Background
Paul Anthony Samuelson was born on May 15, 1915 in Indiana to a pharmacist father, Frank Samuelson, and a caring mother, Ella Lipton, during World War I. His family members were Jewish immigrants from Poland.
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Contains chapter overview and outline, learning objectives, key concept review, helpful hints, multiple choice questions and problem solving questions
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(This book was originally published prior to 1923, and rep...)
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Paul Anthony Samuelson was born on May 15, 1915 in Indiana to a pharmacist father, Frank Samuelson, and a caring mother, Ella Lipton, during World War I. His family members were Jewish immigrants from Poland.
Paul began his education at Hyde Park High School studying the stock market, but it was at the University of Chicago, where Samuelson was born again, as an economist.
He was only 16 years old when he entered the Chicago University; at the university he studied about esteemed economists such as Thomas Robert Malthus who inspired his love for the subject.
Soon after his graduation in 1935, he went on to pursue his Masters of Arts where his flair for the subject intensified. He was awarded his master’s degree a year later in 1936.
He was awarded a Ph. D. degree in 1941.
After he completed his Ph. D. at the age of 25 years in 1941, he received an offer from Massachusetts Institute of Technology and was appointed instantly as an assistant professor.
He was also made a member of the Radiation Laboratory in 1944, where he developed computers to track aircrafts and worked as a part-time International Economic Relations professor at Fletcher School of Law and Diplomacy.
By the time he was 32, he had been authorizedas a full-time professor at the Massachusetts Institute. Around this time he was also made advisor and consultant of two significantboards the National Resources Planning Board plus the War Production Board and Office of War Mobilization and Reconstruction.
From 1945 to 1952, he worked as an advisor to the United States Treasury; in 1960-1961 he servedas a member ofthe National Task Force on Economic Education.
In 1965 Paul Samuelson was made president of the International Economic Association. At the Association, he assumedthe responsibility of teaching and interpreting Keynesian economics to fundamental units of the American Government i. e. American presidents, the Federal Reserve Board and selected members of the Congress.
He had mastered Keynesian economics that pertained to the amount of influence an aggregate of demand projected on the economic output of a country during recession. Although he didn’t agree with all the principles, he found no reason to reject some of the tenets.
Thus, with this knowledge heextended his service as a member of thePresident’s Council of Economic Advisers to senator and later PresidentJohn F. Kennedy, making suggestions and recommendations on tax cuts that would in turn keep a check on repression.
In the year 1966, Paul Samuelson was made an Institute Professor which was regarded as the most honourable post of a faculty member in Massachusetts.
Starting from the late 1960s to 1980s, he found himself in recurring debates with a fellow economist, Milton Friedman, from the University of Chicago.
The two were brilliant orators and authors and often debated in public forums and magazine columns such as ‘Newsweek’. While Samuelson was a liberal economist, Friedman was more conservative and he disagreed with the participation of the government in economy.
While Friedman believed that private enterprises bring better results to the country’s economy, Samuelson on the other hand had a more Keynesian approach to his debates. Yet, the two respected and had deep regard for each other.
Paul Anthony Samuelson is remembered as an economist who was awarded the Nobel Prize in Economic Sciences in 1970 for his fundamental contributions to nearly all branches of economic theory.
Often referred to as the ‘Father of Modern Economics’, he pioneered the inclusion of mathematics with the theories ofeconomics. Before him, economics was taught based on verbal explanations and vague derivations. He introduced the language of mathematics to validate its theories and principles which justified economics as a science accommodating both logic and rationality.
(This book was originally published prior to 1923, and rep...)
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American Academy of Arts and Sciences, National Academy of Sciences, Royal Society, International Economic Association, American Economic Association, Econometric Society, Royal Economic Society, American Philosophical Society, Phi Beta Kappa.
Samuelson married his classmate Marion Crawford in 1938. The couple had six children of who the last three children were triplet boys.
Marion died in 1978; he later married Risha Clay Samuelson but didn’t have any children with her.
