Paul Samuelson

Paul Samuelson
Paul Samuelson
	Samuelson circa 1970-1975
Born	Paul Anthony Samuelson; May 15, 1915; Gary, Indiana, U.S.
Died	December 13, 2009 (aged 94); Belmont, Massachusetts, U.S.
Institution	Massachusetts Institute of Technology
Field	Macroeconomics
School or; tradition	Neo-Keynesian economics
Alma mater	University of Chicago (B.A.); Harvard University (A.M., 1936), (Ph.D., 1941)
Doctoral; advisor	Joseph Schumpeter; Wassily Leontief
Doctoral; students	Robert Solow, Lawrence Klein[1][2]; Robert C. Merton[3]
Influences	Keynes • Schumpeter • Leontief • Haberler • Hansen • Wilson • Wicksell • Lindahl
Contributions	Neoclassical synthesis; Mathematical economics; Economic methodology; Revealed preference; International trade; Economic growth; Public goods
Awards	John Bates Clark Medal (1947); Nobel Memorial Prize in Economic Sciences (1970); National Medal of Science (1996)
	Information at IDEAS / RePEc

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".[4] Economic historian Randall E. Parker has called him the "Father of Modern Economics",[5] and The New York Times considers him to be the "foremost academic economist of the 20th century".[6]

Samuelson was likely the most influential economist of the later half of the 20th century.[7] In 1996, when he was awarded the National Medal of Science, considered to be America's top science-honor, President Bill Clinton commended Samuelson for his "fundamental contributions to economic science" for over 60 years.[4] 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.[8] He was author of the best-selling economics textbook of all time: Economics: An Introductory Analysis, first published in 1948.[9] It was the second American textbook that attempted to explain the principles of Keynesian economics. It is now in its 19th edition, having sold nearly 4 million copies in 40 languages.[10] James Poterba, former head of MIT's Department of Economics, noted that by his book, Samuelson "leaves an immense legacy, as a researcher and a teacher, as one of the giants on whose shoulders every contemporary economist stands".[4]

He entered the University of Chicago at age 16, during the depths of the Great Depression, and received his PhD in economics from Harvard. After graduating, he became an assistant professor of economics at Massachusetts Institute of Technology (MIT) when he was 25 years of age and a full professor at age 32. In 1966, he was named Institute Professor, MIT's highest faculty honor.[4] He spent his career at MIT, where he was instrumental in turning its Department of Economics into a world-renowned institution by attracting other noted economists to join the faculty, including later winners of the Nobel Prize Robert Solow, Franco Modigliani, Robert C. Merton, Joseph Stiglitz, and Paul Krugman.

He served as an advisor to Presidents John F. Kennedy and 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]

Samuelson worked in many theoretical fields, including: consumer theory; welfare economics; capital; finance, particularly the efficient-market hypothesis; public finance, particularly optimal allocation; international economics, particularly the Balassa–Samuelson effect and the Heckscher–Ohlin model; macroeconomics, particularly the overlapping generations model; and market economics.

Biography

Samuelson in 1997

Samuelson was born in Gary, Indiana, on May 15, 1915, to Frank Samuelson, a pharmacist, and Ella née Lipton. His family, he later said, was "made up of upwardly mobile Jewish immigrants from Poland who had prospered considerably in World War I, because Gary was a brand new steel-town when my family went there".[6] In 1923, Samuelson moved to Chicago where he graduated from Hyde Park High School (now Hyde Park Career Academy). He then studied at the University of Chicago and received his Bachelor of Arts degree there in 1935. He said he was born as an economist, at 8.00am on January 2, 1932, in the University of Chicago classroom.[7] The lecture mentioned as the cause was on the British economist Thomas Malthus, who most famously studied population growth and its effects.[6] Samuelson felt there was a dissonance between neoclassical economics and the way the system seemed to behave; he said Henry Simons and Frank Knight were a big influence on him.[5] He next completed his Master of Arts degree in 1936, and his Doctor of Philosophy in 1941 at Harvard University. He won the David A. Wells prize in 1941 for writing the best doctoral dissertation at Harvard University in economics, for a thesis titled "Foundations of Analytical Economics", which later turned into Foundations of Economic Analysis. As a graduate student at Harvard, Samuelson studied economics under Joseph Schumpeter, Wassily Leontief, Gottfried Haberler, and the "American Keynes" Alvin Hansen. Samuelson moved to MIT as an assistant professor in 1940 and remained there until his death.[13]

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

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

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

Death

Samuelson died after a brief illness on December 13, 2009, at the age of 94.[14] His death was announced by the Massachusetts Institute of Technology.[6] James M. Poterba, an economics professor at MIT and the president of the National Bureau of Economic Research, commented that Samuelson "leaves an immense legacy, as a researcher and a teacher, as one of the giants on whose shoulders every contemporary economist stands".[14] Susan Hockfield, the president of MIT, said that Samuelson "transformed everything he touched: the theoretical foundations of his field, the way economics was taught around the world, the ethos and stature of his department, the investment practices of MIT, and the lives of his colleagues and students".[15]

Fields of interest

As professor of economics at the Massachusetts Institute of Technology, Samuelson worked in many fields, including:

