IDEAS home Printed from https://ideas.repec.org/a/cpn/umkeip/v15y2016i3p265-278.html
   My bibliography  Save this article

Paul Anthony Samuelson and his work (on the hundredth anniversary of his birth)

Author

Listed:
  • Miroslaw Bochenek

    (Nicolaus Copernicus University)

Abstract

Aim: The purpose of this article is an attempt to systematise and evaluate the achievements of the American Nobel laureate in economic sciences and co-founder of ‘neoclassical synthesis’ — P.A. Samuelson. Motivation: This economist greatly developed the methodology and theory of economics. Preferring the mathematical method in scientific inquiry and introducing new graphic solutions, he contributed to the mathematisation of economics. He enriched the theory of consumption by revealed preferences, devised the 45° line to determine the Keynesian short-term equilibrium in the goods market, as well as the consumer demand, investment demand, and savings function curves, and he also defined collective goods. He completed the theory of division with the modified Lorenz curve, presented the problem of the allocation of scarce resources by the curve of production possibilities, and generalised — together with R.M. Solow — the Phillips curve. In addition, he created a model of the interdependence of the multiplier and accelerator, and developed the theory of foreign trade by the ‘Stolper-Samuelson effect’ and the statement of the impact of prices of production factors on the allocation of resources. Results: Caring for affordability of the exposition of basic economic knowledge contained in his textbook Economics, he made a revolution in the teaching of economics. Owing to these achievements, P.A. Samuelson earned his inclusion in the circle of the greatest economists of the twentieth century.

Suggested Citation

  • Miroslaw Bochenek, 2016. "Paul Anthony Samuelson and his work (on the hundredth anniversary of his birth)," Ekonomia i Prawo, Uniwersytet Mikolaja Kopernika, vol. 15(3), pages 265-278, September.
  • Handle: RePEc:cpn:umkeip:v:15:y:2016:i:3:p:265-278
    DOI: 10.12775/EiP.2016.017
    as

    Download full text from publisher

    File URL: http://dx.doi.org/10.12775/EiP.2016.017
    Download Restriction: no

    File URL: https://libkey.io/10.12775/EiP.2016.017?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Wolfgang F. Stolper & Paul A. Samuelson, 1941. "Protection and Real Wages," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 9(1), pages 58-73.
    2. Paul A. Samuelson, 1951. "A Comment on Factor Price Equalisation," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 19(2), pages 121-122.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Tomasz Grodzicki & Mateusz Jankiewicz, 2020. "Forecasting the Level of Unemployment, Inflation and Wages: The Case of Sweden," European Research Studies Journal, European Research Studies Journal, vol. 0(Special 2), pages 400-409.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Haiwen Zhou, 2007. "Factor Endowment, the Choice of Technology, and the Volume of Trade," International Economic Journal, Taylor & Francis Journals, vol. 21(4), pages 593-611.
    2. Dani Rodrik, 2018. "Populism and the economics of globalization," Journal of International Business Policy, Palgrave Macmillan, vol. 1(1), pages 12-33, June.
    3. Tschopp, Jeanne, 2015. "The Wage Response to Shocks: The Role of Inter-Occupational Labour Adjustment," Labour Economics, Elsevier, vol. 37(C), pages 28-37.
    4. Kis-Katos, Krisztina & Sparrow, Robert, 2015. "Poverty, labor markets and trade liberalization in Indonesia," Journal of Development Economics, Elsevier, vol. 117(C), pages 94-106.
    5. Michelle R. Garfinkel & Stergios Skaperdas & Constantinos Syropoulos, 2009. "International Trade and Transnational Insecurity: How Comparative Advantage and Power are Jointly Determined," Working Papers 080921, University of California-Irvine, Department of Economics.
    6. Kim, Hyeongwoo & Thompson, Henry, 2014. "Wages in a factor proportions model with energy input," Economic Modelling, Elsevier, vol. 36(C), pages 495-501.
    7. Graciela Chichilnisky & Lance Taylor, 1980. "Agriculture and the Rest of the Economy: Macroconnections and Policy Restraints," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 62(2), pages 303-309.
    8. Amiti, Mary & Cameron, Lisa, 2012. "Trade Liberalization and the Wage Skill Premium: Evidence from Indonesia," Journal of International Economics, Elsevier, vol. 87(2), pages 277-287.
    9. Haas, Levi & Schenk-Hoppé, Klaus R., 2019. "International Trade: Smarten up to talk the talk," MPRA Paper 99096, University Library of Munich, Germany.
    10. Séguin Dulude, Louise, 1986. "Quelques réflexions sur la complémentarité des approches marginaliste et managériale," L'Actualité Economique, Société Canadienne de Science Economique, vol. 62(2), pages 157-165, juin.
    11. Helpman, Elhanan & Razin, Assaf, 1979. "A Theory of International Trade Under Uncertainty," Elsevier Monographs, Elsevier, edition 1, number 9780123396501 edited by Shell, Karl.
    12. Hisahiro Naito, 2003. "Atkinson and Stiglitz Theorem with Endogenous Human Capital Accumulation," ISER Discussion Paper 0596, Institute of Social and Economic Research, Osaka University.
    13. Stark, Oded & Kosiorowski, Grzegorz, 2020. "An Adverse Social Welfare Effect of Quadruply Gainful Trade," East Asian Economic Review, Korea Institute for International Economic Policy, vol. 24(3), pages 207-235, September.
    14. Isaac K. Ofori & Mark K. Armah & Emmanuel E. Asmah, 2021. "Towards the Reversal of Poverty and Income Inequality Setbacks Due to COVID-19: The Role of Globalisation and Resource Allocation," Working Papers 21/043, European Xtramile Centre of African Studies (EXCAS).
    15. Sampson, Thomas, 2016. "Assignment reversals: Trade, skill allocation and wage inequality," Journal of Economic Theory, Elsevier, vol. 163(C), pages 365-409.
    16. David Hummels & Jakob R. Munch & Chong Xiang, 2018. "Offshoring and Labor Markets," Journal of Economic Literature, American Economic Association, vol. 56(3), pages 981-1028, September.
    17. Rod Tyers & Aaron Walker, 2016. "Quantifying Australia's ‘Three-Speed’ Boom," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 49(1), pages 20-43, March.
    18. Mestieri, Martí & Basco, Sergi & Smagghue, Gabriel & Liegey, Maxime, 2020. "The Heterogeneous Effects of Trade across Occupations: A Test of the Stolper-Samuelson Theorem," CEPR Discussion Papers 15186, C.E.P.R. Discussion Papers.
    19. Barone, Guglielmo & Kreuter, Helena, 2021. "Low-wage import competition and populist backlash: The case of Italy," European Journal of Political Economy, Elsevier, vol. 67(C).
    20. Mitra, Tapan, 2007. "On Commodity Prices and Factor Rewards: A Close Look at Sign Patterns," Working Papers 07-07, Cornell University, Center for Analytic Economics.

    More about this item

    Keywords

    history of economic thought; neoclassical synthesis; Keynesian theory; division theory; business cycle theory; the theory of international trade; the theory of inflation and unemployment;
    All these keywords.

    JEL classification:

    • B2 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925
    • B21 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Microeconomics
    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • D3 - Microeconomics - - Distribution
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • F10 - International Economics - - Trade - - - General
    • J64 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Unemployment: Models, Duration, Incidence, and Job Search

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cpn:umkeip:v:15:y:2016:i:3:p:265-278. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Miroslawa Buczynska (email available below). General contact details of provider: http://www.wydawnictwoumk.pl .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.