Paul Samuelson

Paul Anthony Samuelson (May 15, 1915 – December 13, 2009)

Paul Samuelson
was an American economist who was the first American to win the
Nobel Memorial Prize in Economic Sciences. When awarding the
prize in 1970, the Swedish Royal Academies stated that he "has
done more than any other contemporary economist to raise the
level of scientific analysis in economic theory".[4] Economic
historian Randall E. Parker has called him the "Father of Modern
Economics",[5] and The New York Times considers him to be the
"foremost academic economist of the 20th century".[6]

Samuelson was likely the most influential economist of the latter Samuelson c. 1970-1975
half of the 20th century.[7][8] In 1996, when he was awarded the
Born Paul Anthony
National Medal of Science, considered to be America's top
science-honor, President Bill Clinton commended Samuelson for Samuelson
his "fundamental contributions to economic science" for over 60 May 15, 1915
years.[4] Samuelson considered mathematics to be the "natural Gary, Indiana, U.S.
language" for economists and contributed significantly to the Died December 13,
mathematical foundations of economics with his book 2009 (aged 94)
Foundations of Economic Analysis.[9] He was author of the best- Belmont,
selling economics textbook of all time: Economics: An Massachusetts,
Introductory Analysis, first published in 1948.[10] It was the U.S.
second American textbook that attempted to explain the principles
of Keynesian economics. It is now in its 19th edition, having sold Academic career
nearly 4 million copies in 40 languages.[11] James Poterba, former Institution Massachusetts
head of MIT's Department of Economics, noted that by his book,
Institute of
Samuelson "leaves an immense legacy, as a researcher and a
Technology
teacher, as one of the giants on whose shoulders every
contemporary economist stands".[4] Field Macroeconomics
School or Neo-Keynesian
He entered the University of Chicago at age 16, during the depths
tradition economics
of the Great Depression, and received his PhD in economics from
Harvard. After graduating, he became an assistant professor of Alma mater University of
economics at Massachusetts Institute of Technology (MIT) when Chicago (BA)
he was 25 years of age and a full professor at age 32. In 1966, he Harvard University
was named Institute Professor, MIT's highest faculty honor.[4] He (MA, PhD)
spent his career at MIT, where he was instrumental in turning its Doctoral Joseph
Department of Economics into a world-renowned institution by
advisor Schumpeter
attracting other noted economists to join the faculty, including later
Wassily Leontief
winners of the Nobel Prize Robert Solow (Samuelson's protégé),
Robert C. Merton (one of his doctoral students), Franco Doctoral Robert Solow,
Modigliani, Joseph Stiglitz, and Paul Krugman. students Lawrence Klein[1][2]
Robert C. Merton[3]
He served as an advisor to President John F. Kennedy and
President Lyndon B. Johnson, and was a consultant to the United Influences Keynes •
States Treasury, the Bureau of the Budget and the President's Schumpeter •
Council of Economic Advisers. Samuelson wrote a weekly Leontief •
column for Newsweek magazine along with Chicago School Haberler •
economist Milton Friedman, where they represented opposing Hansen • Wilson •
sides: Samuelson, as a self described "Cafeteria Keynesian",[7] Wicksell • Lindahl
claimed taking the Keynesian perspective but only accepting what
Contributions Neoclassical
he felt was good in it.[7] By contrast, Friedman represented the
synthesis
monetarist perspective.[12] Together with Henry Wallich, their
1967 columns earned the magazine a Gerald Loeb Special Award Mathematical
in 1968.[13] economics
Economic
Samuelson worked in many theoretical fields, including: consumer methodology
theory; welfare economics; capital; finance, particularly the Revealed
efficient-market hypothesis; public finance, particularly optimal preference
allocation; international economics, particularly the Balassa– International trade
Samuelson effect and the Heckscher–Ohlin model;
Economic growth
macroeconomics, particularly the overlapping generations model;
Public goods
and market economics.
Awards John Bates Clark
Medal (1947)
Biography Nobel Memorial
Prize in Economic
Samuelson was born in Gary, Indiana, on May 15, 1915, to Frank
Samuelson, a pharmacist, and Ella née Lipton. His family, he later Sciences (1970)
said, was "made up of upwardly mobile Jewish immigrants from National Medal of
Poland who had prospered considerably in World War I, because Science (1996)
Gary was a brand new steel-town when my family went there".[6] Information (https://ideas.repec.org/
In 1923, Samuelson moved to Chicago where he graduated from e/psa57.html) at IDEAS / RePEc
Hyde Park High School (now Hyde Park Career Academy).

Samuelson conducted his undergraduate studies at the University of

Chicago and received his Bachelor of Arts degree there in 1935. He
said he was born as an economist, at 8.00am on January 2, 1932, in
the University of Chicago classroom.[7] The lecture mentioned as
the cause was on the British economist Thomas Malthus, who most
famously studied population growth and its effects.[6] Samuelson
felt there was a dissonance between neoclassical economics and the
way the system seemed to behave; he said Henry Simons and Frank
Knight were a big influence on him.[5] He next completed his
Master of Arts degree in 1936, and his Doctor of Philosophy in
1941 at Harvard University. He won the David A. Wells prize in
1941 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. As a graduate student at Harvard, Samuelson studied Samuelson in 1997
economics under Joseph Schumpeter, Wassily Leontief, Gottfried
Haberler, and the "American Keynes" Alvin Hansen.

Samuelson moved to MIT as an assistant professor in 1940 and remained there until his death.[14]
Samuelson's biographer argues that a central reason for Samuelson's move from Harvard to MIT was the
anti-Semitism that was famously widespread at Harvard at the time. In a 1989 letter to his friend Henry
Rosovsky, Samuelson blamed anti-Semitism in Harvard economics above all on chair Harold Burbank, as
well as on Edward Chamberlin, John H. Williams, John D. Black, and Leonard Crum.[15]
Samuelson's family included many well-known economists, including brother Robert Summers, sister-in-
law Anita Summers, brother-in-law Kenneth Arrow and nephew Larry Summers.

During his seven decades as an economist, Samuelson's professional positions included:

Assistant professor of economics at MIT, 1940; associate professor, 1944.

Member of the Radiation Laboratory 1944–45.
Professor of international economic relations (part-time) at the Fletcher School of Law and
Diplomacy in 1945.
Guggenheim Fellowship from 1948 to 1949
Professor of economics at MIT beginning in 1947 and Institute Professor beginning in 1962.
Vernon F. Taylor Visiting Distinguished Professor at Trinity University (Texas) in spring 1989.

Death

Samuelson died after a brief illness on December 13, 2009, at the age of 94.[16] His death was announced
by the Massachusetts Institute of Technology.[6] James M. Poterba, an economics professor at MIT and the
president of the National Bureau of Economic Research, commented that Samuelson "leaves an immense
legacy, as a researcher and a teacher, as one of the giants on whose shoulders every contemporary
economist stands".[16] Susan Hockfield, the president of MIT, said that Samuelson "transformed everything
he touched: the theoretical foundations of his field, the way economics was taught around the world, the
ethos and stature of his department, the investment practices of MIT, and the lives of his colleagues and
students".[17]

Fields of interest
As professor of economics at the Massachusetts Institute of Technology, Samuelson worked in many fields,
including:

Consumer theory, where he pioneered the revealed preference approach, which is a method
by which one can discern a consumer's utility function, by 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 economics, in which he popularised the Lindahl–Bowen–Samuelson conditions
(criteria for deciding whether an action will improve welfare) and demonstrated in 1950 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. 2, ch. 77;
Fischer, 1987, p. 236).
Capital theory, where he is known for 1958 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 economics, where he influenced the development of two important international
trade models: the Balassa–Samuelson effect, and the Heckscher–Ohlin model (with the
Stolper–Samuelson theorem).
Macroeconomics, where he popularized the overlapping generations model as a way to
analyze economic agents' behavior across multiple periods of time (Collected Scientific
Papers, v. 1, ch. 21) and contributed to formation of the neoclassical synthesis.
 Market economics: 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!" Samuelson strongly criticised Friedman
and Friedrich Hayek, arguing their opposition to state intervention "tells us something about
them rather than something about Genghis Khan or Franklin Roosevelt. It is paranoid to
warn against inevitable slippery slopes ... once individual commercial freedoms are in any
way infringed upon."[7]

Impact
Samuelson is considered one of the founders of neo-Keynesian economics and a seminal figure in the
development of neoclassical economics. In awarding him the Nobel Memorial Prize in Economic Sciences,
the committee stated:

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 synthesis, which ostensibly incorporated Keynesian and
neoclassical principles and still dominates current mainstream economics. In 2003, Samuelson was one of
the ten Nobel Prize–winning economists signing the Economists' statement opposing the Bush tax cuts.[18]

Aphorisms and quotations

Stanislaw Ulam once challenged Samuelson to name one theory in all of the social sciences that is both true
and nontrivial. Several years later, Samuelson responded with David Ricardo's theory of comparative
advantage: "That it is logically true need not be argued before a mathematician; that is not trivial is attested
by the thousands of important and intelligent men who have never been able to grasp the doctrine for
themselves or to believe it after it was explained to them."[19]

For many years, Samuelson wrote a column for Newsweek. 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.[20]
In the early editions of his famous, bestselling economics textbook Paul Samuelson joked that GDP falls
when a man "marries his maid".[21]

Publications

Foundations of Economic Analysis

Paul Samuelson's book Foundations of Economic Analysis (1946)

is considered his magnum opus. It is derived from his doctoral
dissertation, and was inspired by the classical thermodynamic
methods.[22] The book proposes to:

examine underlying analogies between central features

in theoretical and applied economics and The competitive price system
study how operationally meaningful theorems can be adapted from Samuelson, 1961
derived with a small number of analogous methods
(p. 3),

in order to derive "a general theory of economic theories" (Samuelson, 1983, p. xxvi). The book showed
how these goals could be parsimoniously and fruitfully achieved, using the language of the mathematics
applied to diverse subfields of economics. The book proposes two general hypotheses as sufficient for its
purposes:

maximizing behavior of agents (including consumers as to utility and business firms as to

profit) and
economic systems (including a market and an economy) in stable equilibrium.

In the first tenet, his views presented the idea that all actors, whether firms or consumers, are striving to
maximize something. They could be attempting to maximize profits, utility, or wealth, but it did not matter
because their efforts to improve their well-being would provide a basic model for all actors in an economic
system.[23] His second tenet was focused on providing insight on the workings of equilibrium in an
economy. Generally in a market, supply would equal demand. However, he urged that this might not be the
case and that the important thing to look at was a system's natural resting point. Foundations presents the
question of how an equilibrium would react when it is moved from its optimal point.[23] Samuelson was
also influential in providing explanations on how the changes in certain factors can affect an economic
system. For example, he could explain the economic effect of changes in taxes or new technologies.

In the course of analysis, comparative statics, (the analysis of changes in equilibrium of the system that
result from a parameter change of the system) is formalized and clearly stated.

The chapter on welfare economics "attempt(s) to give a brief but fairly complete survey of the whole field
of welfare economics" (Samuelson, 1947, p.  252). It also exposits on and develops what became
commonly called the Bergson–Samuelson social welfare function. It shows how to represent (in the
maximization calculus) all real-valued economic measures of any belief system that is required to rank
consistently different feasible social configurations in an ethical sense as "better than", "worse than", or
"indifferent to" each other (p. 221).

Economics
Samuelson is also author (and since 1985 co-author) of an influential principles textbook, Economics, first
published in 1948 (19th ed. as of 2010; multiple reprints). The book sold more than 300,000 copies of each
edition from 1961 through 1976 and was translated in the forty-one languages. As of 2018, it has sold over
four million copies. William Nordhaus joined as co-author on the 12th edition (1985). Sometime before
1988, it had become the best-selling economics textbook of all time.[24][25][a]

Samuelson was once quoted as saying, "Let those who will write the nation's laws if I can write its
textbooks."[26] Written in the shadow of the Great Depression and the Second World War, it helped to
popularize the insights of John Maynard Keynes. A main focus was how to avoid, or at least mitigate, the
recurring slumps in economic activity.

Samuelson wrote: "It is not too much to say that the widespread creation of dictatorships and the resulting
World War II stemmed in no small measure from the world's failure to meet this basic economic problem
[the Great Depression] adequately."[27] This reflected the concern of Keynes himself with the economic
causes of war and the importance of economic policy in promoting peace.[28][29][30]

Samuelson's book was the second to introduce Keynesian economics to a wide audience, and was by far
the most successful. Canadian economist Lorie Tarshis, who had been a student attending Keynes's lectures
at Harvard in the 1930s, published in 1947 an introductory textbook that incorporated his lecture notes,
titled Elements of Economics (https://archive.org/details/elementsofeconom030865mbp/page/n5/mode/2u
p).[31][32][33]

Other publications

There are 388 papers in Samuelson's Collected Scientific Papers. Stanley Fischer (1987, p. 234) writes that
taken together they are "unique in their verve, breadth of economic and general knowledge, mastery of
setting, and generosity of allusions to predecessors".

Samuelson was co-editor, along with William A. Barnett, of Inside the Economist's Mind: Conversations
with Eminent Economists (Blackwell Publishing, 2007), a collection of interviews with notable economists
of the 20th century.

Criticisms

Textbook influences in higher education

Samuelson's textbook was a watershed in introducing a serious study of business cycles in the economics
curriculum. It was particularly timely because it followed the Great Depression. The study of business
cycles along with the introduction of the Keynesian approach of aggregate demand set the stage for the
macroeconomic revolution in America, which then diffused throughout the world through translations into
every major language. Generations of students, who then became teachers, learned their first and most
influential lessons from Samuelson's Economics. It attracted many imitators, who became successful in
different niches of the college market.

The text was not without criticism. While it praised the "mixed economy" of market and government, some
found that too radical and attacked it as socialist. As a precursor to criticisms of Samuelson's Economics
textbook, Lorie Tarshis's textbook was attacked by trustees of, and donors to, American colleges and
universities as preaching a "socialist heresy".[34] Piling on, William F. Buckley, Jr., in his 1951 book, God
and Man at Yale, devoted an entire chapter, attacking both Samuelson's and Tarshis' textbooks. For
Samuelson's book, Buckley drew from the Educational Examiner and credited it as an "excellent review of
Samuelson's text." ("Note to Chapter Two." p. 234)[35][b] For Tarshis' book, Buckley drew from Merwin
K. Hart's organization to wit : "I am also grateful to the National Economic Council for its telling analysis
of the Tarshis." ("Note to Chapter Two." p.  234)[35] Buckley essentially characterized both as – in the
words of Paul Davidson – "communist inspired".[35][33] Buckley, for the rest of his life, defended the
criticisms set forth in his book.

Economic growth of USSR

One criticism – of a concept that Samuelson added to his Economics textbook – was the comparison of
USA growth rates with those of the USSR, which, according to the criticism, was inconsistent with
historical GNP differences.[36] The textbook's 1967 edition (7th ed.) extrapolates (projects) the possibility
of USSR/US real GNP parity between 1977 and 1995. Each subsequent edition extrapolates a date range
further in the future until those graphs were dropped from the 1985 edition (12th ed.).[37]

Phillips Curve

Samuelson, together with Robert Solow, helped develop and popularize the mathematics of the Phillips
Curve. The curve suggested that unemployment and inflation were inversely related; with the advent of
stagflation in the 1970s some economists including Milton Friedman and Friedrich Hayek attacked the
economics based on the Phillips Curve as questionable or mistaken.

Memberships
Member of the American Academy of Arts and Sciences,[38] the American Philosophical
Society,[39] the United States National Academy of Sciences,[40] fellow of Royal Society of
London
Fellow of the American Philosophical Society and the British Academy;
President (1965–68) of the International Economic Association
Member and past president (1961) of the American Economic Association
Member of the editorial board and past-president (1951) of the Econometric Society
Fellow, council member and past vice-president of the Royal Economic Society.
Member of Phi Beta Kappa.

List of publications
Samuelson, Paul A. (1947), Enlarged ed. 1983. Foundations of Economic Analysis, Harvard
University Press.
Samuelson, Paul A. (1948), Economics: An Introductory Analysis, ISBN 0-07-074741-5; with
William D. Nordhaus (since 1985), 2009, 19th ed., McGraw–Hill. ISBN 978-0-07-126383-2
Samuelson, Paul A. (1952), "Economic Theory and Mathematics – An Appraisal", American
Economic Review, 42(2), pp. 56–66 (http://cowles.econ.yale.edu/P/cp/p00b/p0061.pdf).
Samuelson, Paul A (1954). "The Pure Theory of Public Expenditure" (https://semanticschola
r.org/paper/9a8d0b15760d0ed38e5986d53b095ccd6e783131). Review of Economics and
Statistics. 36 (4): 387–89. doi:10.2307/1925895 (https://doi.org/10.2307%2F1925895).
JSTOR 1925895 (https://www.jstor.org/stable/1925895). S2CID 153571905 (https://api.sema
nticscholar.org/CorpusID:153571905).
Samuelson, Paul A. (1958), Linear Programming and Economic Analysis with Robert
Dorfman and Robert M. Solow, McGraw–Hill. Chapter-preview links. (https://books.google.c
 om/books?id=k5_vzaCNQP4C&pg=PP11)
Samuelson, Paul A. (1960). "Efficient paths of capital accumulation in terms of the calculus
of variations". In Arrow, Kenneth J.; Karlin, Samuel; Suppes, Patrick (eds.). Mathematical
models in the social sciences, 1959: Proceedings of the first Stanford symposium. Stanford
mathematical studies in the social sciences, IV. Stanford, California: Stanford University
Press. pp. 77–88. ISBN 9780804700214.
Samuelson, Paul A. (1982). "Quesnay's 'Tableau Economique' as a theorist would formulate
it today". In Meek, Ronald (author); Bradley, Ian C.; Howard, Michael C. (eds.). Classical and
Marxian political economy: essays in honour of Ronald L. Meek. London: Macmillan. pp. 45–
78. ISBN 9780333321997. {{cite book}}: |editor-first1= has generic name
(help)
The Collected Scientific Papers of Paul A. Samuelson, MIT Press. Preview links for vol. 1–3
below. Contents links for vol. 4–7. OCLC 1079936608 (all editions) (https://www.worldcat.or
g/oclc/1079936608/editions).

Samuelson, Paul A. (1966), Vol. 1 (https://books.google.com/books?id=oi-yoPkdKXkC&pg

=PR9=gbs_book_other_versions_r) → via Google Books, 1937–mid-1964.
Samuelson, Paul A. (1966), Vol. 2 (https://books.google.com/books?id=XQQFn8Vk470C&
pg=PR9=gbs_book_other_versions_r) → via Google Books, 1937–mid-1964.
Samuelson, Paul A. (1972), Vol. 3 (https://books.google.com/books?id=xisb9usg790C&dq
=false&pg=PR7) → via Google Books, mid-1964–1970.
Samuelson, Paul A. (1977), Vol. 4 (https://archive.org/details/trent_0116403027612/page/n
5/mode/2up) → via Internet Archive (registration required), 1971–76.
Samuelson, Paul A. (1986), Vol. 5 (https://books.google.com/books?id=UKeJEc46R9AC&
pg=PR8) → via Google Books, 1977–1985 Description (https://web.archive.org/web/2015
0630034401/https://mitpress.mit.edu/books/collected-scientific-papers-paul-samuelson-3)
→ via
Samuelson, Paul A. (2011), Vol. 6 (https://mitpress.mit.edu/books/samuelson/samuelson6.
pdf), 1986–2009. Description (https://web.archive.org/web/20110502115456/http://mitpres
s.mit.edu/catalog/item/default.asp?ttype=2&tid=12518) → via Wayback Machine
Samuelson, Paul A. (2011), Vol. 7 (https://mitpress.mit.edu/books/samuelson/samuelson7.
pdf), 1986–2009.

Paul A. Samuelson Papers, 1933–2010 (http://library.duke.edu/rubenstein/findingaids/samu

elsonpaul/), Rubenstein Library, Duke University. OCLC 664246147 (https://www.worldcat.or
g/oclc/664246147).
Samuelson, Paul A. (1983). "My Life Philosophy," The American Economist, 27(2), pp. 5-12.
(https://journals.sagepub.com/doi/pdf/10.1177/0569434516630199)
Samuelson, Paul A. (2007), Inside the Economist's Mind: Conversations with Eminent
Economists with William A. Barnett, Blackwell Publishing, ISBN 1-4051-5917-0
Samuelson, Paul A. (2002), Paul Samuelson and the Foundations of Modern Economics,
Transaction Publishers, ISBN 978-0-76-580114-2
Samuelson, Paul A. (2004), Macroeconomics
Samuelson, Paul A. (2004), Microeconomics

See also
Samuelson's inequality
Samuelson's Iceberg transport cost model
Keynesian economics
New Keynesian economics
Neo-Keynesian economics
 Neoclassical economics
Paul Samuelson - Wikiquote
List of Jewish Nobel laureates

Notes

Explanatory annotations
a. With regard to the Samuelson's textbook Economics being the best-seller of all time, other
notable high-selling textbooks include:
Economics in One Lesson (1st ed. 1946), by Henry Hazlitt – more than a million sold.
Economics – Principles, Problems, and Policies (1st ed. 1960), has, at times, been a
U.S. best-seller. Campbell Robertson "Mac" McConnell, PhD (1928–2019) was
sole author until the 10th ed. Stanley Leonard Brue, PhD (born 1945) became co-
author with the 11th ed. (1990). Sean Masaki Flynn, PhD (born 1973) became
third co-author beginning with the 18th ed. (2009).
Principles of Economics, by Greg Mankiw is widely used to cover basics and
macroeconomics
Hal Varian has published a couple widely textbooks for microeconomics.
b. The Educational Reviewer was founded in 1949 by Lucille Cardin Crain (née Marie Lucille
Gabrielle Cardin; 1901–1983), a conservative activist whose primary interest was in – as
she stated in 1951 – "rooting out radical influences in American education." In each issue,
arch-conservative academicians and writers offered their views of high school and college
textbooks as evidence of collectivist content and the like. The publication, for the first three
years, was chiefly financed by William F. Buckley, Jr. Crain's, Kenneth Cardwell Crain
(1883–1969), was a brother of Gustavus Demetrious Crain, Jr. (1885–1973), founder of
Crain Communications.

References
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an Economist. New York: Jorge Pinto Books. p. 18. ISBN 978-0-9742615-3-9.
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s/worldnews/northamerica/usa/6806318/Economics-revolutionary-Paul-Samuelson-dies-ag
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18. "Economists' statement opposing the Bush tax cuts" (http://www.epi.org/publications/entry/ec
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19. Samuelson, Paul (1969). "The Way of an Economist". In Samuelson, P. A. (ed.). International
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Association. London: Macmillan. pp. 1–11.
20. Samuelson, Paul (September 19, 1966). "Science and Stocks". Newsweek. p. 92.
21. "The Trouble With GDP" (https://www.economist.com/briefing/2016/04/30/the-trouble-with-g
dp). The Economist. April 30, 2016. Retrieved October 22, 2018.
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rg/doi/10.1126/science.1186205). Science. 327 (5963): 282. Bibcode:2010Sci...327..282S
(https://ui.adsabs.harvard.edu/abs/2010Sci...327..282S). doi:10.1126/science.1186205 (http
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v/20075240). S2CID 206525085 (https://api.semanticscholar.org/CorpusID:206525085).
24. Rosalsky, Gregory Ellis (March 14, 2018). "Freeing Econ 101: Beyond the Grasp of the
Invisible Hand" (https://behavioralscientist.org/freeing-econ-101-beyond-the-grasp-of-the-inv
isible-hand/). Behavorial Scientist (non-profit digital magazine). Broad Street, Lower
Manhattan. Retrieved April 23, 2021.
25. Sanyal, Amal (2018). "After Keynes – Box 6.3: Paul Samuelson" (https://books.google.com/b
ooks?id=OEcrDwAAQBAJ&pg=PA174). Economics and Its Stories (https://books.google.co
m/books?id=OEcrDwAAQBAJ&pg=PA174). London: Routledge, an imprint of the Taylor &
Francis Group. p. 174. ISBN 9781351581691. ISBN 1-1380-9960-0, 978-1-1380-9960-9
(hard copy); ISBN 978-1-3150-9896-8 (e-book); OCLC 989032184 (all editions) (https://ww
w.worldcat.org/oclc/989032184/editions).
26. "Paul Anthony Samuelson: The Concise Encyclopedia of Economics | Library of Economics
and Liberty" (http://www.econlib.org/library/Enc/bios/Samuelson.html). www.econlib.org.
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27. See Mankiw, Gregory (January 10, 2009). "Is government spending too easy an answer?" (h
ttps://www.nytimes.com/2009/01/11/business/economy/11view.html). The New York Times.
28. See Markwell, Donald (2006). John Maynard Keynes and International Relations: Economic
Paths to War and Peace. New York: Oxford University Press. ISBN 978-0-19-829236-4.
29. Samuelson, Paul (1989). Economics (https://archive.org/details/economicsintrodu00paul)
(13th ed.). McGraw Hill. p. 837 (https://archive.org/details/economicsintrodu00paul/page/83
7). ISBN 9780070547865.
30. "Paul A. Samuelson Biographical" (https://www.nobelprize.org/prizes/economic-sciences/19
70/samuelson/biographical/).
31. Tarshis, Lorie (1947). The Elements of Economics: An Introduction to the Theory of Price
and Employment (https://archive.org/details/elementsofeconom030865mbp/page/n5/mode/2
up). Houghton Mifflin Company – The Riverside Press. OCLC 989388561 (https://www.worl
dcat.org/oclc/989388561). Retrieved April 23, 2021 – via Internet Archive.
32. Harcourt, G. C. (July 1982). "An Early Post Keynesian: Lorie Tarshis (or: Tarshis on Tarshis
by Harcourt)" (https://www.jstor.org/stable/4537699). Journal of Post Keynesian Economics.
Taylor & Francis, Ltd. 4 (4): 609–619. doi:10.1080/01603477.1982.11489324 (https://doi.org/
10.1080%2F01603477.1982.11489324). JSTOR 4537699 (https://www.jstor.org/stable/4537
699). Retrieved November 19, 2022. ISSN 0160-3477 (https://www.worldcat.org/search?fq=
x0:jrnl&q=n2:0160-3477) (publication); OCLC 222424878 (https://www.worldcat.org/oclc/222
424878), 5550180927 (https://www.worldcat.org/oclc/5550180927), 7323662377 (https://ww
w.worldcat.org/oclc/7323662377) (article).
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192224991 (https://www.worldcat.org/oclc/192224991) (article).
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40. "Paul A. Samuelson" (http://www.nasonline.org/member-directory/deceased-members/5090
3.html). www.nasonline.org. Retrieved December 15, 2022.

Further reading
Backhouse, Roger E. (2017). Founder of Modern Economics: Paul A. Samuelson: Volume 1:
Becoming Samuelson, 1915–1948. Oxford University Press. ISBN 978-0-19-066411-4.
Description (https://books.google.com/books?id=65-PDgAAQBAJ) & arrow-scrollable
preview (https://books.google.com/books?id=65-PDgAAQBAJ).
Fischer, Stanley (1987). Samuelson, Paul Anthony. The New Palgrave: A Dictionary of
Economics. Vol. 4. London: Macmillan. pp. 234–41. ISBN 978-0-935859-10-2..
Silk, Leonard (1976). The Economists (https://archive.org/details/economists0000unse).
New York: Basic Books. ISBN 978-0-465-01810-9..
Sobel, Robert (1980). The Worldly Economists. New York: Free Press. ISBN 978-0-02-
929780-3..
Fusfeld, Daniel R. (2002). "The Neoclassical Synthesis" (https://archive.org/details/ageofeco
nomist0087fusf). The Age of the Economist (https://archive.org/details/ageofeconomist0087f
usf/page/198) (9th ed.). Boston: Addison-Wesley. pp. 198–201 (https://archive.org/details/ag
eofeconomist0087fusf/page/198). ISBN 978-0-321-08812-3..
 "I inkomstpolitiken tvår vi våra händer" (https://forum-mag.fi/i-inkomstpolitiken-tvar-vi-vara-ha
nder/). Forum (business magazine) (in Swedish). No. 1973–17. October 31, 1973. p. 07-09.
ISSN 0533-070X (https://www.worldcat.org/issn/0533-070X).

External links
Paul Samuelson (https://mathgenealogy.org/id.php?id=137085) at the Mathematics
Genealogy Project
Paul A. Samuelson (https://www.nobelprize.org/laureate/679) on Nobelprize.org
Presentation Speech (https://web.archive.org/web/20091027101106/http://geocities.com/gfh
_axds_as/zax/samuelson-bio-press.html) by Professor Assar Lindbeck, Stockholm School of
Economics, Award Ceremony, The Bank of Sweden Prize in Economic Sciences in Memory
of Alfred Nobel, 1970
A History of Economic Thought biography (https://web.archive.org/web/20040806110730/htt
p://cepa.newschool.edu/het/profiles/samuelson.htm), 2004
"Paul Anthony Samuelson (1915–2009)" (http://www.econlib.org/library/Enc/bios/Samuelso
n.html). The Concise Encyclopedia of Economics. Library of Economics and Liberty
(2nd ed.). Liberty Fund. 2009.
Paul Samuelson (https://web.archive.org/web/20071014093711/http://yale.edu/opa/campus/
2005_commencement/honorand_bios.html#samuelson), Yale Honorands biography, May
2005
"Nobel-winning economist Paul A. Samuelson dies at age 94" (http://web.mit.edu/newsoffic
e/2009/obit-samuelson-1213.html), MIT News, December 13, 2009
Works by or about Paul Samuelson (https://archive.org/search.php?query=%28%28subjec
t%3A%22Samuelson%2C%20Paul%22%20OR%20subject%3A%22Paul%20Samuelson%
22%20OR%20creator%3A%22Samuelson%2C%20Paul%22%20OR%20creator%3A%22P
aul%20Samuelson%22%20OR%20creator%3A%22Samuelson%2C%20P%2E%22%20O
R%20title%3A%22Paul%20Samuelson%22%20OR%20description%3A%22Samuelson%2
C%20Paul%22%20OR%20description%3A%22Paul%20Samuelson%22%29%20OR%2
0%28%221915-2009%22%20AND%20Samuelson%29%29%20AND%20%28-mediatype:s
oftware%29) at Internet Archive
Appearances (https://www.c-span.org/person/?21398) on C-SPAN
Paul Samuelson (https://scholar.google.com/citations?user=ZglAOxkAAAAJ) publications
indexed by Google Scholar

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