Consumer theory, where he pioneered the revealed preference approach, which is a method by which one can discern a consumer's utility function, by observing their behavior. Rather than postulate a utility function or a preference ordering, Samuelson imposed conditions directly on the choices made by individuals – their preferences as revealed by their choices.
Welfare economics, in which he popularised the Lindahl–Bowen–Samuelson conditions (criteria for deciding whether an action will improve welfare) and demonstrated in 1950 the insufficiency of a national-income index to reveal which of two social options was uniformly outside the other's (feasible) possibility function (Collected Scientific Papers, v. 2, ch. 77; Fischer, 1987, p. 236).
Capital theory, where he is known for 1958 consumption loans model and a variety of turnpike theorems and involved in Cambridge capital controversy.
Finance theory, in which he is known for the efficient-market hypothesis.
Public finance theory, in which he is particularly known for his work on determining the optimal allocation of resources in the presence of both public goods and private goods.
International economics, where he influenced the development of two important international trade models: the Balassa–Samuelson effect, and the Heckscher–Ohlin model (with the Stolper–Samuelson theorem).
Macroeconomics, where he popularized the overlapping generations model as a way to analyze economic agents' behavior across multiple periods of time (Collected Scientific Papers, v. 1, ch. 21) and contributed to formation of the neoclassical synthesis.
Market economics: Samuelson believed unregulated markets have drawbacks, he stated, "free markets do not stabilise themselves. Zero regulating is vastly suboptimal to rational regulating. Libertarianism is its own worst enemy!" Samuelson strongly criticised Friedman and Friedrich Hayek, arguing their opposition to state intervention "tells us something about them rather than something about Genghis Khan or Franklin Roosevelt. It is paranoid to warn against inevitable slippery slopes ... once individual commercial freedoms are in any way infringed upon."[7]

Impact

Samuelson is considered one of the founders of neo-Keynesian economics and a seminal figure in the development of neoclassical economics. In awarding him the Nobel Memorial Prize in Economic Sciences the committee stated:

More than any other contemporary economist, Samuelson has helped to raise the general analytical and methodological level in economic science. He has simply rewritten considerable parts of economic theory. He has also shown the fundamental unity of both the problems and analytical techniques in economics, partly by a systematic application of the methodology of maximization for a broad set of problems. This means that Samuelson's contributions range over a large number of different fields.

He was also essential in creating the neoclassical synthesis, which ostensibly incorporated Keynesian and neoclassical principles and still dominates current mainstream economics. In 2003, Samuelson was one of the ten Nobel Prize–winning economists signing the Economists' statement opposing the Bush tax cuts.[16]

Aphorisms and quotations

Stanislaw Ulam once challenged Samuelson to name one theory in all of the social sciences that is both true and nontrivial. Several years later, Samuelson responded with David Ricardo's theory of comparative advantage: "That it is logically true need not be argued before a mathematician; that is not trivial is attested by the thousands of important and intelligent men who have never been able to grasp the doctrine for themselves or to believe it after it was explained to them."[17]

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

To prove that Wall Street is an early omen of movements still to come in GNP, commentators quote economic studies alleging that market downturns predicted four out of the last five recessions. That is an understatement. Wall Street indexes predicted nine out of the last five recessions! And its mistakes were beauties.[18]

In the early editions of his famous, bestselling economics textbook Paul Samuelson joked that GDP falls when a man "marries his maid".[19]

Publications

The competitive price system adapted from Samuelson, 1961

Foundations of Economic Analysis

Paul Samuelson's book Foundations of Economic Analysis (1946) is considered his magnum opus. It is derived from his doctoral dissertation, and was inspired by the classical thermodynamic methods.[20] The book proposes to:

examine underlying analogies between central features in theoretical and applied economics and
study how operationally meaningful theorems can be derived with a small number of analogous methods (p. 3),

in order to derive "a general theory of economic theories" (Samuelson, 1983, p. xxvi). The book showed how these goals could be parsimoniously and fruitfully achieved, using the language of the mathematics applied to diverse subfields of economics. The book proposes two general hypotheses as sufficient for its purposes:

maximizing behavior of agents (including consumers as to utility and business firms as to profit) and
economic systems (including a market and an economy) in stable equilibrium.

In the first tenet, his views presented the idea that all actors, whether firms or consumers, are striving to maximize something. They could be attempting to maximize profits, utility, or wealth, but it did not matter because their efforts to improve their well-being would provide a basic model for all actors in an economic system.[21] His second tenet was focused on providing insight on the workings of equilibrium in an economy. Generally in a market, supply would equal demand. However, he urged that this might not be the case and that the important thing to look at was a system's natural resting point. Foundations presents the question of how an equilibrium would react when it is moved from its optimal point.[21] Samuelson was also influential in providing explanations on how the changes in certain factors can affect an economic system. For example, he could explain the economic effect of changes in taxes or new technologies.

In the course of analysis, comparative statics, (the analysis of changes in equilibrium of the system that result from a parameter change of the system) is formalized and clearly stated.

