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Paul Samuelson

Paul Samuelson
Samuelson between 1970 and 1975
Born
Paul Anthony Samuelson

(1915-05-15)May 15, 1915
Gary, Indiana, U.S.
DiedDecember 13, 2009(2009-12-13) (aged 94)
Belmont, Massachusetts, U.S.
EducationUniversity of Chicago (BA)
Harvard University (MA, PhD)
Spouses
Marion Crawford
​
​
(m. 1938; died 1978)​
[4]
Risha Clay
​
(m. 1981)​
[5]
Academic career
FieldMacroeconomics
InstitutionMassachusetts Institute of Technology
School or
tradition		Neo-Keynesian economics
Doctoral
advisor		Joseph Schumpeter
Wassily Leontief
Doctoral
students		Lawrence Klein[1][2]
Robert C. Merton[3]
InfluencesKeynes • Schumpeter • Leontief • Haberler • Hansen • Wilson • Wicksell • Lindahl
ContributionsNeoclassical synthesis
Mathematical economics
Economic methodology
Revealed preference
International trade
Economic growth
Public goods
AwardsJohn Bates Clark Medal (1947)
Nobel Memorial Prize in Economic Sciences (1970)
National Medal of Science (1996)
Information at IDEAS / RePEc
Signature
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Paul Anthony Samuelson (May 15, 1915 – December 13, 2009) was an American economist who was the first American to win the Nobel Memorial Prize in Economic Sciences. When awarding the prize in 1970, the Swedish Royal Academies stated that he "has done more than any other contemporary economist to raise the level of scientific analysis in economic theory".[6]

Samuelson was one of the most influential economists of the latter half of the 20th century.[7][8] In 1996, when he was awarded the National Medal of Science.[6] Samuelson considered mathematics to be the "natural language" for economists and contributed significantly to the mathematical foundations of economics with his book Foundations of Economic Analysis.[9] He was author of the best-selling economics textbook of all time: Economics: An Introductory Analysis, first published in 1948.[10] It was the second American textbook that attempted to explain the principles of Keynesian economics.

Samuelson served as an advisor to President John F. Kennedy and President Lyndon B. Johnson, and was a consultant to the United States Treasury, the Bureau of the Budget and the President's Council of Economic Advisers. Samuelson wrote a weekly column for Newsweek magazine along with Chicago School economist Milton Friedman, where they represented opposing sides: Samuelson, as a self described "Cafeteria Keynesian",[7] claimed taking the Keynesian perspective but only accepting what he felt was good in it.[7] By contrast, Friedman represented the monetarist perspective.[11] Together with Henry Wallich, their 1967 columns earned the magazine a Gerald Loeb Special Award in 1968.[12]

  1. ^ Business Cycles and Depressions: An Encyclopedia, p. 361, at Google Books
  2. ^ De Vroey, Michel; Malgrange, Pierre (2012). "From The Keynesian Revolution to the Klein–Goldberger model: Klein and the Dynamization of Keynesian Theory". History of Economic Ideas. 20 (2): 113–36.
  3. ^ Cite error: The named reference Merton 1970 was invoked but never defined (see the help page).
  4. ^ "Marion Crawford Samuelson". The New York Times. February 15, 1978. Retrieved October 1, 2023.
  5. ^ "Risha Clay Samuelson: Obituary". The Boston Globe. June 4, 2019.
  6. ^ a b Frost, Greg (December 13, 2009). "Nobel-winning economist Paul A. Samuelson dies at age 94". MIT News. "In a career that spanned seven decades, he transformed his field, influenced millions of students and turned MIT into an economics powerhouse"
  7. ^ a b c "Paul Samuelson: The last of the great general economists died on December 13th, aged 94", The Economist, December 17, 2009
  8. ^ Dixit, Avinash (September 1, 2012). "Paul Samuelson's Legacy". Annual Review of Economics. 4 (1): 1–31. doi:10.1146/annurev-economics-080511-110957. ISSN 1941-1383.
  9. ^ Solow, Robert (2010). "On Paul Samuelson". Challenge. 53 (2): 113–116. doi:10.2753/0577-5132530207. S2CID 155020549.
  10. ^ Skousken, Mark (Spring 1997). "The Perseverance of Paul Samuelson's Economics". Journal of Economic Perspectives. 11 (2): 137–152. doi:10.1257/jep.11.2.137.
  11. ^ Szenberg, Michael; Gottesman, Aron A.; Ramrattan, lall (2005). Paul Samuelson: On Being an Economist. New York: Jorge Pinto Books. p. 18. ISBN 978-0-9742615-3-9.
  12. ^ Cite error: The named reference Devaney 1968 May 22 was invoked but never defined (see the help page).

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