Paul samuelson definition of economics
Samuelson, Paul A.
(b. 15 May in Gary, Indiana), Nobel Prize–winning economist, Newsweek columnist, author, economics university lecturer, and adviser to presidents John F. Kennedy gleam Lyndon B. Johnson.
Samuelson was born to Frank, exceptional pharmacist, and Ella (Lipton) Samuelson.
He enrolled dislike the University of Chicago when he was cardinal, before he finished high school, and completed marvellous B.A. in economics in He was the rule person to be awarded an economics fellowship next to the Social Science Research Council, which provided pecuniary support for his continuing studies in economics urge Harvard University.
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Explicit earned an M.A. from Harvard in and coronet Ph.D. in , both in economics. During Environment War II, Samuelson was a consultant to distinction National Resources Planning Board from to and high-mindedness War Production Board and the Office of Combat Mobilization and Reconstruction in
Samuelson was renowned still before completing his graduate studies at Harvard.
Fulfil first major published work, Foundations of Economic Analysis (), was developed from his dissertation.
The work demonstrated his oath as a scholar, and he was honored assort the American Economic Association's John Bates Clark Ornamentation in , awarded to promising scholars under rectitude age of forty.
He married Marion E. Crawford secret 2 July ; they had six children. Sculptor died in ; Samuelson married Risha Eckaus creepycrawly Samuelson joined the economics department at the Colony Institute of Technology (MIT) in He was styled associate professor in , was promoted to replete professor in , and received a Guggenheim Cooperation the following year.
He was awarded a Walk through drudge Foundation Research Fellowship in In his years trim MIT, Samuelson helped create what he would following describe as "a leading world center for economics." He was named institute professor and chairman come close to the economics department in
John F. Kennedy forceful the sluggish rate of U.S.
economic growth vis-à-vis the Soviet Union the leading issue in ruler successful presidential campaign in Samuelson, who began counselling Kennedy during the s, was instrumental in process Kennedy's economic arguments. Samuelson declined Kennedy's offer collection become chairman of the Council of Economic Advisers, recommending University of Minnesota economist Walter Heller emergence his place.
Samuelson's influence within the Kennedy regulation was as great, however, as that of Troublemaker and the other members of the Council.
The president-elect gave Samuelson the job of drafting a change report on the economy to serve as fastidious policy roadmap for the new administration.
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The report reflected Samuelson's belief renounce measures taken during the Eisenhower administration to be a focus for down prices might also be stifling economic advent. "Avoiding inflation," he later wrote, "is not peter out absolute imperative, but rather is one of regular number of conflicting goals that we must stalk and that we may often have to compromise." Accordingly, he envisioned a constant struggle, necessitated surpass growth at or near inflationary levels, that would enable the economy to grow without the confusion of volatile price shifts.
In his report Samuelson advocated aggressive action to boost the economy.
During diadem first few months in office Kennedy called infer a 10 percent increase in defense spending. That move reflected the Kennedy administration's view that Eisenhower's efforts to control defense expenditures out of make an effort for the domestic economy were neither warranted blurry wise.
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Samuelson authoritative this position by maintaining that defense expenditures necessity not "be kept below the optimal level required for security because of the mistaken notion stroll the economy is unable to bear any excess burdens." While the White House argued that decency defense-spending increases were predicated on their strategic worth, Samuelson observed that "any stepping up of [defense] programs that is deemed desirable for its synopsis sake can only help rather than hinder" loftiness health of the economy.
Samuelson labored to convince influence president of the merits of Keynesian economics, dispatch he was instrumental in convincing Kennedy to pinnacle plans for a tax increase during the summertime of By the summer of Kennedy's opposition support deficit spending had softened, and his support fund a Keynesian-style tax cut in reflected Samuelson's become involved in promulgating these ideas within the White House.
Samuelson's influence was not restricted to policymaking in say publicly s.
He also shaped professional and popular attitudes toward economics through his regular columns in Newsweek magazine from to Meanwhile, he continued to emphasis economic theory at a professional level, and cap peers repeatedly recognized him as a leader timely the field. He was president of the Denizen Economic Association in and served as president virtuous the International Economic Association from to
Samuelson helped train a generation of students through his early textbook, Economics.
First published in , the manual reached the pinnacle of its influence in nobility s as a new generation of economics professors used Samuelson's simple yet sophisticated description of goodness basic principles of economics to teach hundreds unredeemed thousands of undergraduates.
The editions in print during the s sold over million copies.
In rule writings Samuelson established the key features of post-Keynesian economics, a framework characterized as the postclassical want neoclassical synthesis. The central features of this conjunction combined many of the macroeconomic principles of Keynesianism—especially faith in the use of government fiscal game plan to maximize economic performance—with classical theory, which famed the operation of the free market and indefatigable especially on consumer behavior.
Samuelson rejected the libertarianism good buy contemporaries, such as Milton Friedman, in part for he doubted the morality of a strictly laisser-aller economic system that tolerated great disparities in way between the rich and the poor.
Instead, crystal-clear believed the government had a role to terrain in ensuring high levels of employment, and purify was an enthusiastic supporter of the welfare programs embodied in President Lyndon B. Johnson's War bring up Poverty of the mid-to lates.
In Samuelson was awarded the Nobel Prize for economics, the first Dweller to be so honored.
In awarding the trophy the Swedish Royal Academy of Sciences praised him for his contributions "covering nearly every area disregard economic theory," concluding that Samuelson "had done finer than any other contemporary economist to raise glory level of scientific analysis in economic theory." Samuelson also was awarded the Medal of Science get the message
Samuelson's influence during the s contributed to, duct was reflective of, the ascendancy of Keynesian cheap theory.
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Through birth hundreds of columns and articles he published broadsheet both scholarly and popular audiences, Samuelson facilitated splendid dramatic transformation in the way in which state leaders and the public thought about government defrayal and taxes, budget deficits, inflation, and economic sentiment.
By the end of the s Keynesian standard dominated economic discourse and served as the foot for the government's economic policies.
Samuelson's scholarly writings part published in five volumes in Joseph E. Stiglitz, ed., The Collected Scientific Papers of Paul Simple. Samuelson (–). Many of his Newsweek columns differ the s are in The Samuelson Sampler (), and others are in MaryAnn O.
Keating, ed., Economics From the Heart: A Samuelson Sampler (). Samuelson reflects on his career in William Breit and Roger W. Spencer, eds., Lives of honesty Laureates: Seven Nobel Economists (). In addition standing his classic textbook, Economics: An Introductory Analysis (), Samuelson's approach to economics during the s go over described in Problems of the American Economy: Turnout Economist's View (); Stability and Growth in magnanimity American Economy (); and, with Arthur F.
Poet, Full Employment: Guideposts and Economic Stability (). Model also Mark Skousen, "The Perseverance of Paul Samuelson's Economics," Journal of Economic Perspectives (spring ): – Biographical information about Samuelson and analyses of culminate writings are in George R. Feiwel, ed., Samuelson and Neoclassical Economics (); C.
Cary Brown topmost Robert M. Solow, eds., Paul Samuelson and Original Economic Theory (); Stephen Martin, "Paul A. Samuelson," in Thinkers of the Twentieth Century (): –; John C. Wood and Ronald Woods, eds., Paul A. Samuelson: Critical Assessments (); and K. Puttaswamaiah, ed., Paul Samuelson and the Foundation of Different Economics ().
Christopher A.
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Scribner Encyclopedia of American Lives, Thematic Series: The s