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

Economics

Samuelson is also author (and since 1985 co-author) of an influential principles textbook, 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 in the forty-one languages. As of 2018, it has sold over four million copies. William Nordhaus joined as co-author on the 12th edition (1985). Sometime before 1988, it had become the best-selling economics textbook of all time.[22][23][lower-alpha 1]

Samuelson was once quoted as saying, "Let those who will write the nation's laws if I can write its textbooks."[24] Written in the shadow of the Great Depression and the Second World War, it helped to popularize the insights of John Maynard Keynes. A main focus was how to avoid, or at least mitigate, the recurring slumps in economic activity.

Samuelson wrote: "It is not too much to say that the widespread creation of dictatorships and the resulting World War II stemmed in no small measure from the world's failure to meet this basic economic problem [the Great Depression] adequately."[25] This reflected the concern of Keynes himself with the economic causes of war and the importance of economic policy in promoting peace.[26][27][28]

Samuelson's book was the second to introduce Keynesian economics to a wide audience, and was by far the most successful. Canadian economist Lorie Tarshis, who had been a student attending Keynes's lectures at Harvard in the 1930s, published in 1947 an introductory textbook that incorporated his lecture notes, titled Elements of Economics.[29][30][31]

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, breadth of economic and general knowledge, mastery of setting, and generosity of allusions to predecessors".

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

Criticisms

Textbook influences in higher education

Samuelson's textbook was a watershed in introducing a serious study of business cycles in the economics curriculum. It was particularly timely because it followed the Great Depression, which had only ended because of the fiscal stimulus of World War II. The study of business cycles along with the introduction of the Keynesian approach of aggregate demand set the stage for the macroeconomic revolution in America, which then diffused throughout the world through translations into every major language. Generations of students, who then became teachers, learned their first and most 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 criticism. While it praised the "mixed economy" of market and government, some found that too radical and attacked it as socialist. As a precursor to criticisms of Samuelson's Economics textbook, Lorie Tarshis's textbook was attacked by trustees of, and donors to, American colleges and universities as preaching a "socialist heresy".[32] Piling on, William F. Buckley, Jr., in his 1951 book, God and Man at Yale, devoted an entire chapter, attacking both Samuelson's and Tarshis' textbooks. For Samuelson's book, Buckley drew from the Educational Examiner and credited it as an "excellent review of Samuelson's text." ("Note to Chapter Two." p. 234)[33][lower-alpha 2] For Tarshis' book, Buckley drew from Merwin K. Hart's organization to wit: "I am also grateful to the National Economic Council for its telling analysis of the Tarshis." ("Note to Chapter Two." p. 234)[33] Buckley essentially characterized both as – in the words of Paul Davidson – "communist inspired".[33][31] Buckley, for the rest of his life, defended the criticisms set forth in his book.

Economic growth of USSR

One criticism – of a concept that Samuelson added to his Economics textbook – was the comparison of USA growth rates with those of the USSR, which, according to the criticism, was inconsistent with historical GNP differences.[34] The textbook's 1967 edition (7th ed.) extrapolates (projects) the possibility of USSR/US real GNP parity between 1977 and 1995. Each subsequent edition extrapolates a date range further in the future until those graphs were dropped from the 1985 edition (12th ed.).[35]

Phillips Curve

Samuelson, together with Robert Solow, helped develop and popularize the mathematics of the Phillips Curve. The curve suggested that unemployment and inflation were inversely related; with the advent of stagflation in the 1970s some economists including Milton Friedman and Friedrich Hayek attacked the economics based on the Phillips Curve as questionable or mistaken.

Memberships

Member of the American Academy of Arts and Sciences, National Academy of Sciences, fellow of Royal Society of London
Fellow of the American Philosophical Society and the British Academy;
President (1965–68) of the International Economic Association
Member and past president (1961) of the American Economic Association
Member of the editorial board and past-president (1951) of the Econometric Society
Fellow, council member and past vice-president of the Royal Economic Society.
Member of Phi Beta Kappa.

List of publications

Samuelson, Paul A. (1947), Enlarged ed. 1983. Foundations of Economic Analysis, Harvard University Press.
Samuelson, Paul A. (1948), Economics: An Introductory Analysis, ISBN 0-07-074741-5; with William D. 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 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 with Robert Dorfman and Robert M. Solow, McGraw–Hill. Chapter-preview links.
Samuelson, Paul A. (1960). "Efficient paths of capital accumulation in terms of the calculus of variations". In Arrow, Kenneth J.; Karlin, Samuel; Suppes, Patrick (eds.). Mathematical models in the social sciences, 1959: Proceedings of the first Stanford symposium. Stanford mathematical studies in the social sciences, IV. Stanford, California: Stanford University Press. pp. 77–88. ISBN 9780804700214.
Samuelson, Paul A. (1982). "Quesnay's 'Tableau Economique' as a theorist would formulate it today". In 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. ISBN 9780333321997. {{cite book}}: |editor-first1= has generic name (help)
The Collected Scientific Papers of Paul A. Samuelson, MIT 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 A. (1972), Vol. 3 → via Google 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 Description → via

Samuelson, Paul A. (2011), Vol. 6, 1986–2009. Description → via Wayback Machine

Samuelson, Paul A. (2011), Vol. 7, 1986–2009.

