Notable Economists - Paul Anthony Samuelson
Economics has evolved from a scholarly and sometimes even abstract discipline into an issue with every-day utilization. In this order of ideas, we, as simple individuals, consumers, employees or entrepreneurs, have come to implement the economic principles in our endeavors. Due to economic principles, we know that if the demand for a product increases, its offer will decreases concomitantly with an increase in its retail price. The most relevant example of this principle is offered by the international market of crude oil and petroleum based products. Also, due to the principles of economics, we know how to interpret the economic stability of a country by looking at its unemployment rate, its gross domestic product, it trade balance or its federal deficit. And it does not take a rocket scientist to understand this. It did however take rocket scientists to identify, test and implement the principles. When thinking of notable economists, the first names that come to mind might easily be those of Adam Smith or David Ricardo. We may think of them because they are the ones presented in the economics textbooks for their worthy contributions. Whilst they are not to be neglected, it is also true that they are not the sole
Virtually every undergraduate or graduate student, anywhere in the world, will be asked to understand his Stolper-Samuelson and factor-price equalization theorems. remarkable individuals within the field of economics. Samuelson was born in 1915 and after long years of study, he earned his doctoral degree from the Harvard University. His areas of interest were vast and he even called himself the last generalist economists. He received honorary Doctor of Laws degrees from Chicago University and Oberlin College in 1961, and from Indiana University and East Anglia University (Eng. The literature and the media have however revealed that the author lives in Belmont, Mass, with his wife and six children, out of which three are triplet boys (Lindbeck, 1992). Other notable works include:Some Aspects of the Pure Theory of CapitalInteraction Between the Multiplier Analysis and the Principle of AccelerationConsumption Theory in Terms of Revealed PreferenceInternational Trade and the Equalisation of Factor Prices and International Factor-Price Equalisation Once AgainParable and Realism in Capital Theory: The surrogate production functionGeneral Proof that Diversification Pays, orComplementarity: An essay on the 40th Anniversary of the Hicks-Allen Revolution in Demand Theory (CEPA New School)Significant Contributions As it can easily be revealed by his numerous areas of interest and various economic works, the contributions made by Samuelson are multifaceted. 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. He possesses vast expertise in various fields and he often stated his believes that today s economists are excessively focused on a single aspect of the economic theory. Major Works The length of this paper is insufficient to simply name all works written or co-edited by Paul Samuelson. He also made increased efforts to further develop the domains of thermodynamics. Therefore, they fail to see the big picture as they get lost in details. 23 years before, he had also won the biennial John Bates Clark Medal of the American Economic Association for his significant contribution to the economic though and knowledge (Website of the American Economics Association, 2008); he was the first winner of the John Bates Clark Medal to also win a Nobel Prize. Paul Anthony Samuelson Short Biography American economist Paul A.
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