Fields of Interest
As professor of economics at the Massachusetts Institute of Technology, Samuelson worked in many fields including:
- Welfare economics, in which he popularised the Lindahl–Bowen–Samuelson conditions (criteria for deciding whether an action will improve welfare) and demonstrated in 1950 the insufficiency of a national-income index to reveal which of two social options was uniformly outside the other's (feasible) possibility function (Collected Scientific Papers, v. 2, ch. 77; Fischer, 1987, p. 236).
- Public finance theory, in which he is particularly known for his work on determining the optimal allocation of resources in the presence of both public goods and private goods.
- International economics, where he influenced the development of two important international trade models: the Balassa–Samuelson effect, and the Heckscher–Ohlin model (with the Stolper–Samuelson theorem).
- 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. 1, ch. 21).
- Consumer theory, he pioneered the Revealed Preference Theory, which is a method by which it is possible to discern the best possible option, and thus define consumer's utility functions, by observing the consumer behaviour.
Read more about this topic: Paul Samuelson
Famous quotes containing the words fields of, fields and/or interest:
“And sweet it was to dream of Fatherland,
Of child, and wife, and slave; but evermore
Most weary seemed the sea, weary the oar,
Weary the wandering fields of barren foam.”
—Alfred Tennyson (1809–1892)
“Earth has not anything to show more fair:
Dull would he be of soul who could pass by
A sight so touching in its majesty:
This city now doth, like a garment, wear
The beauty of the morning; silent, bare,
Ships, towers, domes, theatres and temples lie
Open unto the fields and to the sky;
All bright and glittering in the smokeless air.”
—William Wordsworth (1770–1850)
“Justice is a moral virtue, merely because it has that tendency to the good of mankind, and indeed is nothing but an artificial invention to that purpose. The same may be said of allegiance, of the laws of nations, of modesty, and of good manners. All these are mere human contrivances for the interest of society.”
—David Hume (1711–1776)