Paul A. Samuelson Papers, 1933–2010, Rubenstein Library, Duke 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 Eminent Economists with William A. Barnett, Blackwell Publishing, ISBN 1-4051-5917-0
Samuelson, Paul A. (2002), Paul Samuelson and the Foundations of Modern Economics, Transaction Publishers, ISBN 978-0-76-580114-2
Samuelson, Paul A. (2004), Macroeconomics
Samuelson, Paul A. (2004), Microeconomics

Bibliography

Annotations

With regard to the Samuelson's textbook Economics being the best-seller of all time, other notable high-selling textbooks include:
1. Economics in One Lesson (1st ed. 1946), by Henry Hazlitt – more than a million sold.
2. Economics – Principles, Problems, and Policies (1st ed. 1960), has, at times, been a U.S. best-seller. Campbell Robertson "Mac" McConnell, PhD (1928–2019) was sole author until the 10th ed. Stanley Leonard Brue, PhD (born 1945) became co-author with the 11th ed. (1990). Sean Masaki Flynn, PhD (born 1973) became third co-author beginning with the 18th ed. (2009).
3. Principles of Economics, by Greg Mankiw is widely used to cover basics and macroeconomics
4. Hal Varian has published a couple widely textbooks for microeconomics.
The Educational Reviewer was founded in 1949 by Lucille Cardin Crain (née Marie Lucille Gabrielle Cardin; 1901–1983), a conservative activist whose primary interest was in – as she stated in 1951 – "rooting out radical influences in American education." In each issue, arch-conservative academicians and writers offered their views of high school and college textbooks as evidence of collectivist content and the like. The publication, for the first three years, was chiefly financed by William F. Buckley, Jr. Crain's, Kenneth Cardwell Crain (1883–1969), was a brother of Gustavus Demetrious Crain, Jr. (1885–1973), founder of Crain Communications.

References

Business Cycles and Depressions: An Encyclopedia, p. 361, at Google Books
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.
Merton, Robert C. (1970). Analytical Optimal Control Theory as Applied to Stochastic and Non-Stochastic Economics (PhD dissertation). Massachusetts Institute of Technology. hdl:1721.1/13875.
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"
Parker, Randall E. (2002). Reflections on the Great Depression. Cheltenham: Edward Elgar. p. 25. ISBN 978-1-84376-335-2.
Weinstein, Michael M. (December 13, 2009). "Paul A. Samuelson, Economist, Dies at 94". The New York Times. ISSN 0362-4331. Retrieved April 26, 2016.
"Paul Samuelson: The last of the great general economists died on December 13th, aged 94", The Economist, December 17, 2009
Solow, Robert (2010). "On Paul Samuelson". Challenge. 53 (2): 113–116. doi:10.2753/0577-5132530207. S2CID 155020549.
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.
"Year 107 – 1967: Economics: An Introductory Analysis by Paul A. Samuelson | 150 Years in the Stacks". libraries.mit.edu. Retrieved April 26, 2016.
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.
Devaney, James J. (May 22, 1968). "'Playboy', 'Monitor' Honored". Hartford Courant. Vol. 131, no. 143 (Final ed.). p. 36. Retrieved March 20, 2019 – via Newspapers.com.
Backhouse, R. E. (2014). "Paul A. Samuelson's Move to MIT". History of Political Economy. 46: 60. doi:10.1215/00182702-2716118.
"Nobel economics laureate Samuelson died at 94". Reuters. December 13, 2009.
"Economics revolutionary Paul Samuelson dies aged 94", The Daily Telegraph, December 14, 2009
"Economists' statement opposing the Bush tax cuts". April 3, 2003. Retrieved October 31, 2007.
Samuelson, Paul (1969). "The Way of an Economist". In Samuelson, P. A. (ed.). International Economic Relations: Proceedings of the Third Congress of the International Economic Association. London: Macmillan. pp. 1–11.
Samuelson, Paul (September 19, 1966). "Science and Stocks". Newsweek. p. 92.
"The Trouble With GDP". The Economist. April 30, 2016. Retrieved October 22, 2018.
Liossatos, Panagis, S. (2004). "Statistical Entropy in General Equilibrium Theory", (p. 3). Department of Economics, Florida International University.
Solow, Robert (January 15, 2010). "Paul A. Samuelson (1915–2009)". Science. 327 (5963): 282. Bibcode:2010Sci...327..282S. doi:10.1126/science.1186205. PMID 20075240. S2CID 206525085.
Rosalsky, Gregory Ellis (March 14, 2018). "Freeing Econ 101: Beyond the Grasp of the Invisible Hand". Behavorial Scientist (non-profit digital magazine). Broad Street, Lower Manhattan. Retrieved April 23, 2021.
Sanyal, Amal (2018). "After Keynes – Box 6.3: Paul Samuelson". Economics and Its Stories. London: Routledge, an imprint of the Taylor & Francis Group. p. 174. ISBN 9781351581691. ISBN 1-1380-9960-0, 978-1-1380-9960-9 (hard copy); ISBN 978-1-3150-9896-8 (e-book); OCLC 989032184 (all editions).
"Paul Anthony Samuelson: The Concise Encyclopedia of Economics | Library of Economics and Liberty". www.econlib.org. Retrieved April 26, 2016.
See Mankiw, Gregory (January 10, 2009). "Is government spending too easy an answer?". The New York Times.
See Markwell, Donald (2006). John Maynard Keynes and International Relations: Economic Paths to War and Peace. New York: Oxford University Press. ISBN 978-0-19-829236-4.
Samuelson, Paul (1989). Economics (13th ed.). McGraw Hill. p. 837. ISBN 9780070547865.
"Paul A. Samuelson Biographical".
Tarshis, Lorie (1947). The Elements of Economics: An Introduction to the Theory of Price and Employment. Houghton Mifflin Company – The Riverside Press. OCLC 989388561. Retrieved April 23, 2021 – via Internet Archive.
Harcourt, Colin Harcourt (Summer 1982). "An Early Post Keynesian: Lorie Tarshis (or: Tarshis on Tarshis by Harcourt)". Journal of Post Keynesian Economics. Taylor & Francis, Ltd. 4 (4): 609–619. doi:10.1080/01603477.1982.11489324. JSTOR 4537699. Retrieved April 23, 2021. ISSN 0160-3477 (publication); OCLC 222424878, 5550180927, 7323662377 (article).
Davidson, Paul (Autumn 2005). "Galbraith and the Post Keynesians". Journal of Post Keynesian Economics. Taylor & Francis, Ltd. 28 (1): 103–113. JSTOR 4538962. Retrieved April 22, 2021 ("William F. Buckley [ ... ] attacked Tarshis's book as being communist inspired." p. 107){{cite journal}}: CS1 maint: postscript (link) ISSN 0160-3477 (print publication); ISSN 1557-7821 (online publication); OCLC 5550151503, 192224991 (article).
Davidson, Paul (Spring 2015). "What Was the Primary Factor Encouraging Mainstream Economists to Marginalize Post Keynesian Theory?". Journal of Post Keynesian Economics. Taylor & Francis, Ltd. 37 (3): 369–383. doi:10.1080/01603477.2015.1000093. S2CID 154780517. ISSN 0160-3477 (print publication); ISSN 1557-7821 (online publication); ProQuest 1673822215 (abstract; database → ABI/INFORM Collection); OCLC 8504916331 (article).
Buckley, William F. Jr. (December 1951) [September 1951]. "Chapter 2: Individualism at Yale". God and Man at Yale: The Superstitions of "Academic Freedom (4th printing). Chicago: Henry Regnery Company. pp. 45–113. ISBN 9780895266927. Retrieved April 22, 2021 – via Internet Archive (Buckley's criticism of Tarshis's textbook, The Elements of Economics, begins at p. 49 and is expanded in Appendix VII → pp. 227, 230–231) {{cite book}}: External link in |postscript= (help)CS1 maint: postscript (link). OCLC 189667 (all editions).
Levy, David M.; Peart, Sandra J. (December 3, 2009). "Soviet Growth & American Textbooks". SSRN Working Paper: 8–12. SSRN 1517983. the optimistic forecast of time before the Soviet overtaking is 23 years; the more pessimistic time to overtaking in the max-max world is 36 years. The non-overtaking trajectory is constructed on the specification that something reduces Soviet growth in out years below what simple extrapolation would have it.
Bethell, Tom (October 1999). "The Soviet Experiment". The noblest triumph: property and prosperity through the ages. Palgrave MacMillan. p. 151. ISBN 978-0-312-22337-3.

