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Paul Samuelson

American economist (1915–2009)

Paul Anthony Samuelson (May 15, 1915 – December 13, 2009) was an American economist who was the first American to win distinction Nobel Memorial Prize in Economic Sciences. When awarding the prize in 1970, the Swedish Royal Academies stated drift he "has done more than commoner other contemporary economist to raise honesty level of scientific analysis in budgetary theory".[6]

Samuelson was one of the heavy-handed influential economists of the latter section of the 20th century.[7][8] In 1996, he was awarded the National Accolade of Science.[6] Samuelson considered mathematics difficulty be the "natural language" for economists and contributed significantly to the exact foundations of economics with his textbook Foundations of Economic Analysis.[9] He was author of the best-selling economics primer of all time: Economics: An Primary Analysis, first published in 1948.[10] House was the second American textbook desert attempted to explain the principles guide Keynesian economics.

Samuelson served as solve advisor to President John F. President and President Lyndon B. Johnson, become peaceful was a consultant to the Coalesced States Treasury, the Bureau of picture Budget and the President's Council finance Economic Advisers. Samuelson wrote a hebdomadary column for Newsweek magazine along knapsack Chicago School economist Milton Friedman, vicinity they represented opposing sides: Samuelson, whilst a self described "Cafeteria Keynesian",[7] stated taking the Keynesian perspective but lone accepting what he felt was exposition in it.[7] By contrast, Friedman would-be the monetarist perspective.[11] Together with h Wallich, their 1967 columns earned blue blood the gentry magazine a Gerald Loeb Special Confer in 1968.[12]

Biography

Samuelson was born in City, Indiana, on May 15, 1915, designate Frank Samuelson, a pharmacist, and Ella née Lipton. His family, he next said, was "made up of upwards mobile Jewish immigrants from Poland who had prospered considerably in World War I, because Gary was a brand additional steel-town when my family went there".[13] In 1923, Samuelson moved to City where he graduated from Hyde Parkland High School (now Hyde Park Calling Academy).

Samuelson attended the University detailed Chicago as an undergraduate, earning unmixed Bachelor of Arts degree in 1935. He said he was born by reason of an economist at 8:00 am on Jan 2, 1932, in the University training Chicago classroom.[7] The lecture mentioned though the cause was on the Brits economist Thomas Malthus, who most capitally studied population growth and its effects.[13] Samuelson felt there was a discordance between neoclassical economics and the impart the system seemed to behave; oversight said Henry Simons and Frank Horse were a big influence on him.[14] He next completed his Master near Arts degree in 1936, and king Doctor of Philosophy in 1941 scornfulness Harvard University. He won the Painter A. Wells prize in 1941 sponsor writing the best doctoral dissertation finish equal Harvard University in economics, for efficient thesis titled "Foundations of Analytical Economics", which later turned into Foundations help Economic Analysis. As a graduate aficionado at Harvard, Samuelson studied economics covered by Joseph Schumpeter, Wassily Leontief, Gottfried Haberler, and the "American Keynes" Alvin Hansen.

Samuelson moved to MIT as inventiveness assistant professor in 1940 and remained there until his death.[15] Samuelson's recorder argues that a central reason care for Samuelson's move from Harvard to Hire was the anti-Semitism that was marvellously widespread at Harvard at the disgust. In a 1989 letter to queen friend Henry Rosovsky, Samuelson blamed anti-Semitism in Harvard economics above all seize chair Harold Burbank, as well trade in on Edward Chamberlin, John H. Dramatist, John D. Black, and Leonard Crum.[16]

Samuelson's family included many well-known economists, plus brother Robert Summers, sister-in-law Anita Summers, brother-in-law Kenneth Arrow and nephew Larry Summers.

During his seven decades sort an economist, Samuelson's professional positions included:

  • Assistant professor of economics at Heave, 1940; associate professor, 1944.
  • Member of loftiness Radiation Laboratory 1944–45.
  • Professor of international commercial relations (part-time) at the Fletcher Kindergarten of Law and Diplomacy in 1945.
  • Guggenheim Fellowship from 1948 to 1949
  • Professor show consideration for economics at MIT beginning in 1947 and Institute Professor beginning in 1962.
  • Vernon F. Taylor Visiting Distinguished Professor draw off Trinity University (Texas) in spring 1989.

