Paul A. Samuelson

Paul Samuelson (1915–2009) received the Nobel Prize in Economics in 1970. He was Institute Professor, Emeritus; Professor of Economics, Emeritus; and Gordon Y. Billard Fellow at MIT. His influential Economics: An Introductory Analysis is the most widely used economics textbook ever published.

  • The Collected Scientific Papers of Paul A. Samuelson, Volume 6

    The Collected Scientific Papers of Paul A. Samuelson, Volume 6

    Paul A. Samuelson and Janice Murray

    The sixth and seventh volumes of Paul Samuelson's papers gather his final writings.

    “It is a measure of Professor Samuelson's preeminence that the sheer scale of his work should be so much taken for granted,” a reviewer for the Economist once observed, marking both Paul Samuelson's influence and his astonishing prolificacy. These two volumes gather the Nobel Laureate's final writings. Samuelson declined suggestions that he write an autobiography. Yet the texts in these volumes (selected by Samuelson with the help of his longtime assistant, Janice Murray) have a somewhat autobiographical cast, with tributes to friends and colleagues and speeches and interviews of both personal and historic interest. Volume 6 offers essays on classical economics; neoclassical, Marxian, and Sraffian economics; modern macroeconomics; welfare and efficiency economics; and economic and scientific theories. Volume 7 covers stochastic theory; modern economic policy; biographical essays; and autobiographical writings. [Revised appendixes accompany Samuelson and Etula's “Where Ricardo and Mill Rebut and Confirm Arguments of Mainstream Economists Supporting Globalization” and a previously unpublished “Afterthought” has been added to Samuelson's Dictionary of American Biography text on Joseph Schumpeter.] Additionally, three contributions omitted from early volumes have been included. The acknowledgements sections list the strict chronological order of the papers. The seven volumes of Samuelson's collected papers document the long and distinguished career of one of America's most important economists.

    • Hardcover $19.75 £15.99
  • The Collected Scientific Papers of Paul A. Samuelson, Volume 7

    The Collected Scientific Papers of Paul A. Samuelson, Volume 7

    Paul A. Samuelson and Janice Murray

    The sixth and seventh volumes of Paul Samuelson's papers gather his final writings.

    “It is a measure of Professor Samuelson's preeminence that the sheer scale of his work should be so much taken for granted,” a reviewer for the Economist once observed, marking both Paul Samuelson's influence and his astonishing prolificacy. These two volumes gather the Nobel Laureate's final writings. Samuelson declined suggestions that he write an autobiography. Yet the texts in these volumes (selected by Samuelson with the help of his longtime assistant, Janice Murray) have a somewhat autobiographical cast, with tributes to friends and colleagues and speeches and interviews of both personal and historic interest. Volume 6 offers essays on classical economics; neoclassical, Marxian, and Sraffian economics; modern macroeconomics; welfare and efficiency economics; and economic and scientific theories. Volume 7 covers stochastic theory; modern economic policy; biographical essays; and autobiographical writings.[Revised appendixes accompany Samuelson and Etula's “Where Ricardo and Mill Rebut and Confirm Arguments of Mainstream Economists Supporting Globalization” and a previously unpublished “Afterthought” has been added to Samuelson's Dictionary of American Biography text on Joseph Schumpeter.] Additionally, three contributions omitted from early volumes have been included. The acknowledgements sections list the strict chronological order of the papers. The seven volumes of Samuelson's collected papers document the long and distinguished career of one of America's most important economists.

    • Hardcover $19.75 £15.99
  • The Collected Scientific Papers of Paul A. Samuelson, Volume 5

    The Collected Scientific Papers of Paul A. Samuelson, Volume 5

    Paul A. Samuelson and Kate Crowley

    Volume 5 collects 108 articles written since 1976, bringing the total to nearly 400 important contributions to economics.

    "It is a measure of Professor Samuelson's preeminence that the sheer scale of his work should be so much taken for granted," observes a reviewer in the Economist who goes on to note that "a cynic might add that it would have been better for Professor Samuelson to write less merely to give others a chance to write at all."In fact, Samuelson's output, his "extraordinary mastery of methods, both mathematical and linguistic" (review of Volume 4 of The Collected Scientific Papers), have not diminished. Volume 5 collects 108 articles written since 1976, bringing the total to nearly 400 important contributions to economics. As in earlier volumes, the papers are arranged by subject. They cover Economic Theory: Marx, Keynes, and Schumpeter; International Economics; Stochastic Theory; Classical Economics; Mathematical Biology; Biographical and Autobiographical Writings; and Current Economics and Policy.Volumes 1 through 4 encompass more than 280 articles. The first two contain virtually all of Samuelson's contributions to economic theory through mid-1964; Volume 3 contains all the scientific papers written from mid-1964 through 1970, and the last volume brings his work up to through 1976.

