Paul Anthony Samuelson
was born in Gary Indiana and received his doctorate at Harvard University.
He was the first American to win the Nobel Prize in Economics, which was
awarded to him in 1970. He was president of the Amerian Economic Association
in 1961 and has been teaching economics at the Massechusetts Institute
of Technology since 1940. He also won the John Bates Clark award in 1947,
which is awarded for the most outstanding work by an economists under
the age of forty.
Samuelson is best
known for his book,"Foundations of Economic Analysis", which greatly increased
the use of mathematics in economics. According to Samuelson, almost all
behavior could be understood as maximizing or minimizing subject to constraint.
Though Hick's also touched upon this issue, he relegated his mathematical
equations to appendices. According to David Henderson, "The Fortune Encyclopedia
"Samuelson was one of the last generalists to be incredibly productive
in a number of fields in economics. He has contributed fundamental insights
in comsumer theory and welfare economics, international trade, finance
theory, capital theory, dynamics and general equilibrium, and macroeconomics.
Swedish economist Bertil Ohlin had argued that international trade would
tend to equalize the price of factors of production. ..Samuelson, using
mathematical tools, showed the conditions under which the different ials
would be driven to zero. The theorem he proved is called the Factor Price
Equalization Theorem....he also introduced the neoclassical synthesis--a
synthesis of the old neoclassical microeconomics and the new (in the fifties)
Keynesian macroeconomics . According to Samuelson, government intervention
via fiscal and monetary policy is required to achieve full employment,
but then at full employment the market works well, except at providing
public goods and handling problems of externalities."
Works by Paul Anthony
Foundations of Economic
and the Equalization of Factor Prices, Economic Journal
and Economic Activity
A Note on the Pure
Theory of Consumer's Behavior, Economica
The Pure Theory of
Public Expenditure, Review of Economics and Statistics