• Paul Samuelson and the ergodic hypothesis | LARS P. …
  • Economist Paul Samuelson - Biography, Theories and …
  • The life of Samuelson - Theoretical economics

This theory provided an important tool of observable behavior for economist to analyze consumption theory.

Paul Samuelson Free Trade and Comparative ~ ECONOMIC THEORIES

When Samuelson started out, debates over economic theory were ..

Samuelson makes his mathematical formulations in the context of neo-Keynesian economic theory.
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In his economics textbook, Economics: An Introductory Analysis, he teaches his economic philosophy based on the theories of economist John Maynard Keynes.

Economic theories of paul samuelson

Stiglitz is said to be the most prominent economic theorist of this generation.
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On the positive side, Samuelson must be congratulated for his optimism about the future of the American economy. Although he anticipated a deep recession following World War II (Sobel, 1980, pp. 101-2), he did not succumb to the lure of fellow Keynesian Alvin Hansen’s stagnation thesis (1:418-23). He wisely rejected the doomsayers’ frequent calls for another Great Depression or imminent bankruptcy due to an excessive national debt. “Our mixed economy–wars aside–has a great future before it” (6:809), he wrote. To his credit, Samuelson has been willing to update his textbook in keeping with new events and new theories. The virtues of monetary policy, savings and markets have received more emphasis in recent issues.

 

Economic Science with Paul Samuelson | UBS Together

Samuelson has had a lasting effect on the economy and political leaders of this century.
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Skousen states that in Samuelson’s book, “Economics” he was introducing John Maynard Keynes’ beliefs about economics that advocate the need for active government and skepticism about market outcomes.

However, in the area of macroeconomics, there are some criticisms of Samuelson’s theories.
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Explanations of market failure often deserve a counterbalancing discussion of government failure, lest the unwary student assume that economists believe in imperfect markets but perfect government. Various editions of the text do argue that governments should follow market-oriented policies when addressing a market failure. In the most recent edition, for example, the U.S. health-care debate was analyzed in terms of a list of “market failures” in the health-care industry, together with a market-oriented criticism of Clinton’s proposed price controls and nationalized health services in foreign countries (15:289-96). Similarly, market failures and market-oriented solutions also are stressed in the environmental arena (15:351-3).


The Perseverance of Paul Samuelson’s “Economics ..

Consider the example of lighthouses as a public good. Since 1961, Samuelson has used the lighthouse as an example of a public good, one that private enterprise could not run profitably because of the non-excludable, non-depletable nature of the service. But Cease (1974) wrote an article pointing out that numerous lighthouses in England were built and owned by private individuals and companies prior to the nineteenth century, who earned profits by charging tolls on ships docking at nearby ports.5 To be sure, some of these lighthouse organizations had more the flavor of private voluntary organizations than of perfectly competitive markets; nonetheless, an introductory economics class might well be interested in the fact that free economic actors can work out practical ways of building and paying for certain public goods without explicit government provision.

and an array of new economic theories

Over the years, Samuelson has gradually given more space in his textbook to non-Keynesian schools. By the eighth edition (1970), Milton Friedman was cited a half dozen times. In the ninth edition (1973), he recommended Friedman’s Capitalism and Freedom as a “rigorously logical, careful, often persuasive elucidation of an important point of view” (9:848). The ninth edition also adds a significant chapter, “Winds of Change: Evolution of Economic Doctrines,” which summarizes the spectrum of warring schools, including institutionalists (Veblen and Galbraith), the New Left and radical economics.

Paul Samuelson and the ergodic hypothesis | LARS P. SYLL



Because of Samuelson's Keynesian viewpoint on the aspect of taxation, and his unique beliefs on the theory of equilibrium in economic theory, it is obvious that his outlooks as far as taxation were concerned were at distinct odds with those of the classicists.