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Paul Samuelson
Paul Anthony Samuelson (May 15, 1915 – December 13, 2009) was an American economist who was the first American to win the Nobel Memorial Prize in Economic Sciences. When awarding the prize in 1970, the Swedish Royal Academies stated that he "has done more than any other contemporary economist to raise the level of scientific analysis in economic theory". "In a career that spanned seven decades, he transformed his field, influenced millions of students and turned MIT into an economics powerhouse" Samuelson was one of the most influential economists of the latter half of the 20th century."Paul Samuelson: The last of the great general economists died on December 13th, aged 94" ''The Economist'', December 17, 2009 In 1996, he was awarded the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gary, Indiana
Gary ( ) is a city in Lake County, Indiana, United States. The population was 69,093 at the 2020 United States census, 2020 census, making it Indiana's List of municipalities in Indiana, eleventh-most populous city. The city has been historically dominated by major industrial activity and is home to U.S. Steel's Gary Works, the largest steel mill complex in North America. Gary is located along the southern shore of Lake Michigan about southeast of Chicago Loop, downtown Chicago. The city is the western gateway to the Indiana Dunes National Park, and is within the Chicago metropolitan area. Gary was named after lawyer Elbert Henry Gary, who was the founding chairman of the United States Steel Corporation. U.S. Steel had established the city in 1906 as a company town to serve its steel mills. Like other Rust Belt cities, Gary's once thriving steel industry has been significantly affected by the disappearance of local manufacturing jobs since the 1970s. As a result of this economi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alvin Hansen
Alvin Harvey Hansen (August 23, 1887 – June 6, 1975) was an American economist who taught at the University of Minnesota and was later a chair professor of economics at Harvard University. Often referred to as "the American Keynes", he was a widely read popular author on economic issues, and an influential advisor to the government on economic policy. Hansen helped create the Council of Economic Advisors and the Social Security system. He is best remembered today for introducing Keynesian economics in the United States in the 1930s and 40s. More effectively than anyone else, he explicated, extended, domesticated, and popularized the ideas embodied in Keynes's '' The General Theory.'' He helped develop with John Hicks the IS–LM model (or Hicks–Hansen model), a mathematical representation of Keynesian macroeconomic theory. In 1967, Paul McCracken, chairman of the President's Council of Economic Advisers, saluted Hansen stating: "It is certainly a statement of fact that y ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Medal Of Science
The National Medal of Science is an honor bestowed by the President of the United States to individuals in science and engineering who have made important contributions to the advancement of knowledge in the fields of behavioral science, behavioral and social sciences, biology, chemistry, engineering, mathematics and physics. The twelve member presidential Committee on the National Medal of Science is responsible for selecting award recipients and is administered by the National Science Foundation (NSF). It is the highest science award in the United States. History The National Medal of Science was established on August 25, 1959, by an act of the Congress of the United States under . The medal was originally to honor scientists in the fields of the "physical, biological, mathematical, or engineering sciences". The Committee on the National Medal of Science was established on August 23, 1961, by Executive order (United States), executive order 10961 of President John F. Kennedy. O ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nobel Memorial Prize In Economic Sciences
The Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (), commonly referred to as the Nobel Prize in Economics(), is an award in the field of economic sciences administered by the Nobel Foundation, established in 1968 by Sveriges Riksbank (Sweden's central bank) to celebrate its 300th anniversary and in memory of Alfred Nobel. Although the Prize in Economic Sciences was not one of the original five Nobel Prizes established by Alfred Nobel's will, it is considered a member of the Nobel Prize system, and is administered and referred to along with the Nobel Prizes by the Nobel Foundation. Winners of the Prize in Economic Sciences are chosen in a similar manner to and announced alongside the Nobel Prize recipients, and receive the Prize in Economic Sciences at the Nobel Prize Award Ceremony. The laureates of the Prize in Economic Sciences are selected by the Royal Swedish Academy of Sciences, which ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Bates Clark Medal
The John Bates Clark Medal is awarded by the American Economic Association to "that American economist under the age of forty who is adjudged to have made a significant contribution to economic thought and knowledge." The award is named after the American economist John Bates Clark (1847–1938). According to '' The Chronicle of Higher Education'', it "is widely regarded as one of the field's most prestigious awards... second only to the Nobel Memorial Prize in Economic Sciences." Many of the recipients went on to receive the Nobel Prizes in their later careers, including the inaugural recipient Paul Samuelson Paul Anthony Samuelson (May 15, 1915 – December 13, 2009) was an American economist who was the first American to win the Nobel Memorial Prize in Economic Sciences. When awarding the prize in 1970, the Swedish Royal Academies stated that he "h .... The award was made biennially until 2007, but from 2009 is now awarded every year because of the growth of the field. Alth ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Goods
In economics, a public good (also referred to as a social good or collective good)Oakland, W. H. (1987). Theory of public goods. In Handbook of public economics (Vol. 2, pp. 485–535). Elsevier. is a goods, commodity, product or service that is both excludable, non-excludable and rivalry (economics), non-rivalrous and which is typically provided by a government and paid for through taxation. Use by one person neither prevents access by other people, nor does it reduce availability to others, so the good can be used simultaneously by more than one person. This is in contrast to a Common good (economics), common good, such as wild fish stocks in the ocean, which is non-excludable but rivalrous to a certain degree. If too many fish were harvested, the stocks would deplete, limiting the access of fish for others. A public good must be valuable to more than one user, otherwise, its simultaneous availability to more than one person would be economically irrelevant. Capital goods ma ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Growth
