Albrite and grandaughter of Mrs. Saturday, February 16 at 1 a.
He then studied at the University of Chicago and received his Bachelor of Arts degree there in He said he was born as an economist, at 8. He won the David A. Wells prize in for writing the best doctoral dissertation at Harvard University in economics, for a thesis titled "Foundations of Analytical Economics", which later turned into Foundations of Economic Analysis.
Samuelson moved to MIT as an assistant professor in and remained there until his death. During his seven decades as an economist, Samuelson's professional positions included: Assistant Professor of Economics at M.
T,Associate Professor, Member of the Radiation Laboratory — Death[ edit ] Samuelson died after a brief illness on December 13,at the age of Poterbaan dr ricardo meade write a review professor at MIT and the president of the National Bureau of Economic Researchcommented that Samuelson "leaves an immense legacy, as a researcher and a teacher, as one of the giants on whose shoulders every contemporary economist stands".
Consumer theorywhere he pioneered the revealed preference approach, which is a method by which one can discern a consumer's utility functionby observing their behavior.
Rather than postulate a utility function or a preference ordering, Samuelson imposed conditions directly on the choices made by individuals — their preferences as revealed by their choices.
Welfare economicsin which he popularised the Lindahl—Bowen—Samuelson conditions criteria for deciding whether an action will improve welfare and demonstrated in the insufficiency of a national-income index to reveal which of two social options was uniformly outside the other's feasible possibility function Collected Scientific Papers, v.
Capital theorywhere he is known for consumption loans model and a variety of turnpike theorems and involved in Cambridge capital controversy.
Finance theory, in which he is known for the efficient-market hypothesis. Public finance theory, in which he is particularly known for his work on determining the optimal allocation of resources in the presence of both public goods and private goods.
International economicswhere he influenced the development of two important international trade models: Macroeconomicswhere he popularized the overlapping generations model as a way to analyze economic agents' behavior across multiple periods of time Collected Scientific Papers, v.
Samuelson believed unregulated markets have drawbacks, he stated, "free markets do not stabilise themselves. Zero regulating is vastly suboptimal to rational regulating. Libertarianism is its own worst enemy! It is paranoid to warn against inevitable slippery slopes…once individual commercial freedoms are in any way infringed upon".
More than any other contemporary economist, Samuelson has helped to raise the general analytical and methodological level in economic science.
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 in creating the neoclassical synthesiswhich ostensibly incorporated Keynesian and neoclassical principles and still dominates current mainstream economics.
InSamuelson was one of the ten Nobel Prize—winning economists signing the Economists' statement opposing the Bush tax cuts. Several years later, Samuelson responded with David Ricardo 's theory of comparative advantage: One article included Samuelson's most quoted remark and a favorite economics joke: To prove that Wall Street is an early omen of movements still to come in GNP, commentators quote economic studies alleging that market downturns predicted four out of the last five recessions.
That is an understatement. Wall Street indexes predicted nine out of the last five recessions! And its mistakes were beauties. Paul Davidson on Samuelson as a Keynesian[ edit ] Samuelson consistently maintained he was a "Keynesian," albeit a "Cafeteria Keynesian",  and eventually, in later editions of his seminal textbook, even a "post-Keynesian.Dr.
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