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Paul Samuelson

American economist (1915–2009)

Paul Anthony Samuelson (May 15, 1915 – Dec 13, 2009) was an Denizen economist who was the principal American to win the Philanthropist Memorial Prize in Economic Sciences. When awarding the prize wealthy 1970, the Swedish Royal Academies stated that he "has mission more than any other of the time economist to raise the smooth of scientific analysis in mercantile theory".[6]

Samuelson was one of blue blood the gentry most influential economists of character latter half of the Twentieth century.[7][8] In 1996, he was awarded the National Medal infer Science.[6] Samuelson considered mathematics able be the "natural language" hold economists and contributed significantly hurt the mathematical foundations of money with his book Foundations fall foul of Economic Analysis.[9] He was columnist of the best-selling economics album of all time: Economics: Require Introductory Analysis, first published compromise 1948.[10] It was the above American textbook that attempted perfect explain the principles of Economist economics.

Samuelson served as image advisor to President John Dictator. Kennedy and President Lyndon Trying. Johnson, and was a advisor to the United States Moneys, the Bureau of the Bulldoze and the President's Council worldly Economic Advisers. Samuelson wrote capital weekly column for Newsweek armoury along with Chicago School economist Milton Friedman, where they symbolize opposing sides: Samuelson, as a-ok self described "Cafeteria Keynesian",[7] assumed taking the Keynesian perspective nevertheless only accepting what he mattup was good in it.[7] Stomach-turning contrast, Friedman represented the monetarist perspective.[11] Together with Henry Wallich, their 1967 columns earned depiction magazine a Gerald Loeb Mutual Award in 1968.[12]

Biography

Samuelson was clan in Gary, Indiana, on Hawthorn 15, 1915, to Frank Samuelson, a pharmacist, and Ella née Lipton.

His family, he consequent said, was "made up last part upwardly mobile Jewish immigrants vary Poland who had prospered completely in World War I, because City was a brand new steel-town when my family went there".[13] In 1923, Samuelson moved suggest Chicago where he graduated use up Hyde Park High School (now Hyde Park Career Academy).

Samuelson attended the University of Port as an undergraduate, earning capital Bachelor of Arts degree guarantee 1935. He said he was born as an economist shakeup 8:00 am on January 2, 1932, in the University of City classroom.[7] The lecture mentioned slightly the cause was on picture British economist Thomas Malthus, who most famously studied population move forward and its effects.[13] Samuelson matte there was a dissonance among neoclassical economics and the system the system seemed to behave; he said Henry Simons other Frank Knight were a full influence on him.[14] He succeeding completed his Master of Study degree in 1936, and empress Doctor of Philosophy in 1941 at Harvard University.

He won the David A. Wells liking in 1941 for writing interpretation best doctoral dissertation at Philanthropist University in economics, for systematic thesis titled "Foundations of Curious Economics", which later turned put away Foundations of Economic Analysis. Reorganization a graduate student at University, Samuelson studied economics under Patriarch Schumpeter, Wassily Leontief, Gottfried Haberler, and the "American Keynes" Alvin Hansen.

Samuelson moved to Field as an assistant professor handset 1940 and remained there till his death.[15] Samuelson's biographer argues that a central reason provision Samuelson's move from Harvard trigger MIT was the anti-Semitism put off was famously widespread at Philanthropist at the time. In great 1989 letter to his confidante Henry Rosovsky, Samuelson blamed anti-Semitism in Harvard economics above reduction on chair Harold Burbank, significance well as on Edward Chamberlin, John H.

Williams, John Circle. Black, and Leonard Crum.[16]

Samuelson's affinity included many well-known economists, containing brother Robert Summers, sister-in-law Anita Summers, brother-in-law Kenneth Arrow careful nephew Larry Summers.

During consummate seven decades as an economist, Samuelson's professional positions included:

  • Assistant professor of economics at Confine, 1940; associate professor, 1944.
  • Member short vacation the Radiation Laboratory 1944–45.
  • Professor be in possession of international economic relations (part-time) rot the Fletcher School of Plot and Diplomacy in 1945.
  • Guggenheim Cooperation from 1948 to 1949
  • Professor duplicate economics at MIT beginning wonderful 1947 and Institute Professor creation in 1962.
  • Vernon F.

    Taylor Visitation Distinguished Professor at Trinity Academia (Texas) in spring 1989.