In economics, economic growth is an increase in the quantity and quality of the economic goods and Service (economics), services that a society Production (economics), produces. It can be measured as the increase in the inflation-adjusted Output (economics), output of an economy in a given year or over a period of time. The rate of growth is typically calculated as List of countries by real GDP growth rate, real gross domestic product (GDP) growth rate, List of countries by real GDP per capita growth, real GDP per capita growth rate or List of countries by GNI per capita growth, GNI per capita growth. The "rate" of economic growth refers to the Exponential growth, geometric annual rate of growth in GDP or GDP per capita between the first and the last year over a period of time. This growth rate represents the trend in the average level of GDP over the period, and ignores any fluctuations in the GDP around this trend. Growth is usually calculated in "real" value, which is real v ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Trade
International trade is the exchange of capital, goods, and services across international borders or territories because there is a need or want of goods or services. (See: World economy.) In most countries, such trade represents a significant share of gross domestic product (GDP). While international trade has existed throughout history (for example Uttarapatha, Silk Road, Amber Road, salt roads), its economic, social, and political importance has been on the rise in recent centuries. Carrying out trade at an international level is a complex process when compared to domestic trade. When trade takes place between two or more states, factors like currency, government policies, economy, judicial system, laws, and markets influence trade. To ease and justify the process of trade between countries of different economic standing in the modern era, some international economic organizations were formed, such as the World Trade Organization. These organizations work towards the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Revealed Preference
Revealed preference theory, pioneered by economist Paul Anthony Samuelson in 1938, is a method of analyzing choices made by individuals, mostly used for comparing the influence of policies on consumer behavior. Revealed preference models assume that the preferences of consumers can be revealed by their purchasing habits. Revealed preference theory arose because existing theories of consumer demand were based on a diminishing marginal rate of substitution (MRS). This diminishing MRS relied on the assumption that consumers make consumption decisions to maximise their utility. While utility maximisation was not a controversial assumption, the underlying utility functions could not be measured with great certainty. Revealed preference theory was a means to reconcile demand theory by defining utility functions by observing behaviour. Therefore, revealed preference is a way to infer preferences between available choices. It contrasts with attempts to directly measure preferences or u ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Methodology
Economic methodology is the study of methods, especially the scientific method, in relation to economics, including principles underlying economic reasoning. In contemporary English, 'methodology' may reference theoretical or systematic aspects of a method (or several methods). Philosophy and economics also takes up methodology at the intersection of the two subjects. Scope General methodological issues include similarities and contrasts to the natural sciences and to other social sciences and, in particular, to: * the definition of economics * the scope of economics as defined by its methods * fundamental principles and operational significance of economic theory * methodological individualism versus holism in economics * the role of simplifying assumptions such as rational choice and profit maximizing in explaining or predicting phenomena * descriptive/ positive, prescriptive/normative, and applied uses of theory * the scientific status and expanding domain of econo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mathematical Economics
Mathematical economics is the application of Mathematics, mathematical methods to represent theories and analyze problems in economics. Often, these Applied mathematics#Economics, applied methods are beyond simple geometry, and may include differential and integral calculus, Recurrence relation, difference and differential equations, Matrix (mathematics), matrix algebra, mathematical programming, or other Computational economics, computational methods.TOC. Proponents of this approach claim that it allows the formulation of theoretical relationships with rigor, generality, and simplicity. Mathematics allows economists to form meaningful, testable propositions about wide-ranging and complex subjects which could less easily be expressed informally. Further, the language of mathematics allows economists to make specific, positiv ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Neoclassical Synthesis
The neoclassical synthesis (NCS), or neoclassical–Keynesian synthesis Mankiw, N. Gregory. "The Macroeconomist as Scientist and Engineer". '' The Journal of Economic Perspectives''. Vol. 20, No. 4 (Fall, 2006), p. 35. is an academic movement and paradigm in economics that worked towards reconciling the macroeconomic thought of John Maynard Keynes in his book '' The General Theory of Employment, Interest and Money'' (1936) with neoclassical economics. The neoclassical synthesis is a macroeconomic theory that emerged in the mid-20th century, combining the ideas of neoclassical economics with Keynesian economics. The synthesis was an attempt to reconcile the apparent differences between the two schools of thought and create a more comprehensive theory of macroeconomics. It was formulated most notably by John Hicks (1937), Franco Modigliani (1944), and Paul Samuelson (1948), who dominated economics in the post-war period and formed the mainstream of macroeconomic thought in the 1 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
