Paul Samuelson And The Foundations Of Modern Economics

Paul A. Samuelson was the first American Nobel Laureate in economics, and the second overall. He was credited for the scientific work through which he has developed static and dynamic economic theory and actively contributed to raising the level of analysis in economic science. That recognition is now thirty years old and Samuelson remains at work in the cutting edge of the discipline. He is also widely known for a basic textbook that became a landmark learning tool throughout the second half of the twentieth century. This excellent collegial appreciation focuses heavily on Samuelson's Foundations of Economic Analysis. In that work, and a series of brief essays, he has contributed to an integration of statics and dynamics by way of the correspondence principle. He has also combined the multiplier and accelerator mechanisms in a model of economic fluctuations, he has reformed the foundations of consumption theory by his concept of revealed preferences, he has developed or improved...