Paul A. Samuelson was the Last Generalist of Economics

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Recommended: Theorists and Their Theories

Paul A. Samuelson, one of the men who made Harvard’s reputation, made various contributions to modern economics. Samuelson brought numerous theories to the table, showing that math is an effective and necessary component of understanding economics. Furthermore, he discovered a new obstacle regarding inflation, known as “cost-push” inflation. But most importantly, Paul A. Samuelson has shown that economic theories can be timeless, however their implementation evolves around the current economic circumstances that are in play.

Samuelson was born on May 15, 1915. It can be inferred that he was intelligent; he enrolled in the University of Chicago at the age of sixteen. The beginning of his love for economics, or as he stated, his rebirth, started at 8:00 a.m on January 2, 1931, when he attended a lecture on Malthus' economic theory. During the lecture, he was astounded by his ability to comprehend economic equations to the point where he suspected that he was “missing out on some mysterious complexity.” (Samuelson)

Following his graduation from the University of Chicago, in 1936 with a Bachelor of Arts, Samuelson attended Harvard Graduate School, where he studied under other budding economists. Samuelson completed his Master of Arts in 1936 and his Doctor of Philosophy in 1941. Both before and after his graduation, Samuelson was a pre-doctoral fellow with the Social Science Research Council from 1935 to 1937, a member of the Society of Fellows at Harvard University from 1937 to 1940, and a Ford Foundation Research Fellow from 1958 to 1959. In addition, he was a professor at the Massachusetts Institute of Technology and the Fletcher School of Law and Diplomacy, as well as a staff member at the Radiation Laboratory (Biographic...

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... that, “always, I have been overpaid to do what has been pure fun."

Works Cited

"Capital Good." Dictionary.com. Dictionary.com, n.d. Web. 04 Mar. 2014.

"How I Became an Economist". Nobelprize.org. Nobel Media AB 2013. Web. 25 Feb 2014

"Introduction to Trade Theory." Introduction to Trade Theory. University of Washington, n.d. Web. 24 Feb. 2014.

"Paul A. Samuelson - Banquet Speech". Nobelprize.org. Nobel Media AB 2013. Web. 25 Feb 2014.

"Paul A. Samuelson - Biographical". Nobelprize.org. Nobel Media AB 2013. Web. 25 Feb 2014.

“Paul Anthony Samuelson.” The Concise Encyclopedia of Economics 2008. Library of Economics and Liberty. 24 February 2014

Ramrattan, Lall, and Michael Szenberg. "Memorializing Paul A. Samuelson: a review of his major works, 1915-2009." American Economist 55.2 (2010): 67+. Biography in Context. Web. 24 Feb. 2014.

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