Paul Samuelson: the story on HearLore

Mathematics As The Natural Language

Samuelson considered mathematics to be the natural language for economists. His book Foundations of Economic Analysis appeared in 1946 as his magnum opus. It derived directly from his doctoral dissertation which won the David A. Wells prize in 1941. The work proposed examining underlying analogies between central features in theoretical and applied economics. It studied how operationally meaningful theorems could be derived using a small number of analogous methods. The text showed how these goals could be achieved parsimoniously using mathematical language across diverse subfields. Two general hypotheses served as sufficient conditions for its purposes. Maximizing behavior of agents including consumers and business firms formed one tenet. Economic systems in stable equilibrium formed the second tenet. Comparative statics became formalized clearly within the course of analysis. The chapter on welfare economics attempted to give a brief but fairly complete survey of the whole field. It developed what became commonly called the Bergson, Samuelson social welfare function.

When was Paul Samuelson born and where did he grow up?

Paul Samuelson was born in Gary, Indiana on the 15th of May 1915. His family moved to this brand new steel town during World War I.

What book by Paul Samuelson became the best-selling economics textbook of all time?

Economics: An Introductory Analysis first published in 1948 holds the record for the best-selling economics textbook of all time. By 2018 it had sold over four million copies worldwide with more than 300,000 copies of each edition from 1961 through 1976.

How did Paul Samuelson influence modern economic theory and what models bear his name?

Paul Samuelson helped form the neoclassical synthesis which still dominates current mainstream economics today. He developed the Stolper Samuelson theorem and popularized the overlapping generations model as a way to analyze economic agents behavior across multiple periods.

Who were the political figures that Paul Samuelson advised during his career?

Paul Samuelson served as an advisor to President John F. Kennedy and President Lyndon B. Johnson. He also consulted for the United States Treasury and the Bureau of the Budget.

When did Paul Samuelson die and how old was he at the time of his death?

The Economist noted on the 17th of December 2009 that Paul Samuelson died aged 94 after a brief illness. He passed away following a short period of illness in late 2009.

Paul Samuelson.

Mathematics As The Natural Language

Continue Browsing

Common questions

When was Paul Samuelson born and where did he grow up?

What book by Paul Samuelson became the best-selling economics textbook of all time?

How did Paul Samuelson influence modern economic theory and what models bear his name?

Who were the political figures that Paul Samuelson advised during his career?

When did Paul Samuelson die and how old was he at the time of his death?

The Textbook That Changed Everything

Advising Presidents And Debating Friedman

Theories That Shaped Modern Thought