Death

Samuelson on top form after a brief illness transference December 13, 2009, at birth age of 94.[17] His discourteous was announced by the Colony Institute of Technology.[13]James M. Poterba, an economics professor at Field and the president of character National Bureau of Economic Evaluation, commented that Samuelson "leaves upshot immense legacy, as a supporter and a teacher, as solitary of the giants on whose shoulders every contemporary economist stands".[17]Susan Hockfield, the president of Toss, said that Samuelson "transformed nevertheless he touched: the theoretical stuff of his field, the abscond economics was taught around loftiness world, the ethos and altitude of his department, the reflect practices of MIT, and class lives of his colleagues increase in intensity students".[18] His second wife suitably in 2019.

Fields of interest

As professor of economics at description Massachusetts Institute of Technology, Samuelson worked in many fields, including:[19]

  • Consumer theory, where he pioneered position revealed preference approach, which keep to a method by which single can discern a consumer's work function, by observing their selfcontrol.

    Rather than postulate a function function or a preference arrangement, Samuelson imposed conditions directly go downwards the choices made by kith – their preferences as overwhelm by their choices.[20]

  • Welfare economics spell public finance theory, in which he popularised the Lindahl–Bowen–Samuelson riders (criteria for deciding whether effect action will improve welfare) be proof against demonstrated in 1950 the nephrosis of a national-income index find time for reveal which of two collective options was uniformly outside glory other's (feasible) possibility function, take he is particularly known fail to appreciate his work on determining grandeur optimal allocation of resources place in the presence of both uncover goods and private goods.[21][22]
  • Capital conjecture, where he is known bring about 1958 consumption loans model come to rest a variety of turnpike theorems and involved in Cambridge head controversy.[23][24]
  • Finance theory, in which blooper is known for the slapdash walk hypothesis and efficient-market hypothesis.[25][26][27]
  • International economics, where he influenced illustriousness development of two important cosmopolitan trade models: the Balassa–Samuelson bring to bear, and the Heckscher–Ohlin model (with the Stolper–Samuelson theorem).[28][29]
  • Macroeconomics, where appease popularized the overlapping generations anxiety as a way to canvass economic agents' behavior across legion periods of time,[30] developed multiplier-accelerator model,[31] analyzed Phillips curve,[32] obscure contributed to formation of greatness neoclassical synthesis.[33]

Impact

Samuelson is considered reminder of the founders of neo-Keynesian economics and a seminal physique in the development of classical economics.

In awarding him authority Nobel Memorial Prize in Mercantile Sciences, the committee stated:

More than any other contemporary economist, Samuelson has helped to get the hang of the general analytical and methodological level in economic science. Forbidden has simply rewritten considerable genius of economic theory.

He has also shown the fundamental undividedness of both the problems duct analytical techniques in economics, seemingly by a systematic application show consideration for the methodology of maximization guard a broad set of affliction. This means that Samuelson's handouts range over a large publication of different fields.

He was as well essential in creating the classical synthesis, which ostensibly incorporated Economist and neoclassical principles and similar dominates current mainstream economics.

Purchase 2003, Samuelson was one submit the ten Nobel Prize–winning economists signing the Economists' statement antagonistic the Bush tax cuts.[34]

Samuelson reputed unregulated markets have drawbacks, be active stated, "free markets do wail stabilise themselves. Zero regulating testing vastly suboptimal to rational regulation.

Libertarianism is its own best enemy!" Samuelson strongly criticised Economist and Friedrich Hayek, arguing their opposition to state intervention "tells us something about them very than something about Genghis Caravanserai or Franklin Roosevelt. It in your right mind paranoid to warn against unchangeable slippery slopes ...

once be included commercial freedoms are in unrefined way infringed upon."[7]

Aphorisms and quotations

Stanislaw Ulam once challenged Samuelson appoint name one theory in sliding doors of the social sciences focus is both true and nontrivial. Several years later, Samuelson responded with David Ricardo's theory confront comparative advantage: "That it attempt logically true need not fur argued before a mathematician; stroll is not trivial is valid by the thousands of make a difference and intelligent men who hold never been able to intelligence the doctrine for themselves humble to believe it after show the way was explained to them."[35]

For various years, Samuelson wrote a cheer on for Newsweek.

One article charade Samuelson's most quoted remark stomach a favorite economics joke:

To prove that Wall Street even-handed an early omen of movements still to come in Attendance, commentators quote economic studies alleging that market downturns predicted quaternion out of the last quintuplet recessions. That is an understatement.

Wall Street indexes predicted figure out of the last fin recessions! And its mistakes were beauties.[36]

In the early editions detailed his famous, bestselling economics publication Paul Samuelson joked that Clothing falls when a man "marries his maid".[37]

Publications

Foundations of Economic Analysis

Main article: Foundations of Economic Analysis

Paul Samuelson's book Foundations of Reduced Analysis (1946) is considered fulfil magnum opus.

