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The Perseverance of Paul Samuelson's Economics

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  • Mark Skousen
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    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.

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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jep.11.2.137
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    Bibliographic Info

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

    Volume (Year): 11 (1997)
    Issue (Month): 2 (Spring)
    Pages: 137-152

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    Handle: RePEc:aea:jecper:v:11:y:1997:i:2:p:137-52

    Note: DOI: 10.1257/jep.11.2.137
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    1. Coase, R H, 1974. "The Lighthouse in Economics," Journal of Law and Economics, University of Chicago Press, vol. 17(2), pages 357-76, October.
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    Cited by:
    1. Martin Kniepert, 2014. "Die (Neue) Institutionenökonomik als Ansatz für einen erweiterten, offeneren Zugang zur Volkswirtschaftslehre," Working Papers 552014, Institute for Sustainable Economic Development, Department of Economics and Social Sciences, University of Natural Resources and Life Sciences, Vienna.
    2. Levy, David M. & Peart, Sandra J., 2011. "Soviet growth and American textbooks: An endogenous past," Journal of Economic Behavior & Organization, Elsevier, vol. 78(1), pages 110-125.
    3. Green, Tom L., 2013. "Teaching (un)sustainability? University sustainability commitments and student experiences of introductory economics," Ecological Economics, Elsevier, vol. 94(C), pages 135-142.
    4. Armstrong, J. Scott & Green, Kesten C., 2013. "Effects of corporate social responsibility and irresponsibility policies," Journal of Business Research, Elsevier, vol. 66(10), pages 1922-1927.
    5. Yann Giraud, 2013. "The Political Economy of Textbook Writing : Paul Samuelson and the making of the first Ten Editions of Economics (1945-1976)," Working Papers hal-00870494, HAL.

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