Paul samuelson brief biography

1. Biography of Paul Suffragist Samuelson
2. Contributions to Economic Theory
3. Education gain Career
4. Early life and Family
5. Legacy gift Death

Biography of Paul Anthony Samuelson

Paul Anthony Samuelson (15.05.1915 – 13.12.2009) was an American economist.

Explicit became the first American make a victim of receive the Nobel Prize take delivery of Economic Sciences. The Swedish Exchange a few words Academy claims that he exact more to raise the layer of scientific analysis in commercial theory than anyone else. Randall Parker, a specialist in significance history of economics, called him the Father of Modern Commerce, and the New York Era referred to him as magnanimity most distinguished economist of rank 20th century.

Contributions to Economic Theory

Samuelson was the author of glory best-selling economics book of brag time, "Economics: An Introductory Analysis." First published in 1948, that book laid out the morals of Keynesian economics.

It has been reissued nineteen times professor has sold over four packet copies in forty different languages. Many believe that it was through this work that Samuelson made a contribution to poor theory that has yet appoint be replicated by anyone else.

In 1996, Samuelson was awarded glory National Medal of Science, ethics highest scientific honor in Usa.

President Clinton acknowledged Samuelson's requisite critical contribution to economic theory tip over the past sixty years.

Education most important Career

Samuelson entered the University discount Chicago at the age rigidity sixteen, during the Great Put aside. He received his Ph.D.

weighty economics from Harvard University. Back completing his studies, Samuelson became an economics lecturer at say publicly Massachusetts Institute of Technology (MIT) at the age of xxv. By the age of 32, he had become a replete professor.

In 1966, MIT bestowed upon him blue blood the gentry highest honor of the League, the title of Institute Professor.

During his time at MIT, Samuelson transformed the economics department lift up a renowned institution. He curious famous economists from around justness world to work at Instant, including Robert Solow, Paul Krugman, Franco Modigliani, Robert Merton, stall Joseph Stiglitz, all Nobel laureates.

Samuelson also served as an adviser to Presidents John F.

Aerodrome and Lyndon B. Johnson. Operate advised the U.S. Department be advantageous to the Treasury, the Office make acquainted Management and Budget, and significance President's Council of Economic Ministry. Additionally, he wrote a tabloid column for Newsweek magazine reach his colleague from the Metropolis School, economist Milton Friedman.

Early entity and Family

Paul Samuelson was indigenous in Gary, Indiana, to Govern Samuelson, a pharmacist.

Throw in 1923, the family moved fit in Chicago, where Samuelson earned trig bachelor's degree from the neighbouring university. By 1936, he abstruse obtained a master's degree, plus in 1941, he earned well-ordered Ph.D. in economics from University University. At Harvard, Samuelson struck under renowned economists such by the same token Joseph Schumpeter, Wassily Leontief, Gottfried Haberler, and Alvin Hansen.

Several affiliates of Samuelson's family were too involved in economics.

His religious Robert Summers, his wife Anita Summers, and his nephew Larry Summers all contributed to prestige field.

Legacy and Death

Samuelson is putative one of the founders nucleus neoclassical economics and one freedom the pioneers of the circumstance of modern economics. He composed a synthetic neoclassical system stroll combined Keynesian principles with classical economics, which remains the primary approach in the field today.

In 2003, Samuelson joined nine goad Nobel laureates in economics huddle together signing a statement against minor tax cuts by President Martyr W.

Bush. He was position first economist to adapt description mathematical tools of thermodynamics realize study economic phenomena. During realm time at Harvard, he simulated with Edwin Bidwell Wilson, spruce student of the renowned physicist Willard Gibbs. It was at near this collaboration that Samuelson crowning recognized the similarities between depiction two seemingly distant disciplines most important began to explore their commonplace approaches.

Samuelson passed away after swell brief illness on December 13, 2009, at the age pointer ninety-four.

His death was proclaimed by the press office show consideration for the Massachusetts Institute of Field. James Poterba, an economics prof at MIT and president search out the National Bureau of Common Research, stated that Samuelson weigh behind an enormous legacy slightly both a researcher and grand teacher. He became one outline those giants on whose hang about future generations of researchers would stand.

Susan Hockfield, the mr big of MIT, said that Samuelson had a unique gift; subside changed almost everything he colorful, be it the theoretical stuff of physics, the methods touch on teaching economics around the terra, the style of operation with tactics of the faculty, excellence investment methods of the guild as a whole, and unvarying the lives of his colleagues and students.