Meaning: The quote "Funeral by funeral, theory advances" by Paul Samuelson, an American economist and the first American to win the Nobel Prize in Economic Sciences, encapsulates the concept of how new ideas and theories often gain traction and acceptance as older generations who may be resistant to change gradually pass away. This quote highlights the gradual nature of progress in the field of economics and academia as a whole. Samuelson's statement suggests that as new generations with different perspectives and ideas replace the old, the acceptance and advancement of new theories within the field of economics and other disciplines become more prevalent.

Paul Samuelson was a prominent figure in the development of modern economics. He is best known for his influential book "Economics: An Introductory Analysis," which was first published in 1948 and played a crucial role in shaping the way economics is taught and understood. Samuelson's work helped popularize the use of mathematical models in economic analysis, and he made significant contributions to the fields of macroeconomics, microeconomics, and general equilibrium theory.

The quote "Funeral by funeral, theory advances" reflects the idea that the acceptance and advancement of new theories often occur gradually, as older generations who may be entrenched in traditional or outdated ways of thinking are replaced by younger generations more open to new ideas. This concept is not limited to economics but can be applied to various fields and disciplines, including science, technology, and social sciences.

In the context of economics, the quote can be interpreted as a commentary on the slow pace at which new theories and ideas gain acceptance within the academic and professional community. It acknowledges the resistance to change that can exist within established institutions and among older generations of scholars and practitioners. However, it also suggests that over time, as newer generations come to the forefront, the momentum for change and acceptance of new theories builds, leading to the advancement of the discipline.

Furthermore, the quote can be seen as a reflection of the broader societal and cultural shifts that occur over time. As new generations with different experiences, perspectives, and values emerge, they often bring with them new ways of thinking and approaching problems. This gradual turnover in demographics and the subsequent evolution of ideas and theories ultimately contribute to the advancement of knowledge and understanding in various fields.

In conclusion, Paul Samuelson's quote "Funeral by funeral, theory advances" encapsulates the gradual nature of progress and change within the academic and professional realms. It emphasizes the idea that as older generations with entrenched beliefs gradually make way for newer generations, the acceptance and advancement of new theories and ideas become more prevalent. This concept is applicable not only to economics but also to other disciplines and reflects the broader societal and cultural shifts that contribute to the evolution of knowledge and understanding.