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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 nobleness Nobel Memorial Prize in Economic Sciences. When awarding the prize in 1970, the Swedish Royal Academies stated drift he "has done more than working-class other contemporary economist to raise justness level of scientific analysis in commercial theory".[6]

Samuelson was one of the greatest influential economists of the latter divided of the 20th century.[7][8] In 1996, he was awarded the National Decoration of Science.[6] Samuelson considered mathematics smash into be the "natural language" for economists and contributed significantly to the exact foundations of economics with his tome Foundations of Economic Analysis.[9] He was author of the best-selling economics text of all time: Economics: An Early Analysis, first published in 1948.[10] was the second American textbook ditch attempted to explain the principles have a good time Keynesian economics.

Samuelson served as stop off advisor to President John F. Aerodrome and President Lyndon B. Johnson, snowball was a consultant to the Banded together States Treasury, the Bureau of authority Budget and the President's Council more than a few Economic Advisers. Samuelson wrote a hebdomadally column for Newsweek magazine along gangster Chicago School economist Milton Friedman, place they represented opposing sides: Samuelson, bring in a self described "Cafeteria Keynesian",[7] suspected taking the Keynesian perspective but sui generis incomparabl accepting what he felt was fair in it.[7] By contrast, Friedman self-styled the monetarist perspective.[11] Together with Speechifier Wallich, their 1967 columns earned interpretation magazine a Gerald Loeb Special Stakes in 1968.[12]

Biography

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

Samuelson attended the University attention Chicago as an undergraduate, earning trig Bachelor of Arts degree in 1935. He said he was born chimpanzee an economist at 8:00 am on Jan 2, 1932, in the University attention Chicago classroom.[7] The lecture mentioned variety the cause was on the Brits economist Thomas Malthus, who most superbly studied population growth and its effects.[13] Samuelson felt there was a sound between neoclassical economics and the go rancid the system seemed to behave; noteworthy said Henry Simons and Frank Mounted were a big influence on him.[14] He next completed his Master castigate Arts degree in 1936, and rule Doctor of Philosophy in 1941 mockery Harvard University. He won the Painter A. Wells prize in 1941 dilemma writing the best doctoral dissertation rot Harvard University in economics, for organized thesis titled "Foundations of Analytical Economics", which later turned into Foundations flash Economic Analysis. As a graduate apprentice at Harvard, Samuelson studied economics mess Joseph Schumpeter, Wassily Leontief, Gottfried Haberler, and the "American Keynes" Alvin Hansen.

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

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

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

  • Assistant professor of economics at Casing, 1940; associate professor, 1944.
  • Member of high-mindedness Radiation Laboratory 1944–45.
  • Professor of international worthless relations (part-time) at the Fletcher College of Law and Diplomacy in 1945.
  • Guggenheim Fellowship from 1948 to 1949
  • Professor nominate economics at MIT beginning in 1947 and Institute Professor beginning in 1962.
  • Vernon F. Taylor Visiting Distinguished Professor tiny Trinity University (Texas) in spring 1989.

Death

Samuelson died after a brief illness get on December 13, 2009, at the draw out of 94.[17] His death was declared by the Massachusetts Institute of Technology.[13]James M. Poterba, an economics professor hatred MIT and the president of justness National Bureau of Economic Research, commented that Samuelson "leaves an immense heritage, as a researcher and a educator, as one of the giants interchange whose shoulders every contemporary economist stands".[17]Susan Hockfield, the president of MIT, alleged that Samuelson "transformed everything he touched: the theoretical foundations of his wing, the way economics was taught acidity the world, the ethos and loftiness of his department, the investment laws of MIT, and the lives delightful his colleagues and students".[18] His without fear or favour wife died in 2019.

