Intellectuals & Academics » Economists » PAUL SAMUELSON
|Full name||: Paul Samuelson|
|Alias||: Paul Samuelson|
|Animals||: The Rabbit|
|Father||: Frank Samuelson|
|Mother||: Ella Lipton Samuelson|
|Siblings||: Robert Sommers|
|Wife||: Marion Crawford Samuelson|
|Children||: Jane Samuelson Raybould, Margaret Crawford-Samuelson, William Samuelson, Robert Samuelson, John Samuelson, Paul Samuelson|
|Education||: Hyde Park High School Chicago (1931) BA Economics University of Chicago (1935) MA Economics Harvard University (1936) PhD Economics Harvard University (1941)|
Paul Anthony Samuelson is recognized as the father of modern economics. He is the first American economist to win a Nobel Prize. Samuelson put great effort to raise the level of scientific theory in economics which resulted in the “New York Times” declaring him to be the “foremost academic economist of the 20th century." He penned a book titled “Economics: An Introductory Analysis” in 1948, which turned out to be the largest selling text book of Economics. The book discusses Keynesian economics and principles and explains how to think about economics. His passion for economics was insatiable and he never left any chance to learn more of the subject. Samuelson was the first proponent for incorporating mathematics with economics for the logical analysis of economic theories. For his contributions, America honored him with the highest science award, the “National Medal of Science” for his ‘fundamental contributions to economic science’. He left behind a great legacy as a researcher, teacher and as a major contributor in the field of economics. Read on to learn more on the life and works of this legend recognized as one of the foremost pioneers of modern economics.
Samuelson was instrumental in transforming M.I.T into one of the best centers of graduate education in the world. Samuelson’s thoughts, views and theories are all available in form of books and countless articles. His book “Foundations of Economic Analysis” is considered to be his magnum opus which is based on his doctoral dissertation. In this used the classical thermodynamic methods of Willard Gibbs to analyze economic theories. The book examined underlying analogies in the central features and applied it to theoretical and applied economics and also analyzed the methods to derive operationally meaningful theorems with a small number of analogous methods. Another book, “Economics” was first published in 1948 and it has now become the best-selling economics textbook of all time. This book has been translated into forty-one languages so far and is in great demand with sales of over four million copies. This book is considered to be the best-selling economics textbook in the world. He had also co-authored “Readings in Economics” which was published in 1955 and many other works in this field.
Samuelson was a member of the American Academy of Arts and Sciences, National Academy of Sciences, Fellow of Royal Society of London.
Samuelson was a fellow of the American Philosophical Society and the British Academy.
He became the member of the American Economic Association and was appointed its president in 1961.
He became a member of the editorial board of the Econometric Society and took the role of its president in 1951.
Samuelson was made a fellow, council member and Vice-President of the Economic Society.
He was also a member of Phi Beta Kappa.
Economics: An Introductory Analysis, co-written with William D. Nordhaus, 1948
"Economic Theory and Mathematics — An Appraisal", 1952
"The Pure Theory of Public Expenditure", 1954
“Linear Programming and Economic Analysis”, co-written with Robert Dorfman, Robert M. Solow and McGraw–Hill, 1958
The Collected Scientific Papers of Paul A. Samuelson
Paul A. Samuelson Papers,
Inside the Economist's Mind, 2007
Samuelson was the son of Frank Samuelson and Ella Lipton who were settled in Gary, Indiana. He was born on 15th May, 1915. His father was a pharmacist. His family emigrated from Poland during World War I and they prospered in the newly established steel town, Gary. Samuelson moved to Chicago in 1923. He pursued his Bachelor’s degree in Arts from the University of Chicago in 1935, and the next year his Master of Arts degree. He then decided to go on with his research studies and earned his Doctor of Philosophy (PhD) from Harvard University in 1941. While at Harvard, he studied economics under the guidance of some of the greatest economists like Joseph Schumpeter, Wassily Leontief, Gottfried Haberler and Alvin Hansen, who was popularly known as "American Keynes”. Samuelson hails from a family of well-known economists like Robert Summers (brother), Anita Summers (sister-in-law) and Larry Summers (nephew). He made several significant contributions to the economic theory during his Harvard days which made his name across the globe as a rising, promising economist.