Paul A.

Samuelson [Ideological Profiles of the Economics Laureates]

Daniel B. Klein and Ryan Daza
Econ Journal Watch 10(3), September 2013: 561-569
Abstract
Paul A. Samuelson is among the 71 individuals who were awarded the Sveriges
Riksbank Prize in Economic Sciences in Memory of Alfred Nobel between 1969 and 2012.
This ideological profile is part of the project called The Ideological Migration of the
Economics Laureates, which fills the September 2013 issue of Econ Journal Watch.
Keywords
Classical liberalism, economists, Nobel Prize in economics, ideology, ideological
migration, intellectual biography.
JELclassification
A11, A13, B2, B3
Link to this document
http://econjwatch.org/file_download/763/SamuelsonIPEL.pdf
Roth, Alvin E. 2007. %GM>KOB>P ;R 0BF $:K?HK=. &NER 12. BBC Radio 4 ((HG=HG).
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Roth, Alvin E. 2010. ):KD>M >LB@G: 1G=>KLM:G=BG@ ):KD>ML 3>EE !GHN@A MH
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in the Social, Behavioral, & Economic Sciences. />IM>F;>K 8. *:MBHG:E /<B>G<>
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Roth, Alvin E. 2012. %GM>KOB>P ;R ,:MM )HKKBLHG. Los Angeles Times, *HO>F;>K 14:
A19. Link
Paul A. Samuelson
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/<AHHE. AK> HK@:GBS>= F:KD>ML macro-efficient BGLB=> H? FH=>KG FBQ>=
><HGHFB>L, :L MAHL> ><HGHFB>L actually :K>? 3A:M F:D>L MA>F LH?
3A:M D>>IL MA>F LH? AK> L>E?-?NE?BEEBG@ fK:MBHG:Eg ;N;;E>L (:P:R ?KHF
f?NG=:F>GM:EBLMLi O:EN>g) BFIHLLB;E>? +K IHLLB;E>? AG= PBMA PA:M
IE:NLB;E> MA>HKR :;HNM EB?> M:;E>L H? ;N;;E>Li >QI><M>= =NK:MBHG?
(/:FN>ELHG 1999, 32)
A New York Times H;BMN:KR H? /:FN>ELHG L:RL MA:M, :EMAHN@A /:FN>ELHG
P:KG>= :@:BGLM @HO>KGF>GM @>MMBG@ MHH ;B@ MH >??B<B>GMER K>LIHG= MH LH<B>M:E G>>=L,
A> ;>EB>O>= MA:M fGH L>KBHNL IHEBMB<:E HK ><HGHFB< MABGD>K PHNE= K>C><M MA>
?NG=:F>GM:E '>RG>LB:G B=>: MA:M : ;>G>OHE>GM =>FH<K:MB< @HO>KGF>GM FNLM =H
PA:M BM <:G MH :O>KM ><HGHFB< MKHN;E> BG :K>:L MA> ?K>> F:KD>ML <:GGHM. *>BMA>K
@HO>KGF>GM :EHG> GHK MA> F:KD>ML :EHG>, A> L:B=, <HNE= L>KO> MA> IN;EB< P>E?:K>
PBMAHNM A>EI ?KHF MA> HMA>Kg (3>BGLM>BG 2009).
AEHG@ MAHL> EBG>L, MA> Economist H;BMN:KR H? /:FN>ELHG L:B=:
7/:FN>ELHG8 :IIKHO>= H? F:LLBO> @HO>KGF>GM LI>G=BG@ MH A>EI :G
><HGHFR >L<:I> ?KHF K><>LLBHG PA>G FHG>M:KR IHEB<R <:G =H GH
FHK>. 3A>G MA> +;:F: :=FBGBLMK:MBHG BGMKH=N<>= CNLM MA:M LHKM H?
LMBFNENL MABL R>:K, I:KMER HG MA> :=OB<> H? )K /:FN>ELHGiL G>IA>P,
(:KKR /NFF>KL, PAH BL )K +;:F:iL <AB>? ><HGHFB< :=OBL>K, A> P:L
JNB<D MH :IIKHO>. (!<HGHFBLM 2009)
A 2004 Journal of Economic Perspectives :KMB<E> ;R /:FN>ELHG P:L BGM>KIK>M>=
;R LHF> :L IKHFHMBG@ IKHM><MBHGBLF, ;NM /:FN>ELHG K>MHKM>=: f!<HGHFB< ABLMHKR
:G= ;>LM ><HGHFB< MA>HKR MH@>MA>K I>KLN:=> F> MA:M E>:OBG@ HK <HFIKHFBLBG@
?K>> MK:=> IHEB<B>L PBEE FHLM EBD>ER K>=N<> ?NMNK> @KHPMA BG P>EE ;>BG@ BG ;HMA MA>
:=O:G<>= :G= E>LL IKH=N<MBO> K>@BHGL H? MA> PHKE=. ,KHM><MBHGBLF ;K>>=L
FHGHIHER, <KHGR <:IBM:EBLF :G= LEHMAg (/:FN>ELHG 2005, 242).