    • Hardcover $19.75 £15.99
  • The Collected Scientific Papers of Paul A. Samuelson, Volume 3

    The Collected Scientific Papers of Paul A. Samuelson, Volume 3

    Paul A. Samuelson and Robert C. Merton

    "It is a measure of Professor Samuelson's preeminence that the sheer scale of his work should be so much taken for granted," observes a reviewer in the Economist who goes on to note that "a cynic might add that it would have been better for Professor Samuelson to write less merely to give others a chance to write at all."

    When Professor Samuelson was awarded the 1970 Nobel Prize in economics, the Royal Swedish Academy of Sciences said in its citation that he “has done more than any other contemporary economist to raise the level of scientific analysis in economic theory... {Samuelson's] extensive production, covering nearly all areas of economic theory, is characterized by an outstanding ability to derive important new theorems, and to find new applications for existing ones.”

    In 1966, The MIT Press published the first two volumes of The Collected Scientific Papers of Paul A. Samuelson, edited by joseph E. Stiglitz. These books contain virtually all of Professor Samuelson's contributions to economic theory through mid-1964 – a total of 129 papers collected from economic journals and books on current problems and including his classic articles on such topics as revealed preference, factor price equalization, and public goods, as well as articles that were privately circulated or buried in Festschriften, such as “Market Maximization” and “The Structure of Minimal Equilibrium Systems.”

    Volume 3 contains 77 articles covering the period from mid-1964 to October 1971. Chapters are arranged in the manner of Volumes 1 and 2 – according to subject matter rather than chronologically and under the 18 section titles indicated by Stiglitz, plus an additional one. Characteristically, Professor Samuelson has moved on to an entirely new area – that of portfolio selection and warrant pricing theory, which includes the following articles:“Proof that Properly Anticipated Prices Fluctuate Randomly” • “Rational Theory of Warrant Pricing that Maximizes Utility” • “General Proof that Diversification Pays” • “Efficient Portfolio Selection for Pareto-Levy Investments” • “The Fundamental Approximation Theorem of Portfolio Analysis in Terms of Means, Variances, and Higher Moments” • “Lifetime Portfolio Selection by Dynamic Stochastic Programming” • “Stochastic Speculative Price” • “The 'Fallacy' of Maximizing the Geometric Mean in Long Sequences of Investing and Gambling”

    • Hardcover $19.75 £15.99
  • The Collected Scientific Papers of Paul A. Samuelson, Volume 1

    Paul A. Samuelson and Joseph E. Stiglitz

    "It is a measure of Professor Samuelson's preeminence that the sheer scale of his work should be so much taken for granted," observes a reviewer in the Economist who goes on to note that "a cynic might add that it would have been better for Professor Samuelson to write less merely to give others a chance to write at all."

    These volumes contain virtually all of Professor Paul A. Samuelson's contributions to economic theory through mid-1964 – a total of 129 papers. Included are his classic articles on such topics as revealed preference, factor-price equalization, and public goods; as well as some articles which until now have only been privately circulated or “buried” in Festschriften, such as “Market Mechanisms and Maximization” and “The Structure of a Minimum Equilibrium System.” The articles have been grouped together into five books, compiled in two volumes. The books, in turn have been divided into sections, each of which contains articles on the same or closely related topics. Within the sections the articles are arranged chronologically. The graduate student and professional economist will welcome The Collected Scientific Papers of Paul A. Samuelson as a valuable addition to their libraries.

    • Hardcover $19.75 £15.99
  • The Collected Scientific Papers of Paul A. Samuelson, Volume 2

    Paul A. Samuelson and Joseph E. Stiglitz

    "It is a measure of Professor Samuelson's preeminence that the sheer scale of his work should be so much taken for granted," observes a reviewer in the Economist who goes on to note that "a cynic might add that it would have been better for Professor Samuelson to write less merely to give others a chance to write at all."

    These volumes contain virtually all of Professor Paul A. Samuelson's contributions to economic theory through mid-1964 – a total of 129 papers. Included are his classic articles on such topics as revealed preference, factor-price equalization, and public goods; as well as some articles which until now have only been privately circulated or “buried” in Festschriften, such as “Market Mechanisms and Maximization” and “The Structure of a Minimum Equilibrium System.” The articles have been grouped together into five books, compiled in two volumes. The books, in turn have been divided into sections, each of which contains articles on the same or closely related topics. Within the sections the articles are arranged chronologically. The graduate student and professional economist will welcome The Collected Scientific Papers of Paul A. Samuelson as a valuable addition to their libraries.

