Paul Samuelson

AAA

DEFINITION of 'Paul Samuelson'

The first American to win the Nobel Memorial Prize in Economics, which he received in 1970 for raising "the level of scientific analysis in economic theory." Samuelson's areas of research included modern welfare economics, linear programming, Keynesian economics, economic dynamics, international trade theory, logic choice and maximization. He also authored a best-selling college economics textbook, "Economics: An Introductory Analysis", which teaches Keynesian principles.

INVESTOPEDIA EXPLAINS 'Paul Samuelson'

Samuelson was born in 1915 in Indiana, earned a Ph.D. in economics from Harvard and began teaching at the Massachusetts Institute of Technology at age 25, where he spent his entire career and influenced a number of other Nobel laureates. He also served in various advisory roles to the U.S. government. Samuelson died in 2009.

RELATED TERMS
  1. Keynesian Economics

    An economic theory of total spending in the economy and its effects ...
  2. True Cost Economics

    An economic model that seeks to include the cost of negative ...
  3. Marginal Social Cost - MSC

    The total cost to society as a whole for producing one further ...
  4. Social Good

    A good or service that benefits the largest number of people ...
  5. Welfare Economics

    A branch of economics that focuses on the optimal allocation ...
  6. Fintech

    Fintech is a portmanteau of financial technology that describes ...
Related Articles
  1. Economics

    Understanding Supply-Side Economics

    Does the amount of goods and services produced set the pace for economic growth? Here are the arguments.
  2. Economics

    Why Can't Economists Agree?

    There are many reasons why economists can be given the same data and come up with entirely different conclusions.
  3. Forex Education

    Free Market Maven: Milton Friedman

    As proponent of free market capitalism, this economist changed the way the world's economies operate.
  4. Bonds & Fixed Income

    Can Keynesian Economics Reduce Boom-Bust Cycles?

    Learn about a British economist's proposed solution to a common economic problem.
  5. Active Trading

    Giants Of Finance: John Maynard Keynes

    This rock star of economics advocated government intervention at a time of free-market thinking.
  6. Entrepreneurship

    Adam Smith And "The Wealth Of Nations"

    Adam Smith's 1776 classic may have had the largest global impact on economic thought.
  7. Investing Basics

    Muriel Siebert: Female Finance Pioneer

    Muriel Siebert has blazed many paths for investors, but is especially relevant as the first woman to sit on the NYSE.
  8. Investing Basics

    The Intelligent Investor: Benjamin Graham

    Learn about the man who mentored Warren Buffett, who eventually became the investing "Oracle of Omaha".
  9. Economics

    Adam Smith: The Father Of Economics

    This free thinker promoted free trade at a time when governments controlled most commercial interests.
  10. Professionals

    Hetty Green: The Witch Of Wall Street

    Hetty Green was the richest woman of her time and possibly the first value investor, yet she's not remembered kindly.

You May Also Like

Hot Definitions
  1. Asset Class

    A group of securities that exhibit similar characteristics, behave similarly in the marketplace, and are subject to the same ...
  2. Fiat Money

    Currency that a government has declared to be legal tender, but is not backed by a physical commodity. The value of fiat ...
  3. Interest Rate Risk

    The risk that an investment's value will change due to a change in the absolute level of interest rates, in the spread between ...
  4. Income Effect

    In the context of economic theory, the income effect is the change in an individual's or economy's income and how that change ...
  5. Price-To-Sales Ratio - PSR

    A valuation ratio that compares a company’s stock price to its revenues. The price-to-sales ratio is an indicator of the ...
  6. Hurdle Rate

    The minimum rate of return on a project or investment required by a manager or investor. In order to compensate for risk, ...
Trading Center