keynesian Economics, D. Colander and H. Landreth (eds.). Chelten- ham, UK: Edward Elgar Publishing Limited, 145-178, 1995. 969 582. Credo of a Lucky Textbook Author Journal of Economic Perspectives, 11(2), 153-160, 1997. 1003 583. On Collaboration The American Economist, 40(2), 16-21, 1996. 1011 584. Joint Authorship in Sciences: Serendipity with Wolfgang Stolper Journal of Institutional and Theoretical Economics, 143(2), 235-243, 1987. 1017 585. The Fallibility of Economic Science Third Julius Steinberg Memorial Lecture, The Wharton School of the University of Pennsylvania, Philadelphia, 2 October 1985. 1026 586. How Foundations Came To Be Paul A. Samuelson's " Foundations of Economic Analysis," Vademecum zu einem Klassiker der Gegenwart, J. Niehans, PA. Samuelson and C.C. von Weizsacker (published in German): Dusseldorf: Verlag Wirtschaft und Finanzen, 27-52, 1997. Published in English (abridged) in Journal of Economic Literature, 36(3), 1375-1386, 1998. 1039 587. A Golden Birthday Economics, 16th edition, PA. Samuelson and W. D. Nordhaus. New York: Irwin McGraw-Hill, xxiv-xxvii, 1998. 1059 588. Foreword Economics, An Introductory Analysis, P.A. Samuelson. Reissued first (1948) edition. New York: McGraw-Hill, iii-iv, 1998. 1063 589. Samuelson's Economics at Fifty: Remarks on the Occasion of the An- niversary of Publication Journal of Economic Education, 30(4), 352-355, 1999. 1065 590. Economics and the Kennedy Presidency Speech, Brookings Institution, Washington, D.C., 12 November 1999. 1069 591. The First Fifteen Nobel Laureates in Economics, and Fifteen More Might-Have-Beens Speech, Lindau Economics Nobel Laureates Conference, Lindau, Ger- many, September, 2004. 1072 592. Paul A. Samuelson The Changing Face of Economics, Conversations with Cutting Edge Econo- mists, D. Colander, R.P.F. Holt and J.B. Rosser, Jr. (eds.). Ann Arbor: The University of Michigan Press, 309-313, 2004. 1078 593. Pastiches From an Earlier Politically Correct Academic Age Editing Economics: Essays in Honour of Mark Perlman, H. Lim, U.S. Park and G.C. Harcourt (eds.). London and New York: Routledge, 47-55, 2002. 1083 594. Memoirs of an Early Finance Theorist Modern Risk Management: A History, introduced by P. Field. London: Risk Books, 587-589, 2003. 1092 595. Three Moles Bulletin, 62(2), 83-84, 2009. 1095

XV Contents

596. Paul A. Samuelson (interview) Roads to Wisdom, Conversations with Ten Nobel Laureates in Economics, K.I. Horn. Cheltenham: Edward Elgar Publishing Limited, 39-57, 2009. 1097 597. In Search of and the Chicago School—A Conversation with " - Southside Blues: Conversations in Search of George Stigler, C. Friedman. Cheltenham: Edward Elgar Publishing, forthcoming. 1116

Contents of Volumes I-VI 1139

Acknowledgments 1171

Index 1193

XVI