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Paul Samuelson (Samuelson)

( The American economist)

Comments for Paul Samuelson (Samuelson)
Biography Paul Samuelson (Samuelson)
genus. May 15, 1915, Mr..


Memory of the Nobel Prize in Economics, 1970.


The American economist Paul Anthony Samuelson was born in Gary, Indiana, the son of Frank and Ella (nee Lipton) Samuelson. In 1935, not yet reached the age of twenty years, he received a bachelor's degree from the University of Chicago, where his teachers were such economists as Frank Knight, Jacob Viner and Henry Simons. His subsequent career as a graduate student at Harvard University, then became a legend. Received a master's degree in economics in 1936. S. appointed a junior member of Harvard University, ie. He was awarded one of the highest degree of recognition that the university may be noted his pupil. When completed his oral exam, the professor asked him jokingly: 'And we have passed the exam? "A doctorate in economics he received in 1941, and at the same time for his dissertation he was awarded the Prize. David Wells.

Even before receiving his doctorate degree C., which was a rarity among economists, to make improvements in the methodology used in all areas of economic analysis. The exact application of mathematics in the analysis of fundamental economic theories highlighted those elements that limit these theories, which increased their ability to display real world problems. Thus, his first work, published in 1938, dealt with the theory of 'excavated preference' consumers.

According to the traditional approach of the theory of consumers, people 'maximize utility' (seek to achieve the greatest satisfaction of their needs), when they buy any goods or services. This theory could not be refuted, since the usefulness of presenting a qualitative category, can not be measured. S., however, proved that utility maximization can be determined by comparing the preferences of consumers to price changes and after. Consumers with rational behavior will not be buying for the new, higher prices for those goods and services that they could consume the old, lower prices. This theory. opened the way for important new provisions of the theory of price indices and measurement of national income.

In 1940. S. became an assistant professor of economics at the Massachusetts Institute of Technology (MIT). In 1947, Mr.. He was promoted to professorial positions and since 1966. worked at the rank of professor of the institute's. During his long career at MIT With. helped transform the department into a leading economic center. In addition, he conducted a course in economics, he also worked in the Radiation Laboratory at MIT (1945) and taught international economic relations at the Fletcher School of Law and Diplomacy (1945). During the Second World War from 1941 to 1943. he was a consultant for the National Resources Planning, and in 1945. - The War Production.

Book with. 'Fundamentals of Economic Analysis' ( "Foundation of Economic Analysis"), published in 1947. on the basis of his doctoral dissertation, was one of the most important economic works of our century. It served as a solid foundation for mainstream economic theory. Although the style of the book is strictly mathematical, C. insists that it is itself required for economic analysis. Otherwise, in his view, the economists simply engaged in 'mental exercises most perverted poshiba'

. Many economists, . including Simon Kuznets, . Wassily Leontief, and Gunnar Myrdal, . opposed to the growing use of complex mathematics in economics, . proving, . that the latter interpretation undermines the economic relations - Analysis of emerging real-world problems and solutions,
. As for MS, he argues that the application of advanced mathematical methods it is important to ensure that economic analysis was clear and unambiguous and that his theorems were carrying the burden of empirical. The growing support for the views of colleagues in the profession radically changed the methods and approaches of economic science.

In 'Fundamentals of Economic Analysis' higher mathematics in conjunction with the analysis was the starting point of a unified approach to the static and dynamic theory, for which P. in the future will receive the Nobel Prize. In this book, C. argued, . in such diverse fields, . as the theory of production and consumption, . theory of international trade, . finance, . welfare economics, . virtually all the important results can be obtained by mathematical derivation of some functions, . subject to a number of restrictions,
. He also insisted that the static predictions of the economic model and its dynamic behavior related to each other - this position is known as the principle of conformity.

Although C. introduced many new to the region of the neoclassical theory of prices, the most outstanding of its contribution to economic science has been the development of stability analysis. Analysis of stability concerns the general theory of prices or the dynamic situation in which prices are determined in disequilibrium, where the degree of price change is determined by the excess of demand over supply. This analysis is also needed in the mathematical accuracy of the theory of economic cycle.

