Paul Samuelson

Paul Anthony Samuelson , born the May 15th 1915 with Gary, Indiana (the United States), is an American economist, “Nobel Prize” of economy in 1970.

He is regarded as the leader of the school that he called the “neo-classic Synthèse”, which intends to take again on its account at the same time the assets of Keynes in Macroéconomie and the lesson neo-classic in Microéconomie.

Paul A. Samuelson (with John Hicks) are regarded as “the father” of the current traditional microeconomy.

Biography

After studies of economy to the University of Chicago where it obtains its Bachelor off arts (license) in 1935 and its Master off Arts (control) the following year, Paul Samuelson joined the Université of Harvard to obtain his Doctorat in 1941. He studies near Joseph Schumpeter and Wassily Leontief. Its thesis is worth to him the price David A. Wells of the university. Its first work brings a rapid to him recognition of its pars and it obtains in 1947 the Médaille John Bates Clark allotted by the American Economic Association to the economist of less than forty years supposed to have more contributed to progress of the economic thinking.

After the war, Paul Samuelson asserts himself like one of the most influential economists attached to the US government; he is particularly close to John Fitzgerald Kennedy, which makes of it its economic council with the White House.

He is elected president of the International Economic Association in 1965.

Paul Samuelson is one of the most prolific economists, with several hundreds of articles pioneers and two works with his credit. He publishes Foundations off economic analysis in 1947, in which he denounces the inconsistencies and the approximations of the traditional economic speech and preaches the use of mathematics for better including/understanding the economic phenomena. He explains there how one can deduce from the “laws” starting from the individual behaviors, and this from the point of view of general stability, and mathematically formulates there the theory of the “groping walrassien”.

Its second work entitled Economics: year introductory analysis , which it publishes in 1948, remains the book of economy more to date sold. It was used as handbook of reference to generations of students.

Describing itself like “the last general practitioner of the economy”, Paul Anthony Samuelson touches with very many fields of the economy. He is in particular famous for his work on the inflation, which he regards as one of the greatest dangers to the Western companies, but it fears as much the psychosis of the Déflation, which is likely to be quite as harmful.

Seeking micro-economic bases with the macroeconomics, he is regarded as one of the initiators of the “neo-classic synthesis”. He thus gave his name to a model which takes again the multiplier keynésien and the principle of the accelerator (“oscillating of Samuelson”). The interaction of this multiplier and the accelerator can generate cycles (called “oscillations”), whose origin is endogenous, because of problems of behavior and coordination.

Paul Anthony Samuelson is also known for his contributions with the theories of the international business, with his participation in the development of the famous theorem Heckscher-Ohlin-Samuelson (“theorem HOS”). This theorem indicates that the exchanges between country are due to differences in their equipments in factors of production, rather than to their particular characteristics, as David Ricardo suggests it.

It is finally in the beginning, with Maurice Allais, of the model with overlapping generations which found many applications in macroeconomics and monetary theory.

In the field of the international business, it called in question the theory of the comparative advantages applied to the relations between China and the United States. This completely innovative analysis destabilizes the belief in the automatic benefits of the international business by posing the assumption that the the United States could not draw any development, even in the long run, of the trade with the China. This one being a world with it all alone, the Spécialisation would not function. This thesis caused many reactions.

It is now Professor-highly skilled with the Massachusetts Institute off Technology (MIT), university in which it created the department of economy. In addition, it is Nobel Prize " for the development of the economic theory in statics and dynamics and to have raised the level of analysis in economic scene . "

Quotation

“the economy is a difficult science since it rests on questions of supply and. On what does depend the request or the absence on request, if not desires of the economic agents, desires which escape rational and which we thus do not know of anything to model? I would say if I wanted to show me provocative that our trade is filled of good intentions, and that there is even matter to speak about its objectives in a lyric way, but which it is not makes some quite serious”.
science is a true parasite: the more the number of the patients is raised, the more the Physiologie and the Pathologie progress, and thus better are the therapeutic results obtained. The year 1932 marks the blackest moment of the Grande depression and it is of its framework honni that gradually the new discipline emerged which we call today the Macroéconomie .
" the economy is the study in the way in which the companies use rare resources to produce goods having a value and to distribute them between the individuals . "
" the economy produces in an effective way when it cannot increase the economic welfare without degrading the fate of someone else . "
" the ultimate end of the economy is to improve the daily living conditions of the individuals . "

Principal publications

1966 : The Pasinetti Paradox in Neoclassical and General More Models (with F. Modigliani), LMBO
1955: Readings in Economics
1953: Balanced Growth Under Constant Returns to Scale (with R.M. Solow), Econometrica
1948: Economics: year Introductory Analysis , (many republications), French translation under the title economic the , Paris, A. Colin, 1983, then, in collaboration with W. Nordhaus under the title Economy , Paris, Economica, 2000
1947: Foundations off Economics Analysis , French translation under the title bases of the economic analysis , Paris, Dunod and Gauthier-Villars, 1971
1939: Interaction Between to multiply Analysis and the Principle off Acceleration , LMBO

See too

Internal bonds

List of the famous economists
Price of the Bank of Sweden in economic scenes in memory of Packsaddlled Alfred Nobel
Medal John Clark
Model Heckscher-Ohlin-Samuelson

External bonds

Paul A. Samuelson, The Sveriges Riksbank Prize in Economic Sciences in Memory off Alfred Nobel 1970
Samuelson (P.A.)

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