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. Marginal Social Cost - MSC

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

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

    A branch of economics that focuses on the optimal allocation ...
  5. True Cost Economics

    An economic model that seeks to include the cost of negative ...
  6. Rothschild

    A prominent family of German bankers that established banking ...
Related Articles
  1. Understanding Supply-Side Economics
    Economics

    Understanding Supply-Side Economics

  2. Why Can't Economists Agree?
    Economics

    Why Can't Economists Agree?

  3. Free Market Maven: Milton Friedman
    Forex Education

    Free Market Maven: Milton Friedman

  4. Can Keynesian Economics Reduce Boom-Bust ...
    Bonds & Fixed Income

    Can Keynesian Economics Reduce Boom-Bust ...

Hot Definitions
  1. Halloween Strategy

    An investment technique in which an investor sells stocks before May 1 and refrains from reinvesting in the stock market ...
  2. Halloween Massacre

    Canada's decision to tax all income trusts domiciled in Canada. In October 2006, Canada's minister of finance, Jim Flaherty, ...
  3. Zombies

    Companies that continue to operate even though they are insolvent or near bankruptcy. Zombies often become casualties to ...
  4. Witching Hour

    The last hour of stock trading between 3pm (when the bond market closes) and 4pm EST. Witching hour is typically controlled ...
  5. October Effect

    The theory that stocks tend to decline during the month of October. The October effect is considered mainly to be a psychological ...
  6. Repurchase Agreement - Repo

    A form of short-term borrowing for dealers in government securities.
Trading Center