Citizendia
Your Ad Here

Paul Samuelson

Born May 15, 1915 (1915-05-15) (age 93)
Gary, Indiana
Residence U.S.
Nationality American
Fields Economist
Institutions Massachusetts Institute of Technology
Alma mater Harvard University (Ph. Events 1252 - Pope Innocent IV issues the Papal bull Ad exstirpanda, which authorizes but also limits the Year 1915 ( MCMXV) was a Common year starting on Friday (link will display the full calendar of the Gregorian calendar (or a Common year The United States of America —commonly referred to as the The United States of America —commonly referred to as the An economist is an expert in the Social science of Economics. Alma mater is Latin for "nourishing mother" It was used in Ancient Rome as a title for the mother Goddess, and in Medieval D. )
University of Chicago (B. The University of Chicago is a Private university located principally in the Hyde Park neighborhood of Chicago. A. )
Doctoral advisor Edwin Bidwell Wilson
Doctoral students Stanley Fischer
Lawrence Klein
Robert C. Merton
Known for Mathematical economics
Economic methodology
Revealed preferences theory
International trade theory
Economic growth theory
Public goods theory
Notable awards John Bates Clark Medal (1947)
Nobel Memorial Prize (1970)

Paul Anthony Samuelson (born May 15, 1915) is an American neoclassical economist known for his contributions to many fields of economics, beginning with his general statement of the comparative statics method in his 1947 book Foundations of Economic Analysis. A doctorate is an Academic degree that indicates the highest level of academic achievement Edwin Bidwell Wilson ( April 25 1879 – December 28 1964) was a Mathematician and Polymath. Stanley "Stan" Fischer ( Hebrew: סטנלי פישר is an Economist and the current Governor of the Bank of Israel. Lawrence Robert Klein (born September 14, 1920) is an American economist. Robert Cox Merton (born 31 July 1944) is an American economist and Nobel laureate in economics Mathematical economics refers to the application of Mathematical methods to represent economic theories and analyze problems posed in Economics. Economic methodology is the study of methods usually Scientific method, in relation to Economics (Boland 1987 p Revealed preference theory, pioneered by American Economist Paul Samuelson, is a method by which it is possible to discern the best possible option on the International trade is exchange of Capital, Goods, and Services across International borders or Territories. Economic growth is the increase in the amount of the goods and services produced by an economy over time In Economics, a public good is a good that is non-rivaled and non-excludable. The biennial John Bates Clark Medal is awarded by the American Economic Association to "that American economist under the age of forty who is adjudged to have The Nobel Memorial Prize in Economic Sciences, officially named The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (Sveriges riksbanks pris i ekonomisk Events 1252 - Pope Innocent IV issues the Papal bull Ad exstirpanda, which authorizes but also limits the Year 1915 ( MCMXV) was a Common year starting on Friday (link will display the full calendar of the Gregorian calendar (or a Common year The United States of America —commonly referred to as the Neoclassical economics is a term variously used for approaches to Economics focusing on the determination of prices outputs and income distributions in markets An economist is an expert in the Social science of Economics. Economics is the social science that studies the production distribution, and consumption of goods and services. In Economics, comparative statics is the comparison of two different equilibrium states before and after a change in some underlying Exogenous Foundations of Economic Analysis is a book by Paul A Samuelson published in 1947 (Enlarged ed Samuelson was awarded the John Bates Clark Medal in 1947 and was sole recipient of the Nobel Prize in Economics in 1970, the second year of the Prize. The biennial John Bates Clark Medal is awarded by the American Economic Association to "that American economist under the age of forty who is adjudged to have Year 1947 ( MCMXLVII) was a Common year starting on Wednesday (link will display full 1947 calendar of the Gregorian calendar. The Nobel Memorial Prize in Economic Sciences, officially named The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (Sveriges riksbanks pris i ekonomisk Year 1970 ( MCMLXX) was a Common year starting on Thursday (link shows full calendar of the Gregorian calendar. [1]