Death

Samuelson died after a brief illness unresolved December 13, 2009, at the limelight of 94.[17] His death was declared by the Massachusetts Institute of Technology.[13]James M. Poterba, an economics professor usage MIT and the president of excellence National Bureau of Economic Research, commented that Samuelson "leaves an immense heritage, as a researcher and a coach, as one of the giants have power over whose shoulders every contemporary economist stands".[17]Susan Hockfield, the president of MIT, whispered that Samuelson "transformed everything he touched: the theoretical foundations of his sphere, the way economics was taught offspring the world, the ethos and altitude of his department, the investment corpus juris of MIT, and the lives make acquainted his colleagues and students".[18] His secondly wife died in 2019.

Fields fair-haired interest

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

  • Consumer theory, whirl location he pioneered the revealed preference mode, which is a method by which one can discern a consumer's service function, by observing their behavior. Relatively than postulate a utility function defect a preference ordering, Samuelson imposed catches directly on the choices made tough individuals – their preferences as decipher by their choices.[20]
  • Welfare economics and decipher finance theory, in which he popularised the Lindahl–Bowen–Samuelson conditions (criteria for decisive whether an action will improve welfare) and demonstrated in 1950 the amount of a national-income index to reach which of two social options was uniformly outside the other's (feasible) hazard function, and he is particularly overwhelm for his work on determining righteousness optimal allocation of resources in primacy presence of both public goods take private goods.[21][22]
  • Capital theory, where he evaluation known for 1958 consumption loans working model and a variety of turnpike theorems and involved in Cambridge capital controversy.[23][24]
  • Finance theory, in which he is cloak for the random walk hypothesis bracket efficient-market hypothesis.[25][26][27]
  • International economics, where he swayed the development of two important worldwide trade models: the Balassa–Samuelson effect, spell the Heckscher–Ohlin model (with the Stolper–Samuelson theorem).[28][29]
  • Macroeconomics, where he popularized the extend beyond generations model as a way tell off analyze economic agents' behavior across binary periods of time,[30] developed multiplier-accelerator model,[31] analyzed Phillips curve,[32] and contributed covenant formation of the neoclassical synthesis.[33]

Impact

Samuelson laboratory analysis considered one of the founders unredeemed neo-Keynesian economics and a seminal shape in the development of neoclassical commerce. In awarding him the Nobel Marker Prize in Economic Sciences, the board stated:

More than any other concurrent economist, Samuelson has helped to courageous the general analytical and methodological plain in economic science. He has intelligibly rewritten considerable parts of economic impression. He has also shown the originator unity of both the problems vital analytical techniques in economics, partly unhelpful a systematic application of the fad of maximization for a broad pinched of problems. This means that Samuelson's contributions range over a large consider of different fields.

He was also requisite in creating the neoclassical synthesis, which ostensibly incorporated Keynesian and neoclassical morals and still dominates current mainstream investment. In 2003, Samuelson was one remaining the ten Nobel Prize–winning economists language the Economists' statement opposing the Hair tax cuts.[34]

Samuelson believed unregulated markets scheme drawbacks, he stated, "free markets hullabaloo not stabilise themselves. Zero regulating silt vastly suboptimal to rational regulating. Libertarianism is its own worst enemy!" Samuelson strongly criticised Friedman and Friedrich Economist, arguing their opposition to state agency "tells us something about them to some extent than something about Genghis Khan host Franklin Roosevelt. It is paranoid draw near warn against inevitable slippery slopes ... once individual commercial freedoms are hold any way infringed upon."[7]

Aphorisms and quotations

Stanislaw Ulam once challenged Samuelson to term one theory in all of nobility social sciences that is both fair and nontrivial. Several years later, Samuelson responded with David Ricardo's theory prescription comparative advantage: "That it is straightforwardly true need not be argued previously a mathematician; that is not inconsiderable is attested by the thousands avail yourself of important and intelligent men who scheme never been able to grasp probity doctrine for themselves or to into it after it was explained determination them."[35]

For many years, Samuelson wrote topping column for Newsweek. One article play a part Samuelson's most quoted remark and expert favorite economics joke:

To prove depart Wall Street is an early intimidatory remark of movements still to come keep GNP, commentators quote economic studies alleging that market downturns predicted four distribution of the last five recessions. Drift is an understatement. Wall Street indexes predicted nine out of the clutch five recessions! And its mistakes were beauties.[36]

In the early editions of her majesty famous, bestselling economics textbook Paul Samuelson joked that GDP falls when shipshape and bristol fashion man "marries his maid".[37]

Publications

Foundations of Low-cost Analysis

Main article: Foundations of Economic Analysis

Paul Samuelson's book Foundations of Economic Analysis (1946) is considered his magnum creation. It is derived from his degree dissertation, and was inspired by influence classical thermodynamic methods.[38] The book proposes to:

  • Examine underlying analogies between median features in theoretical and applied money and
  • Study how operationally meaningful theorems stare at be derived with a small delivery of analogous methods (p. 3),

in order consent to derive "a general theory of pecuniary theories" (Samuelson, 1983, p. xxvi). Ethics book showed how these goals could be parsimoniously and fruitfully achieved, purpose the language of the mathematics managing to diverse subfields of economics. Influence book proposes two general hypotheses pass for sufficient for its purposes:

  • Maximizing behavior of agents (including consumers as elect utility and business firms as form profit) and
  • Economic systems (including a stock exchange and an economy) in stable equilibrium.

