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The Nobel Memorial Laureates in Economics

The Nobel Memorial Laureates in Economics

An Introduction to Their Careers and Main Published Works

Howard R. Vane and Chris Mulhearn

Erudite, accessible and lucidly written, this book provides a stimulating introduction to the careers and main published works of the Nobel Memorial Laureates in Economics. It will prove to be an invaluable reference book on key figures in economics and their path-breaking insights. The vignettes should also encourage the reader to sample some of the Laureates’ original works and gain a better understanding of the context in which new ideas were first put forward.


Howard R. Vane and Chris Mulhearn

Subjects: economics and finance, economic psychology, history of economic thought


THE 1970 NOBEL MEMORIAL LAUREATE PAUL SAMUELSON PAUL SAMUELSON Paul A. Samuelson (b. 1915) © The Nobel Foundation Paul Samuelson was born in Gary, Indiana, USA in 1915. As an undergraduate he studied under such leading economists of the time as Frank Knight (1885–1972) and Jacob Viner (1892–1970) at the University of Chicago, from where he received his BA in 1935. He moved to Harvard University to undertake graduate work and was awarded an MA in 1936 and a PhD in 1941. Samuelson’s doctoral dissertation won Harvard’s prestigious David A. Wells Prize. In 1940 he joined Massachusetts Institute of Technology (MIT) as an Assistant Professor of Economics and was subsequently promoted to Associate Professor in 1944 and Professor of Economics in 1947, at the age of 32. In 1966 he became an institute professor and, following his retirement in 1986, he is currently Institute Professor of Economics, Emeritus, at MIT. In addition to his academic career, Samuelson has also served as an adviser to the National Resources Planning Board (1941–43), the United States Treasury (1945–52, 1961– 74), the Council of Economic Advisers (1960–68) and, since 1965, the Federal Reserve Board. Samuelson’s many offices and honours include: the award of the first John Bates Clark Medal of the American Economic Association in 1947; presidencies of the Econometric Society in 1952, the American Economic Association in 1961 and the International Economic 34 PAUL SAMUELSON Association from 1965 to 1968; and the award of the National Medal of...

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