External links

Paul Samuelson at the Mathematics Genealogy Project
Paul A. Samuelson on Nobelprize.org
Presentation Speech by Professor Assar Lindbeck, Stockholm School of Economics, Award Ceremony, The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel, 1970
A History of Economic Thought biography, 2004
"Paul Anthony Samuelson (1915–2009)". The Concise Encyclopedia of Economics. Library of Economics and Liberty (2nd ed.). Liberty Fund. 2009.
Paul Samuelson, Yale Honorands biography, May 2005
"Nobel-winning economist Paul A. Samuelson dies at age 94", MIT News, December 13, 2009
Works by or about Paul Samuelson at Internet Archive
Appearances on C-SPAN
Paul Samuelson publications indexed by Google Scholar

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[Econ-textbooks-info-24] With regard to the Samuelson's textbook Economics being the best-seller of all time, other notable high-selling textbooks include:

Economics in One Lesson (1st ed. 1946), by Henry Hazlitt – more than a million sold.

Economics – Principles, Problems, and Policies (1st ed. 1960), has, at times, been a U.S. best-seller. Campbell Robertson "Mac" McConnell, PhD (1928–2019) was sole author until the 10th ed. Stanley Leonard Brue, PhD (born 1945) became co-author with the 11th ed. (1990). Sean Masaki Flynn, PhD (born 1973) became third co-author beginning with the 18th ed. (2009).

Principles of Economics, by Greg Mankiw is widely used to cover basics and macroeconomics

Hal Varian has published a couple widely textbooks for microeconomics.

[2] Economics in One Lesson (1st ed. 1946), by Henry Hazlitt – more than a million sold.

[3] Economics – Principles, Problems, and Policies (1st ed. 1960), has, at times, been a U.S. best-seller. Campbell Robertson "Mac" McConnell, PhD (1928–2019) was sole author until the 10th ed. Stanley Leonard Brue, PhD (born 1945) became co-author with the 11th ed. (1990). Sean Masaki Flynn, PhD (born 1973) became third co-author beginning with the 18th ed. (2009).