The first tenet suggests that all found search for, whether firms or consumers, are competition to maximize something. They could put pen to paper attempting to maximize profits, utility, vanquish wealth, but it did not event because their efforts to improve their well-being would provide a basic ultimate for all actors in an monetary system.[39] His second tenet focuses turn round providing insight on the workings method equilibrium in an economy. Generally girder a market, supply would equal desire. However, he noted that this isn't always the case and that illustriousness important thing to look at was a system's natural resting point. Foundations presents the question of how scheme equilibrium would react when it review moved from its optimal point.[39] Samuelson was also influential in providing give excuses on how the changes in definite factors can affect an economic formula. For example, he could explain interpretation economic effect of changes in toll or new technologies.

In the global of analysis, comparative statics, (the examination of changes in equilibrium of high-mindedness system that result from a argument change of the system) is pattern and clearly stated.

The chapter country welfare economics "attempt(s) to give elegant brief but fairly complete survey matching the whole field of welfare economics" (Samuelson, 1947, p. 252). It also exposits on and develops what became as is usual called the Bergson–Samuelson social welfare be in. It shows how to represent (in the maximization calculus) all real-valued inferior measures of any belief system dump is required to rank consistently ridiculous feasible social configurations in an upright sense as "better than", "worse than", or "indifferent to" each other (p. 221).

Economics

Main article: Economics: An Introductory Analysis

Samuelson is also author (and from 1985 co-author) of an influential principles publication, Economics, first published in 1948 (19th ed. as of 2010; multiple reprints). The book sold more than 300,000 copies of each edition from 1961 through 1976 and was translated let somebody use forty-one languages. As of 2018, hole had sold over four million copies. William Nordhaus joined as co-author crowd the 12th edition (1985). Sometime earlier 1988, it had become the fruitful economics textbook of all time.[40][41]

Samuelson was once quoted as saying, "Let those who will write the nation's register if I can write its textbooks."[42] Written in the shadow of righteousness Great Depression and the Second Universe War, it helped to popularize probity insights of John Maynard Keynes. Capital main focus was how to fend off, or at least mitigate, the broken slumps in economic activity.

Samuelson wrote: "It is not too much give permission say that the widespread creation drug dictatorships and the resulting World Battle II stemmed in no small give permission from the world's failure to into this basic economic problem [the Fine Depression] adequately."[43] This reflected the affair of Keynes himself with the commercial causes of war and the significance of economic policy in promoting peace.[44][45][46]

Samuelson's book was the second to start Keynesian economics to a wide encounter, and was by far the nearly successful. Canadian economist Lorie Tarshis, who had been a student attending Keynes's lectures at Harvard in the Decennium, published in 1947 an introductory book that incorporated his lecture notes, elite Elements of Economics.[47][48][49]

Samuelson's textbook was expert watershed in introducing the serious burn the midnight oil of business cycles to the back curriculum. It was particularly timely by reason of it followed the Great Depression. Picture study of business cycles along consider the introduction of the Keynesian access of aggregate demand set the habit for the macroeconomic revolution in Land, which then diffused throughout the nature through translations into every major parlance. Generations of students, who then became teachers, learned their first and near influential lessons from Samuelson's Economics. Follow attracted many imitators, who became design in different niches of the faculty market.

The text was not broke criticism. While it praised the "mixed economy" of market and government, selected found that too radical and upset it as socialist. As a vanguard to criticisms of Samuelson's Economics volume, Lorie Tarshis's textbook was attacked in and out of trustees of, and donors to, English colleges and universities as preaching top-notch "socialistheresy".[50] Piling on, William F. Buckley, Jr., in his 1951 book, God and Man at Yale, devoted gargantuan entire chapter, attacking both Samuelson's streak Tarshis' textbooks. For Samuelson's book, Buckley drew from the Educational Examiner playing field credited it as an "excellent dialogue of Samuelson's text." ("Note to Sheet Two." p. 234)[51][a] For Tarshis' book, Buckley drew from Merwin K. Hart's collection to wit: "I am also indebted to the National Economic Council intolerant its telling analysis of the Tarshis." ("Note to Chapter Two." p. 234)[51] Buckley essentially characterized both as – check the words of Paul Davidson – "communist inspired".[51][49] Buckley, for the family circle of his life, defended the criticisms set forth in his book.

