Paul A. Samuelson
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Paul A. Samuelson, an American economist, was awarded the 1970 Nobel Prize in economics for providing a mathematical foundation on which the modern discipline has developed. He is also the author of the best selling textbook, Economics: An Introductory Analysis, published in 1948, which has sold more than a million copies and has been translated into French, German, Italian, Hungarian, Polish, Korean, Portuguese, Spanish and Arabic.
Paul A. Samuelson, an American economist, was awarded the 1970 Nobel Prize in economics for providing a mathematical foundation on which the modern discipline has developed. He is also the author of the best selling textbook, Economics: An Introductory Analysis, published in 1948, which has sold more than a million copies and has been translated into French, German, Italian, Hungarian, Polish, Korean, Portuguese, Spanish and Arabic.
Paul A. Sameulson is considered one of the most prolific writers of economics and finance. More than any other economist, Samuelson raised the level of mathematical analysis in his profession and before his articles gained public prominence, economics was understood mostly in verbal explanations and diagrammatic analysis.
His contribution towards Microeconomics is also noteworthy. He propounded the theory of revealed preference. His seminal works on the question of utility measurement and correspondence principle through which he applied comparative static and dynamics in maintaining general equilibrium. He also introduced the “Bergson-Samuelson Social Welfare Functions” in 1956 as well as responsible for harnessing goods into neoclassical theory. Samuelson introduced the modern production theory. He is instrumental in creating the envelope theorem and the full characterization of the cost function. He has also made valuable contributions to the theory of technical progress and the theory of capital. He gave a remarkable demonstration on the “Non-Substitution” theorem. He also played the role of main adversary in the Cambridge Capital Controversy” introducing the “surrogate” production function.
His contribution towards international trade also counts a lot. He resolved the persistent problem of “transfer”, Marxian transformation problem and also other issues in Classical Economics.
In the arena of macroeconomics his list of contribution is quite long. He introduced the multiplier-accelerator macrodynamic model, his presentation of Phillips Curve is also famous. He popularized Allias’ “overlapping generations” model, which had been applied successfully over the years. His theories on diversification and lifetime portfolio are also well known.
Paul A. Samuelson was born into a Jewish family in Gary, Indiana in 1915. Samuelson received his Bachelor of Arts and Master of Arts from the University of Chicago in 1935 and 1936 respectively. In 1941, he graduated from Havard University with a Doctor of Philosophy. He was also a Social Science Research Council predoctoral fellow from 1935-37, a member of the Society of Fellows, Harvard University from 1937-40, and a Ford Foundation Research Fellow from 1958-59. For his contributions, he received honorary Doctor of Law degrees from the University of Chicago and Oberlin College in 1961, and from Indiana University and East Anglia University in 1966.
Samuelson was awarded with the Nobel Prize in economics in 1970, David A. Wells Prize by Harvard University in 1941, and the John Bates Clark Medel by the American Economic Association in 1947 as the living economist under 40 “who has made the most distinguished contribution to the main body of economic thought and knowledge.”
Major Publications by Paul A. Samuelson
Books by Paul A. Samuelson
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