    • Hardcover $90.00 £75.00

Contributor

  • Lives of the Laureates, Seventh Edition

    Thirty-Two Nobel Economists

    Roger W. Spencer and David A. Macpherson

    Autobiographical accounts by Nobel laureates reflect the richness and diversity of contemporary economic thought and offer insights into the creative process; with six new laureates.

    Lives of the Laureates offers readers an informal history of modern economic thought as told through autobiographical essays by thirty-two Nobel Prize laureates in economics. The essays not only provide unique insights into major economic ideas of our time but also shed light on the processes of intellectual discovery and creativity. The accounts are accessible and engaging, achieving clarity without sacrificing inherently difficult content.

    This seventh edition adds six Nobelists to its pages: Roger B. Myerson (co-recipient in 2007) describes his evolution as a game theorist and his application of game theory to issues that ranged from electoral systems to perverse incentives; Thomas J. Sargent (co-recipient in 2011), recounts the development of the rational expectations model, which fundamentally changed the policy implications for macroeconomic models; Amartya Sen (recipient in 1998) reflects on his use of a bicycle (later donated to the Nobel Museum) to collect data early in his career; A. Michael Spence (co-recipient in 2001) describes, among other things, his whiplash-inducing first foray into teaching an undergraduate class; Christopher A. Sims (co-recipient in 2011) discusses his “non-Nobel” research; and Alvin E. Roth (co-recipient in 2012) chronicles the “three insurrections” he has witnessed in mainstream economics.

    Lives of the Laureates grows out of a continuing lecture series at Trinity University in San Antonio, which invites Nobelists from American universities to describe their evolution as economists in personal as well as technical terms.

    The Laureates

    W. Arthur Lewis, Lawrence R. Klein, Kenneth J. Arrow, Paul A. Samuelson, Milton Friedman, George J. Stigler, James Tobin, Franco Modigliani, James M. Buchanan, Robert M. Solow, William F. Sharpe, Ronald H. Coase, Douglass C. North, John C. Harsanyi, Myron S. Scholes, Gary S. Becker, Robert E. Lucas, Jr., Vernon L. Smith, Clive W. J. Granger, Edward C. Prescott, Thomas C. Schelling, Edmund S. Phelps, Eric S. Maskin, Joseph E. Stiglitz, Paul Krugman, Peter A. Diamond, Roger B. Myerson, Thomas J. Sargent, Amartya Sen, A. Michael Spence, Christopher A. Sims, Alvin E. Roth

    • Hardcover $55.00 £45.00
  • Lives of the Laureates, Sixth Edition

    Lives of the Laureates, Sixth Edition

    Twenty-three Nobel Economists

    Roger W. Spencer and David A. Macpherson

    Autobiographical accounts by Nobel laureates reflect the richness and diversity of contemporary economic thought and offer insights into the creative process.

    Lives of the Laureates offers readers an informal history of modern economic thought as told through autobiographical essays by twenty-three Nobel Prize laureates in Economics. The essays not only provide unique insights into major economic ideas of our time but also shed light on the processes of intellectual discovery and creativity. The accounts are accessible and engaging, achieving clarity without sacrificing inherently difficult content.

    This sixth edition adds four recent Nobelists to its pages: Eric Maskin, who illustrates his explanation of mechanism design with an example involving a mother, a cake, and two children; Joseph Stiglitz, who recounts his field's ideological wars linked to policy disputes; Paul Krugman, who describes the insights he gained from studying the model of the Capitol Hill Babysitting Coop (and the recession it suffered when more people wanted to accumulate babysitting coupons than redeem them); and Peter Diamond, who maps his development from student to teacher to policy analyst.

    Lives of the Laureates grows out of a continuing lecture series at Trinity University in San Antonio, which invites Nobelists from American universities to describe their evolution as economists in personal as well as technical terms. These lectures demonstrate the richness and diversity of contemporary economic thought. The reader will find that paths cross in unexpected ways—that disparate thinkers were often influenced by the same teachers—and that luck as well as hard work plays a role in the process of scientific discovery.

    The Laureates Lawrence R. Klein • Kenneth J. Arrow • Paul A. Samuelson • Milton Friedman • George J. Stigler • James Tobin • Franco Modigliani • James M. Buchanan • Robert M. Solow • William F. Sharpe • Douglass C. North • Myron S. Scholes • Gary S. Becker • Robert E. Lucas, Jr. • James J. Heckman • Vernon L. Smith • Edward C. Prescott • Thomas C. Schelling • Edmund S. Phelps • Eric S. Maskin • Joseph E. Stiglitz • Paul Krugman • Peter A. Diamond

    • Hardcover $40.00 £32.00
  • Understanding Inflation and the Implications for Monetary Policy

    Understanding Inflation and the Implications for Monetary Policy

    A Phillips Curve Retrospective

    Jeff Fuhrer, Yolanda K. Kodrzycki, Jane Sneddon Little, and Giovanni P. Olivei

    Current perspectives on the Phillips curve, a core macroeconomic concept that treats the relationship between inflation and unemployment.