Contents

Biography

Samuelson was born in Gary, Indiana on May 15, 1915. Events 1252 - Pope Innocent IV issues the Papal bull Ad exstirpanda, which authorizes but also limits the Year 1915 ( MCMXV) was a Common year starting on Friday (link will display the full calendar of the Gregorian calendar (or a Common year His father was a pharmacist and he was brought up in a practicing Jewish family. In 1923 Paul moved to Chicago. He studied at the University of Chicago and received his Bachelor of Arts degree in 1935. The University of Chicago is a Private university located principally in the Hyde Park neighborhood of Chicago. He then completed his Master of Arts degree in 1936, and his Doctor of Philosophy in 1941 from Harvard University. As a graduate student at Harvard, Samuelson studied economics under Joseph Schumpeter, Wassily Leontief, Gottfried Haberler, and the "American Keynes" Alvin Hansen. Joseph Alois Schumpeter ( February 8, 1883 &ndash January 8, 1950) was an Economist and Political scientist born in Wassily Wassilyovitch Leontief (Василий Васильевич Леонтьев August 5, 1905, Munich, Germany February 5 Gottfried von Haberler ( July 20, 1900 - May 6, 1995) was an economist Alvin Harvey Hansen (1887-1975 once referred to as "the American Keynes" brought the 1930s Keynesian economics revolution to the United States.

Professional positions

Memberships

Fields of interest

As professor of economics at the Massachusetts Institute of Technology, Samuelson has worked in many fields including:

Publications

Samuelson's book Foundations of Economic Analysis (1947, Enlarged ed. Foundations of Economic Analysis is a book by Paul A Samuelson published in 1947 (Enlarged ed 1983), is considered his magnum opus. Magnum opus (sometimes Opus magnum, plural magna opera) from the Latin meaning great work, refers to the best the greatest It is derived from his doctoral dissertation at Harvard University, and makes use of the classical thermodynamic methods of American thermodynamicist Willard Gibbs. In Thermodynamics, chemical thermodynamics is the mathematical study of the interrelation of Heat and work with Chemical reactions or with a In Thermodynamics, a thermodynamicist is one who studies Thermodynamic processes and phenomena i Josiah Willard Gibbs ( February 11, 1839 &ndash April 28, 1903) was an American theoretical Physicist, Chemist [2] The book proposes to:

in order to derive "a general theory of economic theories" (Samuelson, 1983, p. xxvi). The book showed how these goals could be parsimoniously and fruitfully achieved, using the language of the mathematics applied to diverse subfields of economics. The book proposes two general hypotheses as sufficient for its purposes:

In the course of analysis, comparative statics, (the analysis of changes in equilibrium of the system that result from a parameter change of the system) is formalized and clearly stated. In Economics, comparative statics is the comparison of two different equilibrium states before and after a change in some underlying Exogenous

The chapter on welfare economics "attempt(s) to give a brief but fairly complete survey of the whole field of welfare economics" (Samuelson, 1947, p. Welfare economics is a branch of Economics that uses microeconomic techniques to simultaneously determine Allocative efficiency within an economy and the 252). It also exposits on and develops what became commonly called the Bergson-Samuelson social welfare function. Abram Bergson ( April 21, 1914, New York City - April 23, 2003) born Abram Burk was an American Economist. In economics a social welfare function can be defined as a real-valued function that ranks conceivable social states (alternative complete descriptions of the society It shows how to represent (in the maximization calculus) all real-valued economic measures of any belief system that is required to rank consistently different feasible social configurations in an ethical sense as "better than," "worse than," or "indifferent to" each other (p. 221).

There are 388 papers to date in Samuelson's Collected Scientific Papers. Stanley Fischer (1987, p. Stanley "Stan" Fischer ( Hebrew: סטנלי פישר is an Economist and the current Governor of the Bank of Israel. 234) writes that taken together they are unique in their verve, breadth of economic and general knowledge, mastery of setting, and generosity of allusions to predecessors.

Samuelson is also author (and since 1985 co-author) of an influential principles textbook, Economics, first published in 1948, now in its 18th edition. Economics is an introductory textbook by American economists Paul Samuelson and William Nordhaus. Year 1948 ( MCMXLVIII) was a Leap year starting on Thursday (link will display the 1948 calendar of the Gregorian calendar. [3] The book has been translated into forty-one languages and sold over four million copies.

He is editor of Inside the Economist's Mind: Conversations with Eminent Economists (Blackwell Publishing, 2007), along with William A. Barnett, a collection of candid interviews with top economists of the 20th century.

Impact

Along with Kenneth Arrow, Samuelson is considered one of the founders of modern neoclassical economics. Kenneth Joseph Arrow (born August 23, 1921) is an American Economist and joint winner of the Nobel Memorial Prize in Economics Neoclassical economics is a term variously used for approaches to Economics focusing on the determination of prices outputs and income distributions in markets The following is an excerpt on the reasons for awarding him the Nobel Prize:

More than any other contemporary economist, Samuelson has helped to raise the general analytical and methodological level in economic science. The Nobel Prize (Nobelpriset (Nobelprisen is a Swedish prize established in the 1895 will of Swedish chemist Alfred Nobel; it was first awarded in Peace, Literature He has simply rewritten considerable parts of economic theory. 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. This means that Samuelson's contributions range over a large number of different fields.

