Tuesday, December 15, 2009

Paul Samuelson: Father of Modern Economics

I don't care who writes a nation's laws or crafts its advanced treaties, if I can write its economics textbooks.  ~Paul Samuelson.

The news came last night.  Paul Samuelson, whose work helped to form the basis of modern economics, died on December 13, 2009 at the age of 94 after a brief illness.  Paul Samuelson was best known for his work about making economics more practical and oriented towards problem-solving rather than just subject of academic discussions.  He was the first American to get a Nobel Prize for Economics in 1970.  The Nobel Prize Committee stated, while giving the award, that he has "done more than any contemporary economist to raise the level of scientific analysis in economic theory."  He is justly considered as 'Father of Modern Economics' for his contribution revitalization of the basic economics by Keynes.

Samuelson is mostly known for his epoch-making book Economics: An Introductory Analysis, which has been used as a standard textbook of economics worldwide over decades with a print of millions of copies with above 40 editions and reprints.

Massachusetts Institute of Technology, where Paul Samuleson devoted his career, notes:  "The world is different today because he was with us for many years."  The world of economics too feels the same paying its modest homage to the economist of the economists.

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