Samuelson,born on May 15th,1915,was endowed with excellent intelligence when he was young. He entered Department of Economics, Chicago University when he was at 16. He kept doing a exceedingly well job there with the average score of A. then, he graduated in advance and entered Harvard University to pursue advanced studies. At the age of 26,he received the doctor's degree of philosophy. His doctor's degree dissertation Importance of Practicing Economic Theory could be regarded as the beginning of his research based on which most of his thoughts from then on were developed. Also,he was awarded the David A. Wells Prize in 1941 by Harvard University for his new idea in this dissertation. In 1940,he began to work in MIT and became an assistant professor and professor gradually. In 1970, he was awarded Nobel Prize in Economics as the first winner of this prize.
Samuelson was praised as the last generalist in economics, which is a great honour. After a long time development, economics becomes very specialized since establishment. The economists could only focusing on a narrow field and could not keep pace with the development of all fields. However,Samuelson had always strived to keep up with the development of all fields and pay attention to new issues of economics. Hence,economists appraised him as a master of all fields. He kept paying attention to development of economics-a new field when he was old.
His studied economics,statistics and mathematics and so on,and had distinguished understanding in political economics,sector economics and technical economics. In "Neoclassical Synthesis", which is a theoretical system created by Samuelson,he analyzed Keynesianism combining classical microeconomics and made some commentaries,supplements and improvements. From then on, Keynesianism took on an entirely new look and was named"Post-Keynesian mainstream economics" which was dominant in western economics between 1950's and 1970's. Also, Samuelson had rendered great service in development of mathematical economics. He was good at applying mathematic tools to static equilibrium and dynamics to make analysis of economic models. At that time,it was unprecedented to study economics in mode of physics and mathematical deduction and was a forerunner of modernization of mathematical economics.
It is worth to mention that Samuelson had abandoned the position of chairman of Council of Economic Advisors. This can be traced back to 1961 when Kennedy was running for American president. He had studied economics in Harvard University with Samuelson's Economics. Hence,he had great respect for Samuelson. Kennedy attached great importance to vigorously develop American economy during election. He invited Samuelson to assist him with a team of economists. And Samuelson was very active for this and put forward the economic principle for Kennedy. By right of"vigorously develop American economy", Kennedy became the first youngest president of America. He was a big fans of Samuelson for understanding of economics. After Kennedy entered the White House,he decided to invite Samuelson as chairman of Council of Economic Advisors and called Samuelson in person to invite him serve for the country.
This was a big problem for Samuelson. It was double blade sword to go into politics.
As the chairman of Council of Economic Advisors for president,he could direct the economic development of the whole country and even the world to a great degree and could apply his economic ideas into the whole national living for human welfare. However,he should devote great to the government and the academic research which he cherished would be ignored and he may not be able to keep pace with the development of economy. In face of this paradox, how to make a decision?
On one hand,from his background,he was an expert researching pure economic theories. It seemed to be a good choice to continue his research in MIT. Then, he could not only keep his independent spirit and make some contributions in economics but also live quietly. On the other hand, Samuelson was not an absolute scholar, he was a faithful executer of Keynesianism which focuses on practicability and instruct development of economic policy by means of economic theory. Hence,this seemed to be a rare chance for Samuelson to serve as chairman of Council of Economic Advisors which could influence the development direction of American economy. What a captivating chance is was. In addition,and perhaps more important,Kennedy respected Samuelson's thoughts. This could ensure the implementation of his economic policy.
Decades of years witnessed that his decision was correct. Although he didn't serve in the White House,he devoted to development of USA even the whole world which seemed more significantly and he wrote the classical textbook Economics. This book,first published in 1948,has 17 editions till now and has sold more than a million copies. Thousands of students all over the world apply Samuelson' Economics as an introductory book. He has exerted a tremendous influence on a whole generation.
After decades of years,those young economists who were initiated into economics by Samuelson' Economics are active in various industries today. His economic theories and thinking mode are impacting the development of economics. Although the economic theories develop quickly,Economics does not bog down and is revised and supplemented in latter editions,so as to keep pace with the economic development.
