This article outlines the many contributions that Paul Samuelson made to the study of economics. Some of his contributions include being the first American Nobel Laureate in economics, improving the Massachusetts Institute of Technology graduate programs, and explaining Keynesian economics to President Kennedy. The article is a nice obituary to a renowned economist.
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Paul Samuelson was one of the worlds “foremost academic economist of the 20th century” (New York Times); his ideas highlight the dismal science, making important contributions on trade, macroeconomics, public finance and consumer behavior. Samuelson is considered to be one of the founders of neo-Keynesian economics and a pivotal figure in the expansion and success of neoclassical economics. But, perhaps his greatest contribution to economics is the neoclassical synthesis model, which to this day dominates mainstream economics. As Paul Samuelson said himself “Funeral by funeral, theory advances.” The death of the last great general economist (Samuelson) signifies the end of an era and the birth of a new circle of the profession’s brightest stars.
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