Paul Anthony Samuelson and his work (on the hundredth anniversary of his birth)
Keywordshistory of economic thought, neoclassical synthesis, Keynesian theory, division theory, business cycle theory, the theory of international trade, the theory of inflation and unemployment
Aim: The purpose of this article is an attempt to systematise and evaluate the achievements of the American Nobel laureate in economic sciences and co-founder of ‘neoclassical synthesis’ — P.A. Samuelson.
Motivation: This economist greatly developed the methodology and theory of economics. Preferring the mathematical method in scientific inquiry and introducing new graphic solutions, he contributed to the mathematisation of economics. He enriched the theory of consumption by revealed preferences, devised the 45° line to determine the Keynesian short-term equilibrium in the goods market, as well as the consumer demand, investment demand, and savings function curves, and he also defined collective goods. He completed the theory of division with the modified Lorenz curve, presented the problem of the allocation of scarce resources by the curve of production possibilities, and generalised — together with R.M. Solow — the Phillips curve. In addition, he created a model of the interdependence of the multiplier and accelerator, and developed the theory of foreign trade by the ‘Stolper-Samuelson effect’ and the statement of the impact of prices of production factors on the allocation of resources.
Results: Caring for affordability of the exposition of basic economic knowledge contained in his textbook Economics, he made a revolution in the teaching of economics. Owing to these achievements, P.A. Samuelson earned his inclusion in the circle of the greatest economists of the twentieth century.
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Dorfman, R., Samuelson, P.A., & Solow, R.M. (1971). Efficient Programmes of Capital Accumulation. In: G.C. Harcourt, & N.F. Laing (Eds.). Capital and Growth, Selected Readings. Harmondsworth-Baltimore-Ringwood: Penguin Books.
Dorfman, R., Samuelson, P.A., & Solow, R.M. (1987). Linear Programming and Economic Analysis. New York: Dover Publications.
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Samuelson, P.A. (1939). Interactions Between the Multiplier Analysis and the Prin-ciple of Acceleration. Review of Economics and Statistics, 21(2). doi:10.2307/1927758.
Samuelson, P.A. (1947). Foundations of Economic Analysis. New York: Atheneum.
Samuelson, P.A. (1948). Inernational Trade and the Equalisation of Factor Prices. Economic Journal, 58(230). doi:10.2307/2225933.
Samuelson, P.A. (1949). Inernational Factor-Price Equalization Once Again. Eco-nomic Journal, 59(234). doi:10.2307/2226683.
Samuelson, P.A. (1951). A Comment on Factor-Price Equalization. Review of Eco-nomic Studies, 19(2). doi:10.2307/2295740.
Samuelson, P.A. (1954). The Pure Theory of Public Expenditure. The Review of Economics and Statistics, 34(4). doi:10.2307/1925895.
Samuelson, P.A. (1955). Economics. An Introductory Analysis, third edition. New York-Toronto-London: McGraw-Hill Book Company.
Samuelson, P.A. (1959). Zasady analizy ekonomicznej. Warszawa: PWN.
Samuelson, P.A. (1961). Economics. An Introductory Analysis, fifth edition. New York-Toronto-London: McGraw-Hill Book Company.
Samuelson, P.A. (1965). Ekonomika. In F. Benham, P.A. Samuelson, G.M. Meier, R.E Baldwin, & W.J. Baumol. Wykłady ekonomii politycznej. Wybór tekstów. War-szawa: PWN.
Samuelson, P.A. (1979). Land and the Rate of Interest. In H.I. Greenfield, A.M. Levenson, W. Hamovitch, & E. Rotwein (Eds.). Theory for Economic Efficiency: Essays in Honor of Abba P. Lerner. Cambridge-Massachusetts-London: The MIT Press.
Samuelson, P.A., & Nordhaus W.D. (1995). Ekonomia, Vol. 1. Warszawa: PWN.
Samuelson, P.A., & Nordhaus W.D. (1996). Ekonomia, Vol. 2, Warszawa: PWN.
Samuelson, P.A., & Nordhaus W.D. (2012). Ekonomia. Poznań: Rebis.
Samuelson, P.A., & Solow R.M. (1960), Analytical Aspects of Anti-Inflation Poli-cy. The American Economic Review, 50(2).
Semkow, J. (1988). Śladami wielkich ekonomistów. Warszawa: PWN.
Stiglitz, J.E. (Ed.). (1970). The Collected Scientific Papers of Paul A. Samuelson. Vol. 2, Cambridge-Massachusetts: The MIT Press.
Stolper, W., & Samuelson P.A. (1941). Protection and Real Wages. Review of Economic Studies, 9(1).
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