Paul Samuelson- The Towering Economist
Death has laid its cold hands on another great human being. He was Paul Samuelson one of the legendary economists of all times. Although he died at a ripe age of 94, his death has brought an end to a glorious chapter. He was described as “ a titan of economics” and the world of economists have paid warm and glowing tributes to the man and his remarkable achievements in the filed of economics. The US Federal Reserve Chairman Ben Barnanke has described him
as “ one of the greatest teachers that economics has ever known”. A very befitting tribute indeed.
As an economist he won too many laurels in his field as a pioneer in analytical and methodological studies in economics. His book “Foundations of Economic analysis, which incidentally was his doctoral thesis, opened a new horizon for application of mathematical models to validate economic theories. His celebrated work which was first published in 1948 was a sensational hit which sold record number of copies and was translated into 20 languages. The book “ Economics: An Introductory Analysis” is still the standard text book of economics for the undergraduate world over. He was an ardent and faithful follower of another legendary economist Maynard Keynes who advocated a heavy dose of spending on the part of the government to overcome depression and recession in the economy some decades back. The correctness of his prescription could be seen in the involvement of the governments all over the world to tide over the recession.
Massachusetts Institute of Technology was the institution where he spent the most active part of his teaching career and made it a world famous institution which attracted the best talents in economics. His revolutionary would continue to inspire the generations of economists all over the world and he has carved a niche for himself in the pantheon of economists.
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