SAMUELSON ECONOMICS BOOK
Samuelson's text was first published in , and it immediately became the authority for the principles of economics courses. The book continues to be the. The first edition of this textbook appeared as the edition of Samuelson's ECONOMICS. It introduced macro- economics into our colleges and served as the. Economics is an introductory textbook by American economists Paul Samuelson and William Nordhaus. It was first published in , and has appeared in.
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Title, Economics. Author, Paul A. Samuelson. Publisher, Tata McGraw-Hill Education, ISBN, , Length, pages. public, Professor Samuelson wrote an economics col- umn for for The New York Review of Books and other periodi- This book is printed on acid-free paper. Economics book. Read 55 reviews from the world's largest community for readers . Focuses on the principles of economics courses.
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Sort order. Wishful thinking is bad thinking and leads to little wish fulfillment. My mind would rove over every academic subject, thereby giving me a complete picture of the current state of knowledge in every domain. How to do this? I could think of only one obvious way: But over time, my enthusiasm for this project cooled; and that is mainly because I realized it was impossible.
T Wishful thinking is bad thinking and leads to little wish fulfillment. There is simply too much specialized knowledge to become an expert in everything. What better way to become that most vaguely defined and least well remunerated of persons, the intellectually well-rounded individual?
So I set my sights on acquiring textbooks. After doing a search for books on economics, Samuelson inevitably popped up. The recent editions were too expensive, so I began to look for used copies of earlier versions.
It was perfect: It is easy to see why this book became so influential. Samuelson is a strong writer, and works hard to keep the reader engaged and entertained.
Samuelson, Paul A.
I could never have guessed that accounting and interest rates could be so enjoyable to learn about, but Samuelson pulls it off. His style is informal and leisurely, astoundingly so for a textbook. The result is that the book is far longer than it has to be, for Samuelson often repeats himself and includes numerous examples. It is not uncommon for the same idea to be explained in three different ways, followed by several worked out case studies.
Economics: An Introductory Analysis.
Although this book is obviously dated, it has held up remarkably well. In the wake of the Great Depression and the Second World War, Samuelson was grappling with many of the same problems we are still dealing with today—unemployment, public debt, controlling the business cycle, recessions and depressions.
Nonetheless, it is impossible to forget that one is reading a book written over half a century ago. For one, there is the entrenched sexism.
Samuelson assumes that all his readers will be male, and that every family will include a male breadwinner and a wife who does the shopping, cleaning, and cooking. The only women in this book with money are widows. But of course, it is easy to forgive Samuelson for this, as this was a pervasive aspect of the culture at the time. Already he is talking about how the West must prepare to beat back the encroaching influence of the Soviet Union. As well as its cultural and historical viewpoint, the book shows its age in its theory.
In awarding him the Nobel Memorial Prize in Economic Sciences the committee stated: More than any other contemporary economist, Samuelson has helped to raise the general analytical and methodological level in economic science. He has simply rewritten considerable parts of economic theory.
He has also shown the fundamental unity of both the problems and analytical techniques in economics, partly by a systematic application of the methodology of maximization for a broad set of problems. This means that Samuelson's contributions range over a large number of different fields.
He was also essential in creating the neoclassical synthesis , which ostensibly incorporated Keynesian and neoclassical principles and still dominates current mainstream economics. In , Samuelson was one of the ten Nobel Prize—winning economists signing the Economists' statement opposing the Bush tax cuts. Several years later, Samuelson responded with David Ricardo 's theory of comparative advantage : "That it is logically true need not be argued before a mathematician; that is not trivial is attested by the thousands of important and intelligent men who have never been able to grasp the doctrine for themselves or to believe it after it was explained to them.
One article included Samuelson's most quoted remark and a favorite economics joke: To prove that Wall Street is an early omen of movements still to come in GNP, commentators quote economic studies alleging that market downturns predicted four out of the last five recessions.
That is an understatement. Wall Street indexes predicted nine out of the last five recessions!
And its mistakes were beauties. The competitive price system adapted from Samuelson, Foundations of Economic Analysis[ edit ] Samuelson's book Foundations of Economic Analysis is considered his magnum opus.
It is derived from his doctoral dissertation, and was inspired by the classical thermodynamic methods. The book showed how these goals could be parsimoniously and fruitfully achieved, using the language of the mathematics applied to diverse subfields of economics.
The book proposes two general hypotheses as sufficient for its purposes: maximizing behavior of agents including consumers as to utility and business firms as to profit and economic systems including a market and an economy in stable equilibrium. In the first tenet, his views presented the idea that all actors, whether firms or consumers, are striving to maximize something.
They could be attempting to maximize profits, utility, or wealth, but it did not matter because their efforts to improve their well-being would provide a basic model for all actors in an economic system.
Paul Anthony Samuelson
Generally in a market, supply would equal demand. However, he urged that this might not be the case and that the important thing to look at was a system's natural resting point. For most, that one course will be their only brush with the dismal science. That is why basic economics textbooks are enormously influential. As well as influence, textbooks can also bring their authors riches.
Fortunately, this claim is only half true. Like Mr Samuelson's book in its day, Mr Mankiw's book sets a new standard of clarity and liveliness. Like almost all modern texts, it uses many of the basic analytical tools developed by Mr Samuelson. But Mr Mankiw's aim, unlike Mr Samuelson's, is to elucidate rather than advocate.
This is a big difference. Its 15 editions have sold more than 4m copies and it has been translated into 41 languages.
Though its popularity has waned somewhat in recent years, many millions of people learned their economics from the textbook's lively prose—and, in recent editions, from the joint authorship of Mr Samuelson and William Nordhaus, an economist at Yale University. The book has great strengths.
In microeconomics in particular, the pedagogy Mr Samuelson developed—diagrams of supply and demand, or cost curves, for instance—still set the discipline's standard. More problematic is his approach to macroeconomics a term, incidentally, that was barely in use in , and did not appear in the first edition of the book. Although Mr Samuelson claimed that he had no great message to impart in his first textbook, he was actually introducing, explaining and advocating the then-revolutionary economics of John Maynard Keynes.This paralleled the then-extant Cold War economies of Soviet communism and American capitalism.
In awarding him the Nobel Memorial Prize in Economic Sciences the committee stated: More than any other contemporary economist, Samuelson has helped to raise the general analytical and methodological level in economic science. Jan 21, Nikos Bar rated it it was amazing. If you don't know who Mr Jordan is, then you have probably taught economics for too long. Want to Read saving… Error rating book. Macroeconomics , where he popularized the overlapping generations model as a way to analyze economic agents' behavior across multiple periods of time Collected Scientific Papers, v.
How to do this? He has simply rewritten considerable parts of economic theory. For most, that one course will be their only brush with the dismal science.
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