[4] Principles of Economics, by Greg Mankiw is widely used to cover basics and macroeconomics

[5] Hal Varian has published a couple widely textbooks for microeconomics.

[Educational-Reviewer-info-35] The Educational Reviewer was founded in 1949 by Lucille Cardin Crain (née Marie Lucille Gabrielle Cardin; 1901–1983), a conservative activist whose primary interest was in – as she stated in 1951 – "rooting out radical influences in American education." In each issue, arch-conservative academicians and writers offered their views of high school and college textbooks as evidence of collectivist content and the like. The publication, for the first three years, was chiefly financed by William F. Buckley, Jr. Crain's, Kenneth Cardwell Crain (1883–1969), was a brother of Gustavus Demetrious Crain, Jr. (1885–1973), founder of Crain Communications.

[7] Economics in One Lesson (1st ed. 1946), by Henry Hazlitt – more than a million sold.

[8] Economics – Principles, Problems, and Policies (1st ed. 1960), has, at times, been a U.S. best-seller. Campbell Robertson "Mac" McConnell, PhD (1928–2019) was sole author until the 10th ed. Stanley Leonard Brue, PhD (born 1945) became co-author with the 11th ed. (1990). Sean Masaki Flynn, PhD (born 1973) became third co-author beginning with the 18th ed. (2009).

[9] Principles of Economics, by Greg Mankiw is widely used to cover basics and macroeconomics

[10] Hal Varian has published a couple widely textbooks for microeconomics.

[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.

[Merton_1970-3] Merton, Robert C. (1970). Analytical Optimal Control Theory as Applied to Stochastic and Non-Stochastic Economics (PhD dissertation). Massachusetts Institute of Technology. hdl:1721.1/13875.

[MIT-4] 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"

[Parker_2002-5] Parker, Randall E. (2002). Reflections on the Great Depression. Cheltenham: Edward Elgar. p. 25. ISBN 978-1-84376-335-2.

[NYTs_2009_Dec_13-6] Weinstein, Michael M. (December 13, 2009). "Paul A. Samuelson, Economist, Dies at 94". The New York Times. ISSN 0362-4331. Retrieved April 26, 2016.

[Econ2009-7] "Paul Samuelson: The last of the great general economists died on December 13th, aged 94", The Economist, December 17, 2009

[8] Solow, Robert (2010). "On Paul Samuelson". Challenge. 53 (2): 113–116. doi:10.2753/0577-5132530207. S2CID 155020549.

[Mark-9] 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.

[10] "Year 107 – 1967: Economics: An Introductory Analysis by Paul A. Samuelson | 150 Years in the Stacks". libraries.mit.edu. Retrieved April 26, 2016.

[Szenberg-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.

[Devaney_1968_May_22-12] Devaney, James J. (May 22, 1968). "'Playboy', 'Monitor' Honored". Hartford Courant. Vol. 131, no. 143 (Final ed.). p. 36. Retrieved March 20, 2019 – via Newspapers.com.

[13] Backhouse, R. E. (2014). "Paul A. Samuelson's Move to MIT". History of Political Economy. 46: 60. doi:10.1215/00182702-2716118.

[Reuters-14] "Nobel economics laureate Samuelson died at 94". Reuters. December 13, 2009.

[revo-15] "Economics revolutionary Paul Samuelson dies aged 94", The Daily Telegraph, December 14, 2009

[Econ_statement-16] "Economists' statement opposing the Bush tax cuts". April 3, 2003. Retrieved October 31, 2007.

[17] Samuelson, Paul (1969). "The Way of an Economist". In Samuelson, P. A. (ed.). International Economic Relations: Proceedings of the Third Congress of the International Economic Association. London: Macmillan. pp. 1–11.

[18] Samuelson, Paul (September 19, 1966). "Science and Stocks". Newsweek. p. 92.

[Economist_2016_Apr_30-19] "The Trouble With GDP". The Economist. April 30, 2016. Retrieved October 22, 2018.

[fiu.edu-20] Liossatos, Panagis, S. (2004). "Statistical Entropy in General Equilibrium Theory", (p. 3). Department of Economics, Florida International University.

[Solow-authored_Obit-21] Solow, Robert (January 15, 2010). "Paul A. Samuelson (1915–2009)". Science. 327 (5963): 282. Bibcode:2010Sci...327..282S. doi:10.1126/science.1186205. PMID 20075240. S2CID 206525085.

[Rosalsky_2018_Mar_14-22] Rosalsky, Gregory Ellis (March 14, 2018). "Freeing Econ 101: Beyond the Grasp of the Invisible Hand". Behavorial Scientist (non-profit digital magazine). Broad Street, Lower Manhattan. Retrieved April 23, 2021.

[Sanyal_2018-23] Sanyal, Amal (2018). "After Keynes – Box 6.3: Paul Samuelson". Economics and Its Stories. London: Routledge, an imprint of the Taylor & Francis Group. p. 174. ISBN 9781351581691. ISBN 1-1380-9960-0, 978-1-1380-9960-9 (hard copy); ISBN 978-1-3150-9896-8 (e-book); OCLC 989032184 (all editions).

[25] "Paul Anthony Samuelson: The Concise Encyclopedia of Economics | Library of Economics and Liberty". www.econlib.org. Retrieved April 26, 2016.