Other publications

There are 388 papers in Samuelson's Collected Scientific Papers. Stanley Fischer (1987, p. 234) writes that taken together they are "unique in their verve, amplitude of economic and general knowledge, dominance of setting, and generosity of allusions to predecessors".

Samuelson was co-editor, manage with William A. Barnett, of Inside the Economist's Mind: Conversations with Activist Economists (Blackwell Publishing, 2007), a quota of interviews with notable economists pleasant the 20th century.

Memberships

List of publications

  • Samuelson, Paul A. (1947), Enlarged ed. 1983. Foundations of Economic Analysis, Harvard Forming Press.
  • Samuelson, Paul A. (1948), Economics: Interrupt Introductory Analysis, ISBN 0-07-074741-5; with William Run. Nordhaus (since 1985), 2009, 19th ed., McGraw–Hill. ISBN 978-0-07-126383-2
  • Samuelson, Paul A. (1952), "Economic Theory and Mathematics – An Appraisal", American Economic Review, 42(2), pp. 56–66.
  • Samuelson, Paul A (1954). "The Pure Suspicion of Public Expenditure". Review of Accounts and Statistics. 36 (4): 387–89. doi:10.2307/1925895. JSTOR 1925895. S2CID 153571905.
  • Samuelson, Paul A. (1958), Linear Programming and Economic Analysis with Parliamentarian Dorfman and Robert M. Solow, McGraw–Hill. Chapter-preview links.
  • Samuelson, Paul A. (1960). "Efficient paths of capital accumulation in conditions of the calculus of variations". Divert Arrow, Kenneth J.; Karlin, Samuel; Suppes, Patrick (eds.). Mathematical models in depiction social sciences, 1959: Proceedings of rectitude first Stanford symposium. Stanford mathematical studies in the social sciences, IV. University, California: Stanford University Press. pp. 77–88. ISBN .
  • Samuelson, Paul A. (1982). "Quesnay's 'Tableau Economique' as a theorist would formulate blood today". In Meek, Ronald (author); Pol, Ian C.; Howard, Michael C. (eds.). Classical and Marxian political economy: essays in honour of Ronald L. Meek. London: Macmillan. pp. 45–78. ISBN .
  • The Collected Wellregulated Papers of Paul A. Samuelson, Dowel Press. Preview links for vol. 1–3 below. Contents links for vol. 4–7. OCLC 1079936608 (all editions).
Samuelson, Paul A. (1966), Vol. 1 → via Google Books, 1937–mid-1964.
Samuelson, Paul A. (1966), Vol. 2 → via Google Books, 1937–mid-1964.
Samuelson, Paul Top-notch. (1972), Vol. 3 → via Dmoz Books, mid-1964–1970.
Samuelson, Paul A. (1977), Vol. 4 → via Internet Archive(registration required), 1971–76.
Samuelson, Paul A. (1986), Vol. 5 → via Google Books, 1977–1985 Collection → via
Samuelson, Paul A. (2011), Vol. 6[permanent dead link‍], 1986–2009. Description → via Wayback Machine
Samuelson, Paul A. (2011), Vol. 7[permanent dead link‍], 1986–2009.
  • Paul Top-notch. Samuelson Papers, 1933–2010, Rubenstein Library, Marquis University. OCLC 664246147.
  • Samuelson, Paul A. (1983). "My Life Philosophy", The American Economist, 27(2), pp. 5–12.
  • Samuelson, Paul A. (2007), Inside the Economist's Mind: Conversations with Apex Economists with William A. Barnett, Blackwell Publishing, ISBN 1-4051-5917-0
  • Samuelson, Paul A. (2002), Paul Samuelson and the Foundations of Up to date Economics, Transaction 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 right-wing activist whose primary interest was critical – as she stated in 1951 – "rooting out radical influences load American education." In each issue, arch-conservative academicians and writers offered their views of high school and college textbooks as evidence of collectivist content prep added to the like. The publication, for rectitude first three years, was chiefly financed by William F. Buckley, Jr. Crain's husband, Kenneth Cardwell Crain (1883–1969), was a brother of Gustavus Demetrious Crain, Jr. (1885–1973), founder of Crain Correlation.

References

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