B.A. (Hons), M.A (Econ). Ph.D., Hon. D.Sc Europe).

distinguished Indian Economist


  • Overview
  • Preface
  • Index
  • Impressions


  This excellent collegial appreciation focuses heavily on Samuelson's Foundations of Economic Analysis. In that work, and a series of brief essays, he has contributed to an integration of statics and dynamics by way of the correspondence principle. He has also combined the multiplier and accelerator mechanisms in a model of economic fluctuations; he has reformed the foundations of consumption theory by his concept of revealed preferences; he has developed or improved several major theorems within international trade; and created theories of maximum efficiency and maximum growt. Finally, he has clarified the role of collective goods in resource allocation.

In considering the work and life of Samuelson, editor Puttaswamaiah has assembled a worthy group of brilliant commentators. Among the analytic papers in this volume are "An Essay on the Accuracy of Economic Prediction" by L.R. Klein h rate, "Analytical Aspects of Anti-Inflation Policy" by Robert M. Solow, a paper by Vittorangelo Orati on Samuelson's linkage to Schumpeter and Keynes, "Money and Price Theory" by Carlo Benetti and Jean Cartelier, and a concluding essay on "The Role of Samuelson's Economics" by Michael Emmett Brady. Most unusual in works of this kind are some strong critical statements, including a pungent examination of vanity as well as creativity in Samuelson's work.

What emerges is a clear picture of a special scholar. Scholars and students will welcome it alike—a result that well fits the purpose and character of Samuelson. The festschrift has its origins in several issues of the International Journal of Applied Economics and Econometrics.

        Professor Paul Samuelson, the first American Nobel Laureate (1970), is the Institute Emeritus Professor at the Massachusetts Institute of Technology, Cambridge, MA, USA. He received his second Nobel Prize after the first prize was shared by Jan Tinbergen and Ragnar Frisch in 1969. Professor Samuelson received the Nobel Prize in Economics "for the scientific work through which he has developed static and dynamic economic theory and actively contributed to raising the level of analysis in economic science." 

       Paul Samuelson is best known for his book, Foundation of Economic Analysis, which greatly increased the use of mathematics in Economics. His works are mathematically oriented and he has been very successful in putting mathematics into economics. His skill in this art of analysis is almost play for him. Professor Samuelson has contributed in many ways as a scholar who has radically changed economics analysis and as a teacher who has enriched many subjects and areas that have stimulated research. As he has stated, he has been a "comrade in arms" with his students. Friendly to one and all, he has been immensely helpful and supportive to colleagues and a warm and generous economist.

      I would not be wrong in stating that Samuelson should be considered one of the greatest economists of the twentieth century. Professor Paul Samuelson "is simply superb. His conversational and writing styles are very similar: trenchant, vivid figures of speech, extensive historical references, illuminating comparative situations or ideas. He loves to improve on conventional wisdom by rephrasing, sometimes standing it on its head. For example, 'The exception that improves the rules.'"

      I felt it my duty to such a noble professor that a volume honoring him and his works be published. When this idea was made known to authors of repute, there was a tremendous response. Many papers were received, from which twelve were chosen for publication. As a result of this response, I have divided the contributionsthe foundations of modern economics" is the most important. The next important theme is "expanding economics of the twentieth century" which establishes the last theme, "Paul Samuelson—the theorist as historian of economic thought." These themes are unique and fruitful tributes to Professor Paul Samuelson and are topics that are most dear to him.

     The affectionate support and cooperation of Professors Robert M. Solow, Massachusetts Institute of Technology, Cambridge, USA, and Lawrence R. Klein, University of Pennsylvania, both Nobel Laureates who have contributed to this work, are gratefully acknowledged. Professor Robert C. Merton, Harvard University, USA, Nobel-Laureate, has also given me encouragement. The other authors have also been cooperative and I owe a debt of gratitude to them.

    The enthusiasm and cooperation of Irving Louis Horowitz, Chairman of the Board and Editorial Director, and Mary E. Curtis, President and Publisher of Transaction Publishers, are highly appreciated. They, with their staff, have worked with me in my endeavors, showing a keen interest in the development of academic research. Their cooperation is gratefully acknowledged

Bangalore, India September 2001                              Dr. K. Puttaswamaiah

Preface                                                                                                     vii
1. Contributions of Paul A. Samuelson                                                      1
K. Puttaswamaiah
2. An Essay on the Accuracy of Economic Prediction                                29
L. R. Klein
3. "Analytical Aspects of Anti-Inflation Policy" After 40 Years                   71
Robert M. Solow
4. Kreislauf and Great Aggregates: The Missing Link in the Work
of Professor Samuelson. Or, "In Search of Lost Dynamics"                     79
Vittorangelo Orati
5. Generalising the Tableau Economique: Isnard's Systeme
des Richesses                                                                                        121
Albert E. Steenge and Richard van den Berg
6. The Neoclassical Classical Fallacy                                                      147
0. F. Hamouda
7. A "General" Non-Substitution Theorem along
Samuelsonian Lines                                                                              171
Syed Ahmad
8. Samuelson the Vain                                                                          181
B. B. Price
9. Money and Price Theory                                                                    203
Carlo Benetti and Jean Cartelier
10. Samuelson; A Personal Recollection 225
Frank Hahn
11 .Monotone Price Movements: A Non-Euclidean Approach                229
Christian Bidard and Ian Steedman
12. The Role of Samuelson's Economics in the Production
of a Keynesian Economist                                                                    241
Michael Emmett Brady
Contributors                                                                                        254
Annex                                                                                                  255
Index                                                                                                   262

"it looks splendid. I have enjoyed reading all the papers contained in it which are in great depth. It is a great achievement to the Editor to have been able In include papers from Solow,Klein and Hahn. The work is a solid foundation and is very bright."
                         —John Lodewijks, professor. University of New South Wales, Sydney, Australia.

"My congratulations for the very professional way in which the papers are presented in the work. It is very nice and excellent with in depth contributions. The Editor has taken care of the quality very well—splendid way of honoring Professor Samuelson which everyone should consult."
                        —Albert E. Steenge, professor, University of Twente, The Netherlands

"It is a wonderful work with excellent contributions."
                        —O.F. Hamouda, associate professor, Glendon College, York University, Canada