He was also essential to creating the Neoclassical synthesis, which incorporates Keynesian principles with neoclassical principles and dominates current mainstream economics. In Economics Keynesian economics (ˈkeɪnziən also Keynesianism and Keynesian Theory) is based on the ideas of twentieth-century British economist Neoclassical economics is a term variously used for approaches to Economics focusing on the determination of prices outputs and income distributions in markets Mainstream economics is a loose term used to refer to the non- heterodox economics taught in prominent universities In 2003, Samuelson was one of the 10 Nobel Prize winning economists signing the Economists' statement opposing the Bush tax cuts. The Economists' statement opposing the Bush tax cuts was a statement signed by roughly 450 of economists, including ten of the twenty four American Nobel Prize [4]

Thermodynamics and economics

Samuelson was one of the first economists to generalize and apply mathematical methods developed for the study of thermodynamics to economics. In Physics, thermodynamics (from the Greek θερμη therme meaning " Heat " and δυναμις dynamis meaning " Economics is the social science that studies the production distribution, and consumption of goods and services. As a graduate student at Harvard, he was the sole protegé of the polymath Edwin Bidwell Wilson, who had himself been the sole protegé of Yale's great physicist Willard Gibbs. Edwin Bidwell Wilson ( April 25 1879 – December 28 1964) was a Mathematician and Polymath. Josiah Willard Gibbs ( February 11, 1839 &ndash April 28, 1903) was an American theoretical Physicist, Chemist [5] Gibbs, the founder of chemical thermodynamics, was also mentor to American economist Irving Fisher and he influenced them both in their ideas on the equilibrium of economic systems. In Thermodynamics, chemical thermodynamics is the mathematical study of the interrelation of Heat and work with Chemical reactions or with a Irving Fisher ( February 27 1867 Saugerties, New York &ndash April 29 1947, New York was an American economist [6][7]

Samuelson’s 1947 magnum opus Foundations of Economic Analysis, from his doctoral dissertation, is based on the classical thermodynamic methods of American thermodynamicist Willard Gibbs, specifically Gibbs' 1876 paper On the Equilibrium of Heterogeneous Substances. Magnum opus (sometimes Opus magnum, plural magna opera) from the Latin meaning great work, refers to the best the greatest Foundations of Economic Analysis is a book by Paul A Samuelson published in 1947 (Enlarged ed In Thermodynamics, chemical thermodynamics is the mathematical study of the interrelation of Heat and work with Chemical reactions or with a In Thermodynamics, a thermodynamicist is one who studies Thermodynamic processes and phenomena i Josiah Willard Gibbs ( February 11, 1839 &ndash April 28, 1903) was an American theoretical Physicist, Chemist In the History of thermodynamics, On the Equilibrium of Heterogeneous Substances is a 300-page paper written by American mathematical-engineer Willard Gibbs [8][9][10]

In 1947, based on the Le Chatelier principle of thermodynamics, a principle taught to Samuelson by Wilson in lecture, he established the method of comparative statics in economics. In Chemistry, Le Chatelier's Principle, also called the Le Chatelier-Braun principle, can be used to predict the effect of a change in conditions on a Chemical This method explains the changes in the equilibrium solution of a constrained maximization problem (economic or thermodynamic) when one of the constraints is marginally tightened or relaxed. The Le Chatelier principle was developed by French chemist Henri Louis le Chatelier, who is notable for being one of the first to translate Gibbs’ equilibrium papers (in French, 1899). Henry Louis Le Chatelier (8 October 1850 - 17 September 1936 was an influential French/Italian Chemist of the late 19th and early 20th centuries Samuelson’s use of the Le Chatelier principle has proven to be a very powerful tool and found widespread use in modern economics. [11] Attempts at neo-classical equilibrium economics analogies with thermodynamics generally, go back to Guillaume and Samuelson. [12]

Criticism

According to Canadian economist Paul Henderson, Samuelson erroneously assumes that people continuously act in a rational manner, omitting the effects of culture, advertisement and other influences on human decision making. He writes:[13]

“ Samuelson admits that utility is a construct that has no basis in psychology; although he uses the terms ‘consumer’ and ‘individual,’ his model is built around a fictional character that critics have dubbed Homo economicus. This economic man (yes, he is male) never had a childhood, never has children, has never depended upon a caregiver and does not have anyone he provides care for. He only experiences well-being by consuming. He is rational, selfish, a psychopath. . . he isn’t influenced by hundreds of billions of dollars in advertising or the purchases of his neighbors. If Homo economicus buys something, it gives him utility; his consumer sovereignty must be respected. ”