):KD /DHNL>G A:L MK:<>= <A:G@>L BG MA> ?:FHNL M>QM;HHD :NMAHK>= ;R
/:FN>ELHG (1LM >=., 1948), :G= E:M>K /:FN>ELHG :G= 3BEEB:F . *HK=A:NL (19MA
>=., 2010). /DHNL>G ?BG=L: f.><>GMER, /:FN>ELHG :G= <H:NMAHK 3BEEB:F *HK=A:NL
A:O> @K:=N:EER LAB?M>= ?KHF :GMBMAKB?M MH IKHL:OBG@L IHEB<B>L, ?KHF =>?B<BM LI>G=BG@
ECON JOURNAL WATCH
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2+(1)! 10, *1)B!. 3, /!,0!)B!. 2013 566
MH ?BL<:E K>LMK:BGM, :G= ?KHF ?BL<:E IHEB<R MH FHG>M:KR IHEB<R :L >??><MBO>
<HNGM>K<R<EB<:E MHHELg (/DHNL>G 1997, :;L.).
/:FN>ELHG P:L BGM>KOB>P>= ;R ':K>G %EL> $HKG BG &NG> 2007. %G MA>
BGM>KOB>P, /:FN>ELHG L:RL:
BR :G= E:K@>, @EH;:EBS:MBHG A:L A>EI>= ;HMA CABG: :G= MA> 1/. BNM
MA> IHBGM BL MA:M MA> PBGG>KL BG MA> 1/ :K> : O>KR NG;:E:G<>= @KHNI.
%G MA> HE= *>P >:E =:RL, PBMA ,K>LB=>GML "K:GDEBG . .HHL>O>EM,
$:KKR 0KNF:G, &HAG ". '>GG>=R, (RG=HG &HAGLHG, MA> @HO>KGF>GM
PHNE= A:O> F:=> MA> PBGG>KLePBMA MA> NL> H? MA> M:Q LRLM>F :G= MA>
>QI>G=BMNK> LRLM>FeLA:K> LHF> H? MA>BK PBGGBG@L, LH MA:M IHM>GMB:EER,
>O>KR;H=R <HNE= ;> ;>MM>K H??. $HP>O>K, MA>K> BL : ;B@ <A:G@> BG FR
NG=>KLM:G=BG@: HGER MH : EBFBM>= =>@K>> <:G RHN M:D> : F:KD>M LRLM>F
:G= BFIKHO> HG BM ;R @HO>KGF>GM ;NR-HNM. (/:FN>ELHG 2009:, 52)
0A>G $HKG :LDL, fAG= PAR BLGiM LM:M> BGM>KO>GMBHG : @HH= K>F>=R?g /:FN>ELHG
<HGMBGN>L:
)BG> BL GHM MA> $:R>DB:G :K@NF>GM MA:M BM PHNE= MNKG MHM:EBM:KB:G. 0H
F>, :EE H? <NKK>GM ABLMHKR CNLM LAHPL MA:M B? RHN =H MA:M, :L BG /P>=>G,
RHN DBEE MA> @HHL> MA:M E:RL MA> @HE=>G >@@L. 5HN <:G K><MB?R =BLMKB;NMBHG
HGER MH : O>KR EBFBM>= =>@K>>. 0A> K>:E MKHN;E> PBMA MA> FH=>KG PHKE=
?KHF :G >MAB<:E OB>PIHBGM BL GHM :G B=BHM EBD> ,K>LB=>GM #>HK@> 3.
BNLA HK : F>:G @NR EBD> ,K>LB=>GM .B<A:K= *BQHG, BMiL MA> >E><MHK:M>.
0A> FHK> P> @>M :P:R ?KHF MA> #K>:M >IK>LLBHG, PA>G >O>KR;H=R
?>EM P> A:= MA> L:F> IKH;E>FL :G= G>>= H? FNMN:E 7K>:LLNK:G<>8, :G=
?KHF MA> fG><>LL:KR P:Kg, 3HKE= 3:K %%, MA> FHK> MA> >E><MHK:M> GH
EHG@>K A:L :EMKNBLF. BNM RHN <:GiM CNLM =BLI>E MA> >E><MHK:M>, :L MA>
#>KF:G IE:RPKB@AM B>KMHEM BK><AM GHM>= L:K<:LMB<:EER. 5>M, MABL
>FIA:LBL NIHG MA> EBFBM>= BFIKHO>F>GML MA:M RHN <:G F:D> PBMABG :
FH=>KG =>FH<K:<R BL : ?NG=:F>GM:E <A:G@> BG FR MABGDBG@. 0A> HMA>K
MABG@ MA:M A:L <A:G@>= BL MA:M ;><:NL> H? &:I:G :G= /BG@:IHK> :G=
$HG@ 'HG@ :G= 0:BP:G, MA> 1/ ><HGHFR BG MA> :G<B>GM MK:=BMBHG H?