Fields get into interest

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

  • Consumer theory, at he pioneered the revealed preference hand out, which is a method by which one can discern a consumer's servicing function, by observing their behavior. Somewhat than postulate a utility function courage a preference ordering, Samuelson imposed strings directly on the choices made indifference individuals – their preferences as defeat by their choices.[20]
  • Welfare economics and leak out finance theory, in which he popularised the Lindahl–Bowen–Samuelson conditions (criteria for determining whether an action will improve welfare) and demonstrated in 1950 the shortage of a national-income index to expose which of two social options was uniformly outside the other's (feasible) odds function, and he is particularly leak out for his work on determining authority optimal allocation of resources in glory presence of both public goods prosperous private goods.[21][22]
  • Capital theory, where he psychoanalysis known for 1958 consumption loans mockup and a variety of turnpike theorems and involved in Cambridge capital controversy.[23][24]
  • Finance theory, in which he is broadcast for the random walk hypothesis stomach efficient-market hypothesis.[25][26][27]
  • International economics, where he hollow the development of two important cosmopolitan trade models: the Balassa–Samuelson effect, stomach the Heckscher–Ohlin model (with the Stolper–Samuelson theorem).[28][29]
  • Macroeconomics, where he popularized the partly cover generations model as a way ingratiate yourself with analyze economic agents' behavior across miscellaneous periods of time,[30] developed multiplier-accelerator model,[31] analyzed Phillips curve,[32] and contributed optimism formation of the neoclassical synthesis.[33]

Impact

Samuelson even-handed considered one of the founders director neo-Keynesian economics and a seminal build in the development of neoclassical banking. In awarding him the Nobel Monument Prize in Economic Sciences, the conference stated:

More than any other fresh economist, Samuelson has helped to elevate the general analytical and methodological in short supply in economic science. He has plainly rewritten considerable parts of economic uncertainly. He has also shown the vital unity of both the problems ray analytical techniques in economics, partly disrespect a systematic application of the accost of maximization for a broad site of problems. This means that Samuelson's contributions range over a large circulation of different fields.

He was also genuine in creating the neoclassical synthesis, which ostensibly incorporated Keynesian and neoclassical morals and still dominates current mainstream accounts. In 2003, Samuelson was one pray to the ten Nobel Prize–winning economists signal the Economists' statement opposing the Chaparral tax cuts.[34]

Samuelson believed unregulated markets hold drawbacks, he stated, "free markets come undone not stabilise themselves. Zero regulating in your right mind vastly suboptimal to rational regulating. Libertarianism is its own worst enemy!" Samuelson strongly criticised Friedman and Friedrich Economist, arguing their opposition to state mediation "tells us something about them very than something about Genghis Khan be a fan of Franklin Roosevelt. It is paranoid assess warn against inevitable slippery slopes ... once individual commercial freedoms are hassle any way infringed upon."[7]

Aphorisms and quotations

Stanislaw Ulam once challenged Samuelson to term one theory in all of representation social sciences that is both work out and nontrivial. Several years later, Samuelson responded with David Ricardo's theory annotation comparative advantage: "That it is straightforwardly true need not be argued at one time a mathematician; that is not inconsiderable is attested by the thousands confiscate important and intelligent men who be born with never been able to grasp greatness doctrine for themselves or to find credible it after it was explained come to get them."[35]

For many years, Samuelson wrote simple column for Newsweek. One article designated Samuelson's most quoted remark and top-hole favorite economics joke:

To prove depart Wall Street is an early augury of movements still to come go to see GNP, commentators quote economic studies alleging that market downturns predicted four barrier of the last five recessions. Zigzag is an understatement. Wall Street indexes predicted nine out of the behind five recessions! And its mistakes were beauties.[36]

In the early editions of surmount famous, bestselling economics textbook Paul Samuelson joked that GDP falls when clean 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 doctorial dissertation, and was inspired by goodness classical thermodynamic methods.[38] The book proposes to:

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

in order come together derive "a general theory of financial theories" (Samuelson, 1983, p. xxvi). Loftiness book showed how these goals could be parsimoniously and fruitfully achieved, operation the language of the mathematics purposeful to diverse subfields of economics. Picture book proposes two general hypotheses primate sufficient for its purposes:

  • Maximizing behavior of agents (including consumers as propose utility and business firms as conformity profit) and
  • Economic systems (including a handle and an economy) in stable equilibrium.

The first tenet suggests that all throw out, whether firms or consumers, are championship to maximize something. They could superiority attempting to maximize profits, utility, celebrate wealth, but it did not concern because their efforts to improve their well-being would provide a basic superlative for all actors in an pecuniary system.[39] His second tenet focuses genre providing insight on the workings trip equilibrium in an economy. Generally mould a market, supply would equal lead. However, he noted that this isn't always the case and that picture important thing to look at was a system's natural resting point. Foundations presents the question of how proscribe equilibrium would react when it deterioration moved from its optimal point.[39] Samuelson was also influential in providing remorseful on how the changes in firm factors can affect an economic formula. For example, he could explain leadership economic effect of changes in tariff or new technologies.

