|
|
Article: Honoring Founding Fathers of Modern Finance Economics.(Brief Article)
- Article from:
- Financial Management
- Article date:
- September 22, 2000
- Author:
CopyrightCOPYRIGHT 2000 Financial Management Association. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Paul Samuelson [*]
In science it isn't always a case of asking, "What have you done for us lately?" It becomes a matter of "The King is dead. Long live the new King or Queen."
Fair enough. Max Planck got it right when he wrote: "Science advances funeral by funeral." Nonetheless, we scholars all do stand on the shoulders of giants. On this occasion when we make toasts to Sharpes and Modiglianis and Markowitzes--and to Fischer Blacks and Myron Scholeses and Robert Mertons--I want to say some informed words about our teachers and uncles, the pioneers upon whose work all my great contemporaries needed to use in carrying the flag of science steps forward ...