Analysis of the economy has become the red thread that runs through a wide range of research. after the publication of "Fundamentals of Economic Analysis'. His subtle explanations of mathematical and general theoretical principles of applied economics made him a book 'Economics: An Introduction to the analysis' ( "Economics: An Introductory Analysis") classic work after its publication in 1948. It has withstood many editions and was translated into Russian, Japanese, Hungarian, Arabic and many other languages. In early editions it characterized the changes that have taken place by the end of the Second World War, and then, as the changing world economic problems, adjust and content of the book.

From the outset, S., reflecting public concern over inflation and unemployment, showed great interest in the use of fiscal and monetary policy - such a 'neoclassical' synthesis of modern mainstream economics. How Keynesian, he was of the opinion that the attainment of full employment involves interference in regulatory policies and that the neoclassical theory is valid only when provided full employment. As a strong supporter of general equilibrium analysis, he nevertheless saw its limitations when he applied to the realities of reality. At the same time, he carefully analyzed as a theory to. Marx and the concept of 'new left'.

Break new ground with studies. continued in the late 40's and throughout the 50-ies., with its main provisions and methods of analysis is winning wider recognition. Since the mid 70-ies. and later his article on 'equalization of factor prices' in international trade, arguing that free trade between countries should contribute to reducing disparities between income from labor and capital in these countries. These articles do more options than any other of his work. He also classified the sense theoretically benefit from trade, believing, for example, that the rapid increase in Japanese exports would cause an extremely large increase in income in Japan in comparison with the rest of the world. This work is very closely linked with the economic processes taking place after the Second World War.

As a prolific author, with. published numerous books and articles on the widest topics. In the book "Linear Programming and Economic Analysis' (" Linear Programming and Economic Analysis ", . 1958), . written with economist Robert Dorfman and Robert Solow, . He emphasized the analytical technique, . proposed by the mathematician George Dantzig and economist Leonid Kantorovich, . which could be applied to solving practical problems of resource allocation in the field of private business and public sectors,
.

In the same year. published work 'Accurate model of consumer credit with or without the use of social spending' ( "An Exact Consumption Loan Model With or Without the Social Contrivance of Money"). This work represents one of the most original work, have contributed to the economic theory. This model resembles the famous 'life-cycle hypothesis' Franco Modigliani. In the model C. people in the average age of their income to provide a credit to young people so that in old age to receive interest on these loans. This work poses new questions for the demographic and monetary economies, and gives a consistent theory of interest determination. Other work has made fundamental contributions to the theory of optimal economic growth ( 'theorem customs outposts'), capital, general equilibrium, public goods.

In 60-ies. role with. as a consultant began to grow. Although he was an advisor to many government agencies and private organizations, recognition at the national level, he won as an adviser to President John F. Kennedy. Themselves with. called the 'right-wing economists Democrats, supporters of the New Deal'. Although he often publicly disagreeing with his counterpart, an economic analyst of the journal 'New NMC' Milton Fridmenom, they both appreciated the work of each other in the field of economic theory.

In 1970. S. received the Nobel Memorial Award in Economics 'for his scientific work that has developed static and dynamic economic theory and have contributed to raising the general level of analysis in economic science'. Although his work was very diverse, his Nobel lecture clearly showed that his work throughout the life of one aim - to identify 'the principles of maximizing the role of economic analysis'.

After receiving C. Nobel continued to come in the light of his numerous publications on a variety of topics, including such as the Marxist theory of exploitation of labor and the optimal social security system. His views on the economy, firmly established as the orthodox, have been criticized by Marxist economists Marc Linder and Julius Sensata that issued in 1977. book 'Anti-Samuelson,' ( "Anti-Samuelson"). Nevertheless, the fact remains that few Marxists so deeply studied the problem of economic theory with the positions of the left wing, as C.

In 1938. S. married Marion Crawford. They have two daughters and four sons. After the death of his first wife he married Ekkauz Richer in 1981.

In addition to the Nobel Prize, C. received many awards and honors, including the John Bates Clark Medal of the American Economic Association (1947) and the Albert Einstein Award Yeshiva University (1971). He was president of the American Economic Association, Econometric Society and the International Economic Association,. He provided scholarship funds, Guggenheim, Ford Foundation, Carnegie. He is a member of the U.S. National Academy of Sciences, the American Academy of Arts and Sciences and the American Philosophical Society, a member of the British Academy of Sciences. He was given an honorary degree from Harvard University and Catholic University of Louvain, and University of Chicago, Indiana, Michigan, Keio, Southern California, Pennsylvania, Rochester, East England, Northern Michigan, Massachusetts.


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