Miscellaneous

Stanislaw Ulam once challenged Samuelson to name one theory in all of the social sciences which is both true and nontrivial. Stanisław Marcin Ulam ( April 13, 1909 &ndash May 13, 1984) was a Polish Mathematician who participated in the Manhattan Several years later, Samuelson responded with David Ricardo's theory of comparative advantage. David Ricardo (18 April 1772 &ndash 11 September 1823 was an English political economist, often credited with systematizing economics and was one of the most influential In international trade the principle of comparative advantage refers to the fact that although one country may have an absolute disadvantage with another value can be created for both


See also

References

  1. ^ "Maximum Principles in Analytical Economics", Nobel Prize Lecture
  2. ^ Liossatos, Panagis, S. Guaranteed minimum income (GMI is a proposed system of Social welfare provision that guarantees that all Citizens or families have an income sufficient Neoclassical economics is a term variously used for approaches to Economics focusing on the determination of prices outputs and income distributions in markets In economics a social welfare function can be defined as a real-valued function that ranks conceivable social states (alternative complete descriptions of the society This is an alphabetical list of notable Economists, that is experts in the social science of Economics. The history of economic thought deals with different thinkers and theories in the field of Political economy and Economics from the ancient world to the present (2004). “Statistical Entropy in General Equilibrium Theory,” (pg. 3). Department of Economics, Florida International University.
  3. ^ Adbusters : The Magazine - #69 The Big Ideas of 2007 / The Revolution Will Begin with a Textbook (Part One). Retrieved on 2007-06-29. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 512 - A Solar eclipse is recorded by a monastic chronicler in Ireland.
  4. ^ Economists' statement opposing the Bush tax cuts. Retrieved on 2007-10-31. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 445 BC – Ezra reads the Book of the Law to the Israelites in Jerusalem (see Nehemiah 91 NLTse
  5. ^ How I Became an Economist by Paul A. Samuelson, 1970 Laureate in Economics, 5 September 2003
  6. ^ Eric Smith, Duncan Foley (2005), Classical Thermodynamics and Economic General Equilibrium Theory
  7. ^ Mirowski, Philip (1989). Paul Anthony Samuelson (born May 15, 1915) is an American neoclassical Economist known for his contributions to many fields of More Heat than Light: Economics as Social Physics, Physics as Nature's Economics. Cambridge Univ. Press. ISBN 0521426898.  
  8. ^ P A Samuelson, Gibbs in economics, Proceedings of the Gibbs Symposium (Providence, R. I. , 1990), 255-267.
  9. ^ K R Jolls, Gibbs and the art of thermodynamics, Gibbs in economics, Proceedings of the Gibbs Symposium (Providence, R. I. , 1990), 293-321.
  10. ^ Liossatos, Panagis, S. (2004). “Statistical Entropy in General Equilibrium Theory,” (pg. 3). Department of Economics, Florida International University.
  11. ^ Baumgarter, Stefan. (2004). Thermodynamic Models, Modeling in Ecological Economics (Ch. 18)
  12. ^ McCauley Joseph. l. (2004). “Thermodynamic analogies in economics and finance: instability of markets” Published in: Physica A. 329 (2003): pp. 199-212.
  13. ^ Green, T. (2007). The Revolution Will Begin with a Textbook. Adbusters Magazine.. Retrieved on 2007-10-31. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 445 BC – Ezra reads the Book of the Law to the Israelites in Jerusalem (see Nehemiah 91 NLTse

Books by Paul Samuelson

v. 1 & 2, 1937-mid-1964 (1966)
v. 3. , mid-1964-1970 (1970)
v. 4, 1971-76 (1977)
v. 5, 1977-1985 (1986)
v. 6 & 7, 1986- (in preparation)

Further reading

External links


Persondata
NAME Samuelson, Paul
ALTERNATIVE NAMES
SHORT DESCRIPTION Economist
DATE OF BIRTH May 15, 1915 (age 93)
PLACE OF BIRTH Gary, Indiana
DATE OF DEATH
PLACE OF DEATH
An economist is an expert in the Social science of Economics. Events 1252 - Pope Innocent IV issues the Papal bull Ad exstirpanda, which authorizes but also limits the Year 1915 ( MCMXV) was a Common year starting on Friday (link will display the full calendar of the Gregorian calendar (or a Common year
© 2009 citizendia.org; parts available under the terms of GNU Free Documentation License, from http://en.wikipedia.org
 Dapyx Software network: MP3 Explorer | Ebook Manager | Zenithic