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The Perseverance of Paul Samuelson's Economics

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Author Info
Skousen, Mark
Abstract

A reflection of the economics profession through Paul Samuelson's Economics. Samuelson offers an uneasy mix of laissez faire in micro and government interventionism in macro. In earlier editions, Keynesian thinking dominated, with an antisaving, progovernment bias and a need for an activist fiscal policy aimed at alleviating unpredictable chronic business cycles under private enterprise. Middle editions had chapters on the Soviet Union and China, rather than Japan and West Germany. Recently, Samuelson and coauthor William Nordhaus have gradually shifted from antithrift to prosavings policies, from deficit spending to fiscal restraint, and from fiscal policy to monetary policy as effective countercyclical tools. Copyright 1997 by American Economic Association.

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Article provided by American Economic Association in its journal Journal of Economic Perspectives.

Volume (Year): 11 (1997)
Issue (Month): 2 (Spring)
Pages: 137-52
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Handle: RePEc:aea:jecper:v:11:y:1997:i:2:p:137-52

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  1. Coase, R H, 1974. "The Lighthouse in Economics," Journal of Law & Economics, University of Chicago Press, vol. 17(2), pages 357-76, October.
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  1. Manfred Gärtner, 2001. "Teaching Economics to Undergraduates in Europe: Volume, Structure, and Contents," Journal of Economic Education, Helen Dwight Reid Foundation, vol. 32(3), pages 219-230. [Downloadable!]
  2. Donald E. Frey, 2002. "Francis Wayland's 1830s Textbooks: Evangelical Ethics and Political Economy," Journal of the History of Economic Thought, Taylor and Francis Journals, vol. 24(2), pages 215-231, June. [Downloadable!] (restricted)
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This page was last updated on 2009-10-30.

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