At the time he served in government, the young state was isolated economically from its neighbors while having to contend with significant defense expenditures and struggling to absorb and provide for the many Jewish immigrants who entered its borders. Sapir worked tirelessly to attract foreign investments to the country, often by personally encouraging and enticing businessmen from around the world to set up factories and businesses in the young nation. He is known for always carrying with him his famous "black notebook" in which he kept his notes and observations pertaining to economic matters as he traveled around the country. It was often said that in those days that the entire economy of the state of Israel was managed from that famous black notebook. While he is at times criticized for perhaps providing undue protection to wealthy investors and practicing too much centralized control (as in the "black notebook"), he is nevertheless recognized as a man of action who always had the best interests of the
Israeli economy and society on his mind. During his tenure the country experienced very high economic growth rates, sometimes exceeding 10% annually despite the many challenges it faced from both outside and within. For this he is often considered one of the best finance ministers in the state's history. ==Commemoration==