Paul Samuelson - Biography

Biography

Samuelson was born in Gary, Indiana, on May 15, 1915, to Frank Samuelson, a pharmacist, and the former Ella Lipton. His family, he said, was "made up of upwardly mobile Jewish immigrants from Poland who had prospered considerably in World War I, because Gary was a brand new steel town when my family went there". In 1923 Samuelson moved to Chicago; he graduated from Hyde Park High School (now Hyde Park Career Academy); he then studied at the University of Chicago and received his Bachelor of Arts degree there in 1935. His decision to study economics was influenced by Austrian economist Henry Hazlitt. He then completed his Master of Arts degree in 1936, and his Doctor of Philosophy in 1941 at Harvard University. As a graduate student at Harvard, Samuelson studied economics under Joseph Schumpeter, Wassily Leontief, Gottfried Haberler, and the "American Keynes" Alvin Hansen. Samuelson comes from a family of well-known economists, including brother Robert Summers, sister-in-law Anita Summers, brother-in-law Kenneth Arrow and nephew Larry Summers.

During his seven decades as an economist, Samuelson's professional positions included:

• Assistant Professor of Economics at M.I.T, 1940, Associate Professor, 1944.
• Member of the Radiation Laboratory 1944-1945.
• Professor of International Economic Relations (part-time) at the Fletcher School of Law and Diplomacy in 1945.
• Guggenheim Fellowship from 1948 to 1949
• Professor of Economics at MIT beginning in 1947 and Institute Professor beginning in 1962.
• Vernon F. Taylor Visiting Distinguished Professor at Trinity University (Texas) in Spring 1989.