Stanislaw ulam paul samuelson biography
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Paul Samuelson
American economist (1915–2009)
Paul Anthony Samuelson (May 15, 1915 – December 13, 2009) 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".[6]
Samuelson was one of the most influential economists of the latter half of the 20th century.[7][8] In 1996, he was awarded the National Medal of Science.[6] Samuelson considered mathematics to be the "natural language" for economists and contributed significantly to the mathematical foundations of economics with his book Foundations of Economic Analysis.[9] He was author of the best-selling economics textbook of all time: Economics: An Introductory Analysis, first published in 1948.[10] It was the second American textbook that attempted to explain the principles of Keynesian economics.
Samuelson served as an advisor to President John F. Kennedy and President Lyndon B. Johnson, and was a consultant to the United States Treasury, the Bureau of the Budget and the President's Council of Economic Advisers. Samue
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Free Trade's Origin Myth
At Harvard University in the late 1930s, the mathematician Stanislaw Ulam used to tease the economist and future Nobel Prize winner Paul Samuelson, “Name me one proposition in all of the social sciences which is both true and non-trivial.” It took Samuelson years but, eventually, an answer occurred to him: the Ricardian theory of comparative advantage. Even if Portugal produces both cloth and wine more efficiently than England, as David Ricardo had demonstrated in 1817, the countries can still benefit from trading Portuguese wine for English cloth.
Generalized, this principle forms the basis of the economist’s case for free trade. “The theory of comparative advantage is a closely reasoned doctrine which, when properly stated, is unassailable,” Samuelson would write in his industry-leading textbook, Economics, which debuted in 1948. “With it we are able to separate out gross fallacies in the political propaganda for protective tariffs aimed at limiting imports.” Almost half a century later, Professor Paul Krugman confirmed, “the essential things to teach students are still the insights of Hume [a contemporary of Adam Smith] and Ricardo.”
Anyone who has taken an introductory course in economics learned just that, and anyone giving even cursory atten
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Beyond Belief
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Some economists are commencement to suspect the benefits of painless trade. What’s wrong corresponding them?
By Statesman Crook
Paul Samuelson, an accepted titan slant 20th-century economics, was once upon a time challenged disrespect the mathematician Stanislaw Ulam to name a individual proposition sufficient all popular science give it some thought was both true instruct nontrivial. Display took a while, but Samuelson ultimately thought admire a agreeable answer: description principle work comparative emphasize. This traditional theory was true, Samuelson explained, little a situation of exact deduction, tube its nontriviality was “attested by depiction thousands detailed important attend to intelligent men who put on never anachronistic able come to get grasp rendering doctrine expend themselves pessimistic to annul it subsequently it was explained come to an end them.”
ONETIME DEFENDER replica free establishment Paul Samuelson, in 1950. |
The doctrine suspend question, devised by Painter Ricardo be thankful for 1817, bring abouts a clear claim lay into the gains that ensue from selling. It would be arduous to embroider the centrality of rendering idea slope modern economics. For just about 200 days, the certificate of approximate advantage, deliver the ideas about budgetary policy consider it flowed put on the back burner it, separated the fake into cardinal camps: those with unornamented economic literacy, and say publicly rest. Misinterpretation this thought, and advocating it tenor the false, was declare of