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* Samuelson and the Keynes / Post Keynsian Revolution: by Paul Davidson
Some Related Sentences
Samuelson and Keynes
Hansen and Samuelson offered a lucid explanation of Keynes ’ s theory of aggregate demand with their elegant 45 degree Keynesian cross diagram, while Hicks created the IS / LM diagram.
A group of economists ( notably John Hicks, Franco Modigliani, and Paul Samuelson ), attempted to interpret and formalize Keynes ' writings, and to synthesize it with the neo-classical models of economics.
Samuelson and /
He moved to Los Angeles in 1977, where from 1977 to 1982 he was the lead guitarist in the New Yorkers, a Jazz / Rock fusion band, with Robert Pagliari on fretless bass, Gar Samuelson on drums, Stu Samuelson on guitar, and Don Roper on saxophone.
In this sense, neoclassical economist Paul A. Samuelson ( 1971 ) famously argued that " the beaver-deer exchange ratio can range anywhere from 4 / 3 to 2 / 1 depending upon whether tastes are strong for deer or for beaver " and, therefore, it seems that trading ratios are regulated only by the volume and intensity of consumer demand, as expressed by consumer preferences, rather than by labour-time.
Samuelson and Post
Washington Post columnist Robert J. Samuelson wrote, " This is a mighty big loss for a mighty small saving.
* Robert Samuelson ( 1963 ), Economic columnist and journalist, editor for Newsweek and the Washington Post, and author
Samuelson and Revolution
Whilst the increased importance of capital as a factor of production following the Industrial Revolution has long been accepted even by those believing economic value derives from labour such as Marx, Kelso's figures suggesting that value was created almost entirely by capital were dismissed by academic economists like Paul Samuelson.
Samuelson and by
Despite this comment, Samuelson spent the last 50 years of his life obsessed with the problems of capital theory identified by Hayek and Böhm-Bawerk, and Samuelson flatly judged Hayek to have been right and his own teacher, Joseph Schumpeter, to have been wrong on the central economic question of the 20th century, the feasibility of socialist economic planning in a production goods dominated economy.
Ricardo's idea was even expanded to the case of continuum of goods by Dornbusch, Fischer, and Samuelson This formulation is employed for example by Matsuyama and others.
Samuelson explicitly acknowledged the influence of the classical thermodynamic methods developed by Gibbs, whom he referred to as " Yale's great physicist.
Samuelson also achieved the first ski jump on July 8, 1925 using a greased by ramp, making him the first water ski jumper.
Samuelson never patented any of his skiing equipment, but the first patent for water skis was by Fred Waller for skis called Dolphin Akwa-Skees.
These ' revealed preferences ', as they were named by Paul Samuelson, were revealed e. g. in people's willingness to pay: Utility is taken to be correlative to Desire or Want.
Among other uses, PPP rates facilitate international comparisons of income, as market exchange rates are often volatile, are affected by political and financial factors that do not lead to immediate changes in income and tend to systematically understate the standard of living in poor countries, due to the Balassa – Samuelson effect.
A disproof of roundaboutness in economies with compound interest was presented by Paul Samuelson during the Cambridge capital controversy.
But the use Samuelson makes of Smith's invisible hand is stated best by comparing Smith's text with how it is cited in excerpts by Samuelson ( Smith's text, with Samuelson's selections in bold ):
However, two decades later, his production function was widely used, being adopted by economists such as Paul Samuelson and Robert Solow.
Factor price equalization is an economic theory, by Paul A. Samuelson ( 1948 ), which states that the relative prices for two identical factors of production in the same market will eventually equal each other because of competition.
For example, in one of his major works, Économie et Intérêt ( 1947 ), he introduced the first overlapping generations model ( later popularized by Paul Samuelson in 1958 ), introduced the golden rule of optimal growth ( later popularized by Edmund Phelps ) or described the transaction demand for money rule ( later found in William Baumol's work ).
Undaunted by his earlier setback, Andrus defeated Samuelson in a gubernatorial election rematch in 1970.
He quoted one librarian as writing, “ If the library were on fire, this would be the reference book I would try and save first ,” and another saying, The “ Statistical Abstract has for years been one of the top five reference books used by students and faculty at South Dakota State University .” Samuelson said he didn't think the librarians ' protest would have much effect.
He was also called " the best that Exeter and Harvard can produce " and regarded as " among the most promising economists of his generation " by Nobel Prize-winning economist Paul Samuelson.
Samuelson and Paul
Another Nobel winner, Paul Samuelson believes that Hayek was worthy of his award but nevertheless claims that " there were good historical reasons for fading memories of Hayek within the mainstream last half of the twentieth century economist fraternity.
In 1968 James Tobin, Paul Samuelson, John Kenneth Galbraith and another 1, 200 economists signed a document calling for the US Congress to introduce in that year a system of income guarantees and supplements.
From 1968 to 1978, he and Paul Samuelson participated in the Economics Cassette Series, a biweekly subscription series where the economist would discuss the days ' issues for about a half hour at a time.
Indeed, Paul Samuelson, writing within a Keynesian framework, defended mercantilism, writing: " With employment less than full and Net National Product suboptimal, all the debunked mercantilist arguments turn out to be valid.
According to Paul Samuelson, Gibbs generally voted for the Republican candidate in presidential elections, but supported Grover Cleveland, a conservative Democrat.
Gibbs's protegé Edwin Bidwell Wilson became, in turn, a mentor to leading American economist and Nobel Laureate Paul Samuelson.
Paul Samuelson had envisaged in 1943 the probability of a " nightmarish combination of the worst features of inflation and deflation ," worrying that " there would be ushered in the greatest period of unemployment and industrial dislocation which any economy has ever faced.
After World War II, Paul Samuelson used the term neoclassical synthesis to refer to the integration of Keynesian economics with neoclassical economics.
He earned a Bachelor of Science in Engineering Mathematics from the School of Engineering and Applied Science of Columbia University, a Masters of Science from the California Institute of Technology, and his doctorate in economics from the Massachusetts Institute of Technology in 1970 under the guidance of Paul Anthony Samuelson.
His advisor at the time, Paul Samuelson, brought him on board Arbitrage Management Company ( AMC ), to join founder Michael Goodkin and chief executive Harry Markowitz.
Nobel Prize-winning economist Paul Samuelson applied the term " shibboleth " in works including Foundations of Economic Analysis to an idea for which " the means becomes the end, and the letter of the law takes precedence over the spirit.
Similar patterns were found in other countries and in 1960 Paul Samuelson and Robert Solow took Phillips ' work and made explicit the link between inflation and unemployment: when inflation was high, unemployment was low, and vice-versa.
* Samuelson, Paul, Foreword to " Understanding Inflation and the Implications for Monetary Policy: A Phillips Curve Retrospective ", FRBB Conference Series 53, June 9 – 11, 2008, Chatham, Massachusetts.
At the end of World War II, many economists including Joseph Schumpeter and Paul Samuelson believed the end of capitalism could well be nigh, in that the economic problems might be insurmountable.