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. Rothschild

    A prominent family of German bankers that established banking ...
Related Articles
  1. thinkstock|istock
    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. Benjamin Graham
    Investing Basics

    The Intelligent Investor: Benjamin Graham

    Learn about the man who mentored Warren Buffett, who eventually became the investing "Oracle of Omaha".
  9. Adam Smith is considered the founder of modern economics.
    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. Christmas Island Dollar

    The former currency of Christmas Island, an Australian island in the Indian Ocean that was discovered on December 25, 1643. ...
  2. Santa Claus Rally

    A surge in the price of stocks that often occurs in the week between Christmas and New Year's Day. There are numerous explanations ...
  3. Commodity

    1. A basic good used in commerce that is interchangeable with other commodities of the same type. Commodities are most often ...
  4. Deferred Revenue

    Advance payments or unearned revenue, recorded on the recipient's balance sheet as a liability, until the services have been ...
  5. Multinational Corporation - MNC

    A corporation that has its facilities and other assets in at least one country other than its home country. Such companies ...
  6. SWOT Analysis

    A tool that identifies the strengths, weaknesses, opportunities and threats of an organization. Specifically, SWOT is a basic, ...
Trading Center