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To assess not how Samuelson's individual models contributed to human knowledge but the very true foundation on which they rest, namely, sound theory, facts, and philosophy.

This article has placed Samuelson as a philosopher seeking the truth, and as a theoretical contributor to the many sub‐disciplines of economics.

Shows that his truths bear the evidence of reality, and that his theoretical contributions are not different in kind from the logical theorists. Demonstrates how easily one could formulate a Samuelsonian impossibility theorem that places his thought on the level of the mathematical research started by Hilbert and concluded by Kurt Godel.

The literature that has assessed his contributions in this regard is fragmented, and myopically sparse, leaving gaps to be filled in by a paper such as this.

This paper aims to investigate the relation between the creditworthiness of US institutions of higher education and their student selectivity (i.e. demand and quality).

The authors study whether the impact of student selectivity differs across public vs private universities; across the credit quality of the given public university’s state; and across the level of state appropriations for the given public university.

The authors find that student quality and demand measures are significantly associated with their corresponding institution’s creditworthiness, especially for private universities.

For public universities the association is weak and, contrary to the expectations, does not depend on the state credit quality or level of state funding. The findings are robust to the inclusion of control variables.