FR M>QM;HHD BL : =B??>K>GM HG> ?KHF MA> HG> H? MA> <NKK>GM >=BMBHG.
%G MAHL> =:RL, MA> "HKMNG> 500 <HFI:GB>L A:= : F>:LNK> H? HEB@HIHER
IHP>K PAB<A MA>R P>K> ?HK<>= MH LA:K> PBMA MA> MK:=> NGBHGL. 3>EE, BG
MA> F>:GMBF>, MA> MK:=> NGBHGL :K> @HG> BG AF>KB<:, >Q<>IM BG : ?>P
EH<:EBS:MBHGL :G= BG @HO>KGF>GM. 3> A:O> : <HP:K= E:;HK ?HK<>. 0A>
K>LNEM BL MA:M P> :K> FN<A FHK> EBD> BG : /:RiL E:P LBMN:MBHG. AEE MA:M
IDEOLOGICAL PROFILES OF THE ECONOMICS LAUREATES
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<HGO>KLBHG MH MA> =BL>JNBEB;KBNF LRLM>F, BGMH '>RG>LB:GBLF, L>>FL GH
EHG@>K NL>?NE MH F>. (/:FN>ELHG 2009:, 52-53)
%G : JN>LMBHGG:BK> MA:M $HKG :=FBGBLM>K>= MH /:FN>ELHG :G= MA> HMA>K
E:NK>:M>L MA:M LA> BGM>KOB>P>=, LA> :LD>=, Please name a politician that you admire for
his/her good hand in economic policy, MH PAB<A /:FN>ELHG :GLP>K>=: "K:GDEBG >E:GH
.HHL>O>EM. 0H $HKGiL JN>LMBHG, In your mind, what has been the most misleading theoretical
approach in economics?, /:FN>ELHG :GLP>K>=: (B;>KM:KB:GBLF ($HKG 2009, 265).
%G : ?HK>PHK= <HGMKB;NM>= MH : LAHKM 2009 >=BM>= OHENF> HG "K:G<H
)H=B@EB:GB, /:FN>ELHGeBG ABL <HEHK?NE P:ReK>F:KD>= HG $:R>D :G= "KB>=F:G:
2NE@:K =>;:M>KL NL>= MH :K@N> :;HNM PAH P:L MA> @K>:M>LM MP>GMB>MA
<>GMNKR ><HGHFBLM. %G>OBM:;ER '>RG>L <:F> NI. "HK : ;KB>? I>KBH=
MA>K> P:L MA> KB=B<NEHNL <HFI:KBLHG ;>MP>>G $:R>D :G= '>RG>L. 0A:M
P:L CNLM ;>?HK> $:R>D P>GM BGMH PA:M <HLFHEH@BLML <:EE : ;E:<D AHE>
:L ?:K :L F:BGLMK>:F PHKE= ><HGHFB<L P:L <HG<>KG>=. NKBG@ MA>
LNIIER-LAH<D>= LM:@?E:MBHG H? MA> 1970iL, PA>G MKBNFIA:GM '>RG>L-
B:GBLF P:L EHLBG@ >LM>>F, FHG>M:KBLM )BEMHG "KB>=F:G P:L IK:BL>= BG
MA> /NG=:R G>PLI:I>KL :L '>RG>LiL LNI>KBHK. AE:L, 1960 "KB>=F:GiL
O>KLBHG H? 1911 "BLA>KBG> )2=,- BG MA> >G= :=O:G<>= GH G>P
NG=>KLM:G=BG@ H? >BMA>K LM:@?E:MBHG HK F:<KH><HGHFB< IK>=B<MBHG.
(/:FN>ELHG 2009;, BBB)
3> :K> :P:K> H? MPH MPH IN;EB< I>MBMBHGL LB@G>= ;R /:FN>ELHG, HG> HIIHLBG@
MA> #>HK@> 3. BNLA M:Q <NML :G= :GHMA>K >G=HKLBG@ &HAG '>KKR ?HK IK>LB=>GM BG MA>
>E><MBHG H? 2004 ($>=>G@K>G >M :E. 2010).
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IDEOLOGICAL PROFILES OF THE ECONOMICS LAUREATES
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