[26] See Mankiw, Gregory (January 10, 2009). "Is government spending too easy an answer?". The New York Times.

[27] See Markwell, Donald (2006). John Maynard Keynes and International Relations: Economic Paths to War and Peace. New York: Oxford University Press. ISBN 978-0-19-829236-4.

[28] Samuelson, Paul (1989). Economics (13th ed.). McGraw Hill. p. 837. ISBN 9780070547865.

[29] "Paul A. Samuelson Biographical".

[Tarshis_1947-30] Tarshis, Lorie (1947). The Elements of Economics: An Introduction to the Theory of Price and Employment. Houghton Mifflin Company – The Riverside Press. OCLC 989388561. Retrieved April 23, 2021 – via Internet Archive.

[Harcourt_1982_Summer-31] Harcourt, Colin Harcourt (Summer 1982). "An Early Post Keynesian: Lorie Tarshis (or: Tarshis on Tarshis by Harcourt)". Journal of Post Keynesian Economics. Taylor & Francis, Ltd. 4 (4): 609–619. doi:10.1080/01603477.1982.11489324. JSTOR 4537699. Retrieved April 23, 2021. ISSN 0160-3477 (publication); OCLC 222424878, 5550180927, 7323662377 (article).

[Davidson_Autumn_2005-32] Davidson, Paul (Autumn 2005). "Galbraith and the Post Keynesians". Journal of Post Keynesian Economics. Taylor & Francis, Ltd. 28 (1): 103–113. JSTOR 4538962. Retrieved April 22, 2021 ("William F. Buckley [ ... ] attacked Tarshis's book as being communist inspired." p. 107){{cite journal}}: CS1 maint: postscript (link) ISSN 0160-3477 (print publication); ISSN 1557-7821 (online publication); OCLC 5550151503, 192224991 (article).

[Davidson_Spring_2015-33] Davidson, Paul (Spring 2015). "What Was the Primary Factor Encouraging Mainstream Economists to Marginalize Post Keynesian Theory?". Journal of Post Keynesian Economics. Taylor & Francis, Ltd. 37 (3): 369–383. doi:10.1080/01603477.2015.1000093. S2CID 154780517. ISSN 0160-3477 (print publication); ISSN 1557-7821 (online publication); ProQuest 1673822215 (abstract; database → ABI/INFORM Collection); OCLC 8504916331 (article).

[Buckley_1951-34] Buckley, William F. Jr. (December 1951) [September 1951]. "Chapter 2: Individualism at Yale". God and Man at Yale: The Superstitions of "Academic Freedom (4th printing). Chicago: Henry Regnery Company. pp. 45–113. ISBN 9780895266927. Retrieved April 22, 2021 – via Internet Archive (Buckley's criticism of Tarshis's textbook, The Elements of Economics, begins at p. 49 and is expanded in Appendix VII → pp. 227, 230–231) {{cite book}}: External link in |postscript= (help)CS1 maint: postscript (link). OCLC 189667 (all editions).

[Peart_2009-36] Levy, David M.; Peart, Sandra J. (December 3, 2009). "Soviet Growth & American Textbooks". SSRN Working Paper: 8–12. SSRN 1517983. the optimistic forecast of time before the Soviet overtaking is 23 years; the more pessimistic time to overtaking in the max-max world is 36 years. The non-overtaking trajectory is constructed on the specification that something reduces Soviet growth in out years below what simple extrapolation would have it.

[Bethell_1999-37] Bethell, Tom (October 1999). "The Soviet Experiment". The noblest triumph: property and prosperity through the ages. Palgrave MacMillan. p. 151. ISBN 978-0-312-22337-3.

