Paul Anthony Samuelson

Paul Anthony Samuelson

American economist Paul Anthony Samuelson was born in Gary, Indiana, the USA in 1915. The name of his father and mother is Frank Samuelson and Ella Lipton Samuelson. Frank Samuelson was a pharmacist. His 1st wife is Marion Crawford and 2nd wife is Risha Clay Samuelson. He regarded as the father of modern economics.


In 1923, Samuelson shifted to Chicago and he graduated there from Hyde Park Career Academy. In 1935, he completed his Bachelor of Arts degree at University of Chicago. In 1936, he pursued his Master of Arts degree and in 1941 completed his Doctor of Philosophy at Harvard University. In 1961, from Chicago University, he obtained honorary Doctor of Laws degrees and Oberlin College; and in 1966, from Indiana University and East Anglia University.The David A. Wells prize was rewarded by him for his thesis naming Foundations of Analytical Economics, that after became the Foundations of Economic Analysis. Samuelson’s Foundations shows that economic analysis advantages from the parsimonious and successful language of maths.


In 1940  He started his working as an Assistant Professor of Economics at Massachusetts Institute of Technology and in 1944 became an Associate Professor at the institution. From 1944-1945,  He became a member of the Radiation Laboratory. In 1945 Samuelson acts as a (guest teacher) Professor of International Economic Relations, at Fletcher School of Law and Diplomacy. He came to the Professor at Massachusetts Institute of Technology in 1947. A Fellowship of Guggenheim from 1948-1949 took by him.


At National Resources Planning Board Samuelson served as a consultant from 1941-1943, for “war-time planning for continuing full employment”. In 1945 he served on War Production Board and Office of War Mobilization and Reconstruction for “economic and general planning program”. Samuelson well-advised the “United States Treasury” from 1945-1952, as an expert; in 1952, he served as a consultant at Bureau of the Budget; from 1959-1960, worked at Research Advisory Panel to the President’s National Goals Commission; in 1960 the Research Advisory Board Committee for Economic Development. This famous economist also worked as an advisor at National Task Force on Economic Education (1960-1961), at Federal Reserve Bank, The Economist is also an informal advisor to the Council of Economic Advisors. This individual was elected president of the International Economic Association in 1965.Influential introductory textbook “Economics”, first published in 1948 by this American economist. The book converted into forty-one languages and sold above 4,00,00,000 copies.

Samuelson is usually regarded as one of the founders of neo-Keynesian economics and in the progress of neoclassical economics. He was furthermore important in developing the Neoclassical synthesis, that integrated Keynesian along with neoclassical concepts.

The most historical period for him and also for economic science in 1970 he got the Nobel Memorial Prize. At the age of 94, this novel winner economist Paul Samuelson died on 13 December 2009 at his home in Belmont, Massachusetts.


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