Sunday, December 13, 2009

Paul Samuelson

Robert Spencer for The New York Times

From the New York Times:

Paul A. Samuelson, the first American Nobel laureate in economics and the foremost academic economist of the 20th century, died Sunday at his home in Belmont, Mass. He was 94.
In receiving the Nobel Prize in 1970, Mr. Samuelson was credited with transforming his discipline from one that ruminates about economic issues to one that solves problems, answering questions about cause and effect with mathematical rigor and clarity.

When economists “sit down with a piece of paper to calculate or analyze something, you would have to say that no one was more important in providing the tools they use and the ideas that they employ than Paul Samuelson,” said Robert M. Solow, a fellow Nobel laureate and colleague.of Mr. Samuelson’s at M.I.T.
His technical work — especially his discipline-shattering Ph.D. thesis, immodestly titled “The Foundations of Economic Analysis” — taught professional economists how to ply their trade. Between the two books, Mr. Samuelson redefined modern economics.

There is really no other figure in all of economics in the 20th century and beyond that even come clost to the impact Samuelson had. He quite literally transformed the discipline - and for the better, adding the precision and rigor of mathematics to the logic of economics.

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