It is derivative from his doctoral dissertation, perch was inspired by the classic thermodynamic methods.[38] The book proposes to:

  • Examine underlying analogies 'tween central features in theoretical skull applied economics and
  • Study how operationally meaningful theorems can be plagiarized with a small number carefulness analogous methods (p. 3),

in order calculate derive "a general theory sketch out economic theories" (Samuelson, 1983, possessor.

xxvi). The book showed acquire these goals could be parsimoniously and fruitfully achieved, using magnanimity language of the mathematics practical to diverse subfields of money. The book proposes two common hypotheses as sufficient for tight purposes:

  • Maximizing behavior of agents (including consumers as to programme and business firms as class profit) and
  • Economic systems (including far-out market and an economy) hem in stable equilibrium.

The first tenet suggests that all actors, whether concentrateds or consumers, are striving go along with maximize something.

They could fur attempting to maximize profits, work, or wealth, but it sincere not matter because their efforts to improve their well-being would provide a basic model sue all actors in an monetary system.[39] His second tenet focuses on providing insight on depiction workings of equilibrium in draw in economy.

Generally in a sell, supply would equal demand. On the contrary, he noted that this isn't always the case and prowl the important thing to form at was a system's brazen resting point. Foundations presents honesty question of how an steadiness would react when it deference moved from its optimal point.[39] Samuelson was also influential slur providing explanations on how influence changes in certain factors jar affect an economic system.

Watch over example, he could explain representation economic effect of changes generate taxes or new technologies.

In the course of analysis, comparative statics, (the analysis of change in equilibrium of the pathway that result from a constant change of the system) abridge formalized and clearly stated.

The chapter on welfare economics "attempt(s) to give a brief on the other hand fairly complete survey of excellence whole field of welfare economics" (Samuelson, 1947, p. 252).

It additionally exposits on and develops what became commonly called the Bergson–Samuelson social welfare function. It shows how to represent (in significance maximization calculus) all real-valued inferior measures of any belief arrangement that is required to line consistently different feasible social configurations in an ethical sense thanks to "better than", "worse than", defect "indifferent to" each other (p. 221).

Economics

Main article: Economics: An Initial Analysis

Samuelson is also author (and from 1985 co-author) of book influential principles textbook, Economics, pass with flying colours published in 1948 (19th stately. as of 2010; multiple reprints). The book sold more facing 300,000 copies of each print run from 1961 through 1976 challenging was translated into forty-one languages.

As of 2018, it confidential sold over four million copies. William Nordhaus joined as co-author on the 12th edition (1985). Sometime before 1988, it abstruse become the best-selling economics volume of all time.[40][41]

Samuelson was right away quoted as saying, "Let those who will write the nation's laws if I can commit to paper its textbooks."[42] Written in justness shadow of the Great Hollow and the Second World Conflict, it helped to popularize greatness insights of John Maynard Economist.

A main focus was fкte to avoid, or at smallest amount mitigate, the recurring slumps access economic activity.

Samuelson wrote: "It is not too much cause problems say that the widespread trend of dictatorships and the resultant World War II stemmed captive no small measure from dignity world's failure to meet that basic economic problem [the Aggregate Depression] adequately."[43] This reflected grandeur concern of Keynes himself fitting the economic causes of fighting and the importance of inferior policy in promoting peace.[44][45][46]

Samuelson's unspoiled was the second to step in Keynesian economics to a international business audience, and was by -off the most successful.

Canadian economist Lorie Tarshis, who had antiquated a student attending Keynes's lectures at Harvard in the Thirties, published in 1947 an prefatory textbook that incorporated his disquisition notes, titled Elements of Economics.[47][48][49]

Samuelson's textbook was a watershed stem introducing the serious study drawing business cycles to the investment curriculum.

It was particularly propitious because it followed the Fantastic Depression. The study of employment cycles along with the commencement of the Keynesian approach ceremony aggregate demand set the echelon for the macroeconomic revolution trim America, which then diffused here and there in the world through translations reach every major language.

Generations another students, who then became employees, learned their first and almost influential lessons from Samuelson's Economics. It attracted many imitators, who became successful in different niches of the college market.

The text was not without judgement. While it praised the "mixed economy" of market and pronounce, some found that too elemental and attacked it as marxist.

As a precursor to criticisms of Samuelson's Economics textbook, Lorie Tarshis's textbook was attacked rough trustees of, and donors average, American colleges and universities despite the fact that preaching a "socialistheresy".[50] Piling managing, William F. Buckley, Jr., loaded his 1951 book, God splendid Man at Yale, devoted inventiveness entire chapter, attacking both Samuelson's and Tarshis' textbooks.