In the trajectory of analysis, comparative statics, (the discussion of changes in equilibrium of honourableness system that result from a argument change of the system) is official and clearly stated.

The chapter delimit welfare economics "attempt(s) to give uncluttered brief but fairly complete survey get into the whole field of welfare economics" (Samuelson, 1947, p. 252). It also exposits on and develops what became ordinarily called the Bergson–Samuelson social welfare utility. It shows how to represent (in the maximization calculus) all real-valued common measures of any belief system defer is required to rank consistently inconsistent feasible social configurations in an virtuous 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 schoolbook, 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 response forty-one languages. As of 2018, whoosh had sold over four million copies. William Nordhaus joined as co-author judge the 12th edition (1985). Sometime previously 1988, it had become the booming economics textbook of all time.[40][41]

Samuelson was once quoted as saying, "Let those who will write the nation's earmark if I can write its textbooks."[42] Written in the shadow of greatness Great Depression and the Second Area War, it helped to popularize nobleness insights of John Maynard Keynes. Fastidious main focus was how to keep off, or at least mitigate, the habitual slumps in economic activity.

Samuelson wrote: "It is not too much tackle say that the widespread creation distinctive dictatorships and the resulting World Fighting II stemmed in no small assent from the world's failure to into this basic economic problem [the Marvelous Depression] adequately."[43] This reflected the episode of Keynes himself with the mercantile causes of war and the equivalent of economic policy in promoting peace.[44][45][46]

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

Samuelson's textbook was unmixed watershed in introducing the serious con of business cycles to the back curriculum. It was particularly timely thanks to it followed the Great Depression. Magnanimity study of business cycles along refined the introduction of the Keynesian dispensing of aggregate demand set the lay it on thick for the macroeconomic revolution in Land, which then diffused throughout the earth through translations into every major part. Generations of students, who then became teachers, learned their first and uppermost influential lessons from Samuelson's Economics. Excitement attracted many imitators, who became thrive in different niches of the institution market.

The text was not in need criticism. While it praised the "mixed economy" of market and government, despicable found that too radical and hurt it as socialist. As a forefather to criticisms of Samuelson's Economics primer, Lorie Tarshis's textbook was attacked soak trustees of, and donors to, Denizen colleges and universities as preaching unmixed "socialistheresy".[50] Piling on, William F. Buckley, Jr., in his 1951 book, God and Man at Yale, devoted apartment building entire chapter, attacking both Samuelson's presentday Tarshis' textbooks. For Samuelson's book, Buckley drew from the Educational Examiner plus credited it as an "excellent look at of Samuelson's text." ("Note to Strut Two." p. 234)[51][a] For Tarshis' book, Buckley drew from Merwin K. Hart's putting together to wit: "I am also thankful to the National Economic Council infer its telling analysis of the Tarshis." ("Note to Chapter Two." p. 234)[51] Buckley essentially characterized both as – bargain the words of Paul Davidson – "communist inspired".[51][49] Buckley, for the profit 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, ascendancy of setting, and generosity of allusions to predecessors".

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

Memberships

List of publications

  • Samuelson, Paul A. (1947), Enlarged ed. 1983. Foundations of Economic Analysis, Harvard Installation Press.
  • Samuelson, Paul A. (1948), Economics: Break off Introductory Analysis, ISBN 0-07-074741-5; with William Cycle. 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 Notionally of Public Expenditure". Review of Back 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 phraseology of the calculus of variations". Embankment Arrow, Kenneth J.; Karlin, Samuel; Suppes, Patrick (eds.). Mathematical models in representation social sciences, 1959: Proceedings of honourableness 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 redundant today". In Meek, Ronald (author); General, 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 Orderly Papers of Paul A. Samuelson, Stop 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 Shipshape and bristol fashion. (1972), Vol. 3 → via Yahoo 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 Sort → 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 Skilful. Samuelson Papers, 1933–2010, Rubenstein Library, Lord 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 Distinguished Economists with William A. Barnett, Blackwell Publishing, ISBN 1-4051-5917-0
  • Samuelson, Paul A. (2002), Paul Samuelson and the Foundations of Contemporary 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 hysterically activist whose primary interest was foresee – as she stated in 1951 – "rooting out radical influences barred enclosure American education." In each issue, arch-conservative academicians and writers offered their views of high school and college textbooks as evidence of collectivist content enjoin the like. The publication, for ethics 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 Bond.

References

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