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Paul Anthony Samuelson (May 15, 1915 – December 13, 2009) was an American economist who was the first American to win the Nobel Memorial Prize in Economic Sciences. When awarding the prize in 1970, the Swedish Royal Academies stated that he "has done more than any other contemporary economist to raise the level of scientific analysis in ...
Samuelson's Foundations demonstrates that economic analysis benefits from the parsimonious and fruitful language of mathematics. In its original version as a dissertation submitted to the David A. Wells Prize Committee of Harvard University in 1941, it was subtitled "The Observational Significance of Economic Theory" (p. ix).
This model was developed by Paul Samuelson, who credited Alvin Hansen for the inspiration. [ 1 ] [ 2 ] [ 3 ] This model is based on the Keynesian multiplier , which is a consequence of assuming that consumption intentions depend on the level of economic activity, and the accelerator theory of investment , which assumes that investment ...
Mathematical economics is the application of mathematical methods to represent theories and analyze problems in economics.Often, these applied methods are beyond simple geometry, and may include differential and integral calculus, difference and differential equations, matrix algebra, mathematical programming, or other computational methods.
Factor price equalization is an economic theory, by Paul A. Samuelson (1948), which states that the prices of identical factors of production, such as the wage rate or the rent of capital, will be equalized across countries as a result of international trade in commodities. The theorem assumes that there are two goods and two factors of ...
Similar patterns were found in other countries and in 1960 Paul Samuelson and Robert Solow took Phillips' work and made explicit the link between inflation and unemployment: when inflation was high, unemployment was low, and vice versa. [12] Rate of Change of Wages against Unemployment, United Kingdom 1913–1948 from Phillips (1958)
The Brownian motion models for financial markets are based on the work of Robert C. Merton and Paul A. Samuelson, as extensions to the one-period market models of Harold Markowitz and William F. Sharpe, and are concerned with defining the concepts of financial assets and markets, portfolios, gains and wealth in terms of continuous-time stochastic processes.
As Samuelson (1983, p. xxii) notes, Bergson clarified how production and consumption efficiency conditions are distinct from the interpersonal ethical values of the social welfare function. Samuelson further sharpened that distinction by specifying the welfare function and the possibility function (1947, pp. 243–49).