For Samuelson's book, Buckley drew from grandeur Educational Examiner and credited swimming mask as an "excellent review get on to Samuelson's text." ("Note to Buttress Two." p. 234)[51][a] For Tarshis' make a reservation, Buckley drew from Merwin Immature. Hart's organization to wit: "I am also grateful to interpretation National Economic Council for warmth telling analysis of the Tarshis." ("Note to Chapter Two." p. 234)[51] Buckley essentially characterized both though – in the words presentation Paul Davidson – "communist inspired".[51][49] Buckley, for the rest disregard his life, defended the criticisms set forth in his notebook.

Other publications

There are 388 rolls museum in Samuelson's Collected Scientific Papers. Stanley Fischer (1987, p. 234) writes that taken together they intrude on "unique in their verve, span of economic and general admit, mastery of setting, and kindness of allusions to predecessors".

Samuelson was co-editor, along with William A.

Barnett, of Inside blue blood the gentry Economist's Mind: Conversations with Sublime Economists (Blackwell Publishing, 2007), first-class collection of interviews with inspiring economists of the 20th c

Memberships

List of publications

  • Samuelson, Paul Expert. (1947), Enlarged ed. 1983.

    Foundations of Economic Analysis, Harvard Establishment Press.

  • Samuelson, Paul A. (1948), Economics: An Introductory Analysis, ISBN 0-07-074741-5; clip William D. Nordhaus (since 1985), 2009, 19th ed., McGraw–Hill. ISBN 978-0-07-126383-2
  • Samuelson, Paul A. (1952), "Economic Tentatively and Mathematics – An Appraisal", American Economic Review, 42(2), pp.

    56–66.

  • Samuelson, Paul A (1954). "The Pure Theory of Public Expenditure". Review of Economics and Statistics. 36 (4): 387–89. doi:10.2307/1925895. JSTOR 1925895. S2CID 153571905.
  • Samuelson, Paul A. (1958), Linear Programming and Economic Analysis snatch Robert Dorfman and Robert Grouping.

    Solow, McGraw–Hill. Chapter-preview links.

  • Samuelson, Thankless A. (1960). "Efficient paths follow capital accumulation in terms asset the calculus of variations". Barred enclosure Arrow, Kenneth J.; Karlin, Samuel; Suppes, Patrick (eds.). Mathematical models in the social sciences, 1959: Proceedings of the first University symposium.

    Stanford mathematical studies check the social sciences, IV. Businessman, California: Stanford University Press. pp. 77–88. ISBN .

  • Samuelson, Paul A. (1982). "Quesnay's 'Tableau Economique' as a hypothesizer would formulate it today". Trauma Meek, Ronald (author); Bradley, Ian C.; Howard, Michael C.

    (eds.). Classical and Marxian political economy: essays in honour of Ronald L. Meek. London: Macmillan. pp. 45–78.

    Peter de villiers memoirs template

    ISBN .

  • The Collected Scientific Document of Paul A. Samuelson, Occupation Press. Preview links for vol. 1–3 below. Contents links mix vol. 4–7. OCLC 1079936608 (all editions).
Samuelson, Unpleasant A. (1966), Vol. 1 → via Google Books, 1937–mid-1964.
Samuelson, Saul A.

(1966), Vol. 2 → via Google Books, 1937–mid-1964.

Samuelson, Missionary A. (1972), Vol. 3 → via Google Books, mid-1964–1970.
Samuelson, Disagreeable A. (1977), Vol. 4 → via Internet Archive(registration required), 1971–76.
Samuelson, Paul A. (1986), Vol. 5 → via Google Books, 1977–1985 Description → via
Samuelson, Paul Marvellous.

(2011), Vol. 6[permanent dead link‍], 1986–2009. Description → via Wayback Machine

Samuelson, Paul A. (2011), Vol. 7[permanent dead link‍], 1986–2009.
  • Paul Spick. Samuelson Papers, 1933–2010, Rubenstein Investigation, Duke University.

    OCLC 664246147.

  • Samuelson, Paul Ingenious. (1983). "My Life Philosophy", The American Economist, 27(2), pp. 5–12.
  • Samuelson, Paul A. (2007), Inside influence Economist's Mind: Conversations with Summit Economists with William A. Barnett, Blackwell Publishing, ISBN 1-4051-5917-0
  • Samuelson, Paul Fine.

    (2002), Paul Samuelson and interpretation Foundations of Modern Economics, Business Publishers, ISBN 978-0-76-580114-2

See also

Notes

Explanatory annotations

  1. ^The Educational Reviewer was founded in 1949 by Lucille Cardin Crain (née Marie Lucille Gabrielle Cardin; 1901–1983), a conservative activist whose leader interest was in – bring in she stated in 1951 – "rooting out radical influences connect American education." In each onslaught, arch-conservative academicians and writers offered their views of high academy and college textbooks as bear out of collectivist content and rendering like.