    In 1958, economist A. W. Phillips published an article describing what he observed to be the inverse relationship between inflation and unemployment; subsequently, the “Phillips curve” became a central concept in macroeconomic analysis and policymaking. But today's Phillips curve is not the same as the original one from fifty years ago; the economy, our understanding of price setting behavior, the determinants of inflation, and the role of monetary policy have evolved significantly since then. In this book, some of the top economists working today reexamine the theoretical and empirical validity of the Phillips curve in its more recent specifications. The contributors consider such questions as what economists have learned about price and wage setting and inflation expectations that would improve the way we use and formulate the Phillips curve, what the Phillips curve approach can teach us about inflation dynamics, and how these lessons can be applied to improving the conduct of monetary policy.

    Contributors Lawrence Ball, Ben Bernanke, Oliver Blanchard, V. V. Chari, William T. Dickens, Stanley Fischer, Jeff Fuhrer, Jordi Gali, Michael T. Kiley, Robert G. King, Donald L. Kohn, Yolanda K. Kodrzycki, Jane Sneddon Little, Bartisz Mackowiak, N. Gregory Mankiw, Virgiliu Midrigan, Giovanni P. Olivei, Athanasios Orphanides, Adrian R. Pagan, Christopher A. Pissarides, Lucrezia Reichlin, Paul A. Samuelson, Christopher A. Sims, Frank R. Smets, Robert M. Solow, Jürgen Stark, James H. Stock, Lars E. O. Svensson, John B. Taylor, Mark W. Watson

    • Hardcover $19.75 £15.99
  • Heckscher-Ohlin Trade Theory

    Harry Flam, M. June Flanders, Bertil Ohlin, and Eli F. Heckscher

    This book presents the corrected and first complete translation from Swedish of Heckscher's 1919 article on foreign trade - "a work of genius," in the words of Paul Samuelson - as well as a translation from Swedish of Ohlin's 1924 Ph.D. dissertation, the main source of the now famous Heckscher-Ohlin theorem. Ohlin's model of the international economy is astonishingly contemporary, dealing as it does with economies of scale, factor mobility, trade barriers, nontraded goods, and balance-of-payments adjustment, among others. Much more compact than later versions of Ohlin's work, Ohlin's thesis clearly reveals the structure of his approach. In a lengthy introduction the editors trace the origins of the Heckscher-Ohlin theory from Wicksell to Heckscher and from Cassel and Heckscher to Ohlin. They compare Ohlin's version with the modern interpretations and extensions of the theory as developed by Paul Samuelson, Ronald Jones, and many other contemporary economists. Heckscher's original article explains the impact of differences in factor endowments on intercountry income distribution and international specialization, and demonstrates that the resulting trade in mobile goods is a substitute for factor mobility in reducing factor-price differentials. His brilliant insights were propagated through the writings, in English, of his student Bertil Ohlin. Ohlin's dissertation contains virtually all of the breakthroughs that were eventually to win him, in 1977 the Nobel Prize, particularly his replacement of the century-old Ricardian labor-cost theory of comparative advantage with a multifactor general-equilibrium formulation in the tradition of Léon Walras and Gustav Cassel.

    • Hardcover $40.00
  • Capital and Development Planning

    Sukhamoy Chakravarty

    “What makes for a beautiful problem in science? It may be logical beauty: proof that the set of prime numbers cannot be finite... is as aesthetically neat in our times on extra luster if, in addition to its logical elegance, it provides useful knowledge.... By the above test, we must judge Professor Chakravarty's book to be fascinating.” –from the Foreword

    There has been much work in recent years on the construction of planning models to help responsible officials in underdeveloped countries make economically sound investment decisions. This book is a significant contribution to that effort.

    Its concern is the theoretical part of such model building, working from the normative theory of capital and the theory of multisectoral growth processes. Mathematical optimization techniques are used systematically are accessible to readers who are familiar with calculus and matrix algebra. Appendices provide a comprehensive introduction to the calculus of variations, including its recent developments, presented from the standpoint of the economist. The book is intended primarily for the economist-planner and as such is not a completely general mathematical discussion of the subject. It is a notably brilliant contribution to economic theory, with broad practical importance, and should be of interest equally to economic theorists and development planners.

    • Hardcover $33.00