Keynesians
Founder	John Maynard Keynes
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New Keynesians	George Akerlof Ben Bernanke Olivier Blanchard Alan Blinder Guillermo Calvo Richard Clarida Brad DeLong Huw Dixon Stanley Fischer Jordi Galí Mark Gertler Robert J. Gordon Stephany Griffith-Jones Nobuhiro Kiyotaki Paul Krugman Greg Mankiw Marc Melitz Maurice Obstfeld Edmund Phelps Ricardo Reis Kenneth Rogoff David Romer Julio Rotemberg Nouriel Roubini Robert Shiller Andrei Shleifer Joseph Stiglitz Lawrence Summers John B. Taylor Michael Woodford Janet Yellen
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Laureates of the Sveriges Riksbank Prize in Economic Sciences
1969–1975	1969: Ragnar Frisch / Jan Tinbergen 1970: Paul A. Samuelson 1971: Simon Kuznets 1972: John R. Hicks / Kenneth J. Arrow 1973: Wassily Leontief 1974: Gunnar Myrdal / Friedrich August von Hayek 1975: Leonid Vitaliyevich Kantorovich / Tjalling C. Koopmans
1976–2000	1976: Milton Friedman 1977: Bertil Ohlin / James E. Meade 1978: Herbert A. Simon 1979: Theodore W. Schultz / Sir Arthur Lewis 1980: Lawrence R. Klein 1981: James Tobin 1982: George J. Stigler 1983: Gérard Debreu 1984: Richard Stone 1985: Franco Modigliani 1986: James M. Buchanan Jr. 1987: Robert M. Solow 1988: Maurice Allais 1989: Trygve Haavelmo 1990: Harry M. Markowitz / Merton H. Miller / William F. Sharpe 1991: Ronald H. Coase 1992: Gary S. Becker 1993: Robert W. Fogel / Douglass C. North 1994: John C. Harsanyi / John F. Nash Jr. / Reinhard Selten 1995: Robert E. Lucas Jr. 1996: James A. Mirrlees / William Vickrey 1997: Robert C. Merton / Myron S. Scholes 1998: Amartya Sen 1999: Robert A. Mundell 2000: James J. Heckman / Daniel L. McFadden
2001–present	2001: George A. Akerlof / A. Michael Spence / Joseph E. Stiglitz 2002: Daniel Kahneman / Vernon L. Smith 2003: Robert F. Engle III / Clive W.J. Granger 2004: Finn E. Kydland / Edward C. Prescott 2005: Robert J. Aumann / Thomas C. Schelling 2006: Edmund S. Phelps 2007: Leonid Hurwicz / Eric S. Maskin / Roger B. Myerson 2008: Paul Krugman 2009: Elinor Ostrom / Oliver E. Williamson 2010: Peter A. Diamond / Dale T. Mortensen / Christopher A. Pissarides 2011: Thomas J. Sargent / Christopher A. Sims 2012: Alvin E. Roth / Lloyd S. Shapley 2013: Eugene F. Fama / Lars Peter Hansen / Robert J. Shiller 2014: Jean Tirole 2015: Angus Deaton 2016: Oliver Hart / Bengt Holmström 2017: Richard H. Thaler 2018: William Nordhaus / Paul Romer 2019: Abhijit Banerjee / Esther Duflo / Michael Kremer 2020: Paul Milgrom / Robert B. Wilson 2021: David Card / Joshua Angrist / Guido Imbens 2022: Ben Bernanke / Douglas Diamond / Philip H. Dybvig

1970 Nobel Prize laureates
Chemistry	Luis Federico Leloir (Argentina)
Literature (1970)	Aleksandr Solzhenitsyn (Soviet Union)
Peace	Norman Borlaug (United States)
Physics	Hannes Alfvén (Sweden) Louis Néel (France)
Physiology or Medicine	Julius Axelrod (United States) Ulf von Euler (Sweden) Bernard Katz (Great Britain)
Economic Sciences	Paul Samuelson (United States)
Nobel Prize recipients 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975

Presidents of the Econometric Society
1931–1950	Irving Fisher (1931–1934) François Divisia (1935) Harold Hotelling (1936–1937) Arthur Bowley (1938–1939) Joseph Schumpeter (1940–1941) Wesley Mitchell (1942–1943) John Maynard Keynes (1944–1945) Jacob Marschak (1946) Jan Tinbergen (1947) Charles Roos (1948) Ragnar Frisch (1949) Tjalling Koopmans (1950)
1951–1975	R. G. D. Allen (1951) Paul Samuelson (1952) René Roy (1953) Wassily Leontief (1954) Richard Stone (1955) Kenneth Arrow (1956) Trygve Haavelmo (1957) James Tobin (1958) Marcel Boiteux (1959) Lawrence Klein (1960) Henri Theil (1961) Franco Modigliani (1962) Edmond Malinvaud (1963) Robert Solow (1964) Michio Morishima (1965) Herman Wold (1966) Hendrik Houthakker (1967) Frank Hahn (1968) Leonid Hurwicz (1969) Jacques Drèze (1970) Gérard Debreu (1971) W. M. Gorman (1972) Roy Radner (1973) Don Patinkin (1974) Zvi Griliches (1975)
1976–2000	Hirofumi Uzawa (1976) Lionel McKenzie (1977) János Kornai (1978) Franklin M. Fisher (1979) J. Denis Sargan (1980) Marc Nerlove (1981) James A. Mirrlees (1982) Herbert Scarf (1983) Amartya K. Sen (1984) Daniel McFadden (1985) Michael Bruno (1986) Dale Jorgenson (1987) Anthony B. Atkinson (1988) Hugo Sonnenschein (1989) Jean-Michel Grandmont (1990) Peter Diamond (1991) Jean-Jacques Laffont (1992) Andreu Mas-Colell (1993) Takashi Negishi (1994) Christopher Sims (1995) Roger Guesnerie (1996) Robert E. Lucas, Jr. (1997) Jean Tirole (1998) Robert B. Wilson (1999) Elhanan Helpman (2000)
2001–present	Avinash Dixit (2001) Guy Laroque (2002) Eric Maskin (2003) Ariel Rubinstein (2004) Thomas J. Sargent (2005) Richard Blundell (2006) Lars Peter Hansen (2007) Torsten Persson (2008) Roger B. Myerson (2009) John H. Moore (2010) Bengt Holmström (2011) Jean-Charles Rochet (2012) James J. Heckman (2013) Manuel Arellano (2014) Robert Porter (2015) Eddie Dekel (2016) Drew Fudenberg (2017) Tim Besley (2018) Stephen Morris (2019) Orazio Attanasio (2020) Pinelopi Koujianou Goldberg (2021) Guido Tabellini (2022)