2,943 research outputs found
The Political Economy of Textbook Writing: Paul Samuelson and the making of the first ten Editions of Economics (1945-1976)
No full textOver the past two decades, numerous contributions to the history of economics have tried to assess Paul Samuelson’s political positioning by tracing it in the subsequent editions of his famous textbook Economics. This literature, however, has provided no consensus about the location of Samuelson’s political ideas. While some authors believe that Samuelson has always had inclinations toward interventionism, others conclude that he more often acted as a pro-business advocate. The purpose of this paper is not to argue for one of these two interpretations but to depict the making of Economics itself as a political process. By ‘political’ it is not meant the conduct of party politics but the many political elements that a textbook author has to take into account if he wants to be published and favorably received. I argue that the “middle of the road” stance that Samuelson adopted in the book was consciously constructed by the MIT economist, with the help of his home institution and his publishing company, McGraw-Hill, to ensure both academic freedom and the success of the book. The reason for which the stance developed is related to pre-McCarthyist right-wing criticisms of the textbook and how Samuelson and the MIT department had to endure the pressures from members of the Corporation (MIT’s Board of Trustees), who tried to prevent the publication of the textbook and threatened Samuelson’s tenure at MIT as soon as 1947 – when early manuscripts were circulated. As a result, it was decided in accordance with both the Corporation and McGraw-Hill that the Readings volume would be published to balance conflicting ideas about state intervention. Following these early criticisms, the making of the subsequent editions relied on a network of instructors and referees all over the US in order to make it as successful and consensual as possible. This seemed to work quite well in the 1950s and for a good portion of the 1960s, until Economics became victim of its own success and was seen, in an ironical twist of fate, as a right wing text by younger, radical economists. From now on, Samuelson will try to have his book sent as often as possible to the radicals for referring process, with mixed results. Eventually, the book became criticized from both its left and its right.Paul Samuelson, Economics, Textbook, Politics, Economic Education
An Interview with Paul A. Samuelson
No full textThis paper consists of the page proofs of W. A. Barnett's interview of Paul A. Samuelson, to appear in print in the journal, Macroeconomic Dynamics, in September 2004. To our knowledge, this is the first and only interview of Paul A. Samuelson published in a professional economics journal. In addition, this is the only interview conducted personally by the Editor of Macroeconomic Dynamics, William A. Barnett. The interview covers Samuelson's views on the economics profession from 1929 to the present and an overview of Samuelson's career as one of the greatest economists of all time.history of economic thought, Samuelson, macroeconomics, microeconomics, policy
The Harrod-Balassa-Samuelson Effect: A Survey of Empirical Evidence
No full textThe paper surveys empirical evidence on the Harrod-Balassa-Samuelson effect. The survey encompasses the published empirical work on the phenomenon since its (re)discovery in