Paul Anthony Samuelson, 1915-2009, was an American economist and Professor at the Massachusetts Institute of Technology. He was the first American to win the Nobel Prize in Economic Sciences, in 1970; he was granted this prize for his contribution in raising the level of scientific analysis in economic theory.
Samuelson is sometimes referred to as the “father of modern economics”. His “Economics: An Introduction Analysis”, 1948, in which he explains the Keynesian economic principles, has been the most widely-spread economic textbook ever since, being translated to over 40 languages.
He is the author of the theory of revealed preference, that states the demand curve is not only utility-based. Regarding macroeconomics, he has insisted in the relation between the acceleration principle and the multiplier principle, and along his contributions to trade theory, he extended the Hecksher-Ohlin model by means of the factor price equalization theorem, by which it is said that free trade not only leads product prices to equalize, but also production factors prices.
Samuelson is considered to be the maximum formulator of the mixed economycharacteristics, one of the founders of Neo-Keynesianismand a key figure of neoclassical economics.