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A situation where people can grow old without having a job that rewards them individually while adding to the collective well-being is morally unacceptable.

— Franco Modigliani Franco Modigliani (2001)

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More quotes by Franco Modigliani

The life cycle of family size, at least in the U.S., has a very humped shape rather similar to that of income, though with a somewhat earlier peak. As a result, one might expect, and generally finds a fairly constant rate of saving in the central age group, but lower saving or even dissaving in the very young or old.

I think that Keynes was certainly a good example of a new paradigm. His work is possibly the best example of a case for which I think Kuhn's theory fits as well as it can in the domain of the social sciences. In a fairly short period of time, Keynes gave a new way of looking at the economy, a way which was widely accepted, at least by the younger generation.

Conversations with Economists (1983)

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