Paul A. Samuelson

A detailed Summary of Paul A. Samuelson


Paul Samuelson was born in Gary, Indiana in 1915. He was not the best of students; in fact, he made no impact at all until he got to college. Although he was an underachiever in high school, Samuelson became one of the greatest economists of the twentieth century.

Samuelson completed his undergraduate studies at the University of Chicago. Afterwards he considered going to Columbia for his graduate work, but chose to go to Harvard in September of 1935. He was awarded a Social Science Research Council Fellowship to do his graduate work in the field of economics. After earning his Ph.D. at Harvard, he went on to join the Massachusetts Institute of Technology (MIT) faculty. Once there, he helped make the MIT graduate department of economics one of the most accomplished in the country. This brought him world fame at a young age.

Paul Samuelson made a big imprint on modern economics. His contributions cov


Samuelson has contributed to almost every branch of economics. He was the first American to ever win the Nobel Prize in Economics, was the principal founder of the concept of neoclassical economics, made many contributions to mathematical economic theory, and held many positions in which his opinion was highly respected.

Samuelson has held many important positions in his career. He wrote an economic column for Newsweek Magazine. He often testified before Congress and served as academic consultant to the Federal Reserve, the U.S. Treasury, and other various private, non-profit organizations. He was also an economic advisor to President John F. Kennedy.

His general neoclassical approach came under strong attack from four main economic quarters. The Keynesian tradition, which cast doubt on both the macro economy's basic stability and its tendency to any full-employment equilibrium position and the Marxian tradition, which a

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