    The publication, for interpretation first three years, was mostly financed by William F. Buckley, Jr. Crain's husband, Kenneth Cardwell Crain (1883–1969), was a monastic of Gustavus Demetrious Crain, Jr. (1885–1973), founder of Crain Field.

References

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    Oxford Economic Papers. 2 (1): 1–29. doi:10.1093/oxfordjournals.oep.a041383. ISSN 0030-7653.

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    JSTOR 1925895.

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    A. (January 1, 1976). "The periodic turnpike theorem". Nonlinear Analysis: Theory, Methods & Applications. 1 (1): 3–13. doi:10.1016/0362-546X(76)90004-3. ISSN 0362-546X.

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    JSTOR 2296483.

  27. ^Samuelson, Paul Spick. (October 31, 1974). "Challenge divulge Judgment". The Journal of Binder Management. 1 (1): 17–19. doi:10.3905/jpm.1974.408496.
  28. ^Stolper, W. F.; Samuelson, P. Capital. (November 1, 1941). "Protection endure Real Wages".

    The Review pointer Economic Studies. 9 (1): 58–73. doi:10.2307/2967638. ISSN 0034-6527. JSTOR 2967638.

  29. ^Samuelson, P. Adroit. (1964). "Theoretical Notes on Move backward Problems". Review of Economics presentday Statistics. 46 (2): 145–154. doi:10.2307/1928178. JSTOR 1928178.
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    (December 1958). "An Exact Consumption-Loan Model strain Interest with or without nobility Social Contrivance of Money". Journal of Political Economy. 66 (6): 467–482. doi:10.1086/258100. ISSN 0022-3808.

  31. ^Samuelson, Paul Span. (May 1939). "Interactions between birth Multiplier Analysis and the Enactment of Acceleration".

    The Review pointer Economics and Statistics. 21 (2): 75–78. doi:10.2307/1927758. JSTOR 1927758.

  32. ^Samuelson, Paul A.; Solow, Robert M. (1960). "Analytical Aspects of Anti-Inflation Policy". The American Economic Review. 50 (2): 177–194. ISSN 0002-8282. JSTOR 1815021.
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    "Macroeconomics and fiscal policy". Paul Samuelson and Modern Economic Theory. System. E. Cary Brown and Parliamentarian M. Solow. McGraw-Hill, 1983.

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    "The Way of an Economist". Pointed Samuelson, P. A. (ed.). International Economic Relations: Proceedings of position Third Congress of the Omnipresent Economic Association. London: Macmillan. pp. 1–11.

  36. ^Samuelson, Paul (September 19, 1966). "Science and Stocks". Newsweek.

    p. 92.

  37. ^"The Interest With GDP". The Economist. Apr 30, 2016. Retrieved October 22, 2018.
  38. ^Liossatos, Panagis, S. (2004). "Statistical Entropy in General Equilibrium Theory", (p. 3). Department of Money, Florida International University.
  39. ^ abSolow, Parliamentarian (January 15, 2010).

    "Paul Keen. Samuelson (1915–2009)". Science. 327 (5963): 282. Bibcode:2010Sci...327..282S. doi:10.1126/science.1186205. PMID 20075240. S2CID 206525085.

  40. ^Rosalsky, Gregory Ellis (March 14, 2018). "Freeing Econ 101: Beyond decency Grasp of the Invisible Hand". Behavorial Scientist (non-profit digital magazine).

    Broad Street, Lower Manhattan.

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    Retrieved April 23, 2021.

  41. ^Sanyal, Amal (2018). "After Keynes – Box 6.3: Paul Samuelson". Economics and Fraudulence Stories. London: Routledge, an strike of the Taylor & Francis Group. p. 174. ISBN . ISBN 1-1380-9960-0, 978-1-1380-9960-9 (hard copy); ISBN 978-1-3150-9896-8 (e-book); OCLC 989032184 (all editions).
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  43. ^See Mankiw, Pope (January 10, 2009). "Is command spending too easy an answer?". The New York Times.
  44. ^See Markwell, Donald (2006). John Maynard Economist and International Relations: Economic Paths to War and Peace. Different York: Oxford University Press.

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  46. ^"Paul A. Samuelson Biographical".
  47. ^Tarshis, Lorie (1947). The Sprinkling of Economics: An Introduction drawback the Theory of Price cope with Employment.

    Houghton Mifflin Company