Paul Sam. Economics

Paul Samuelson

American Economist

Paul Samuelson was a renowned economist internationally. He has layed the foundation for economics today with his 'magnum opus' - the "Foundations of Economic Analysis" which in this book, he has greatly intertwined the relations between modern Economics and Mathematics.

Key Ideas and Theories

Samuelson added to many economic theories through mathematical techniques which is shown throughout his work in "Foundations of Economic Analysis" which is widely referred to as his Magnum Opus. In his research, he has made it clear that he believes that the universal consumer behaviour is seean as the answer to the economic theory. Samuelson studied such diverse fields as the dynamics and stability of economic systems, the incorporation of the theory of international trade into that of general economic equilibrium, the analysis of public goods, capital theory, welfare economics, and public expenditure. Of particular influence has been his mathematical formulation of the interaction of multiplier and accelerator effects and, in consumption analysis, his development of the theory of revealed preference.

Work and Feats

Samuelson’s lucid prose contributed to the popularity of his publications. His introductory textbook, Economics (1948), is considered a classic. The Collected Scientific Papers of Paul A. Samuelson was published in five volumes between 1966 and 1986. Samuelson was a columnist for Newsweek from 1966 to 1981. He was the coauthor of the textbooks Microeconomics and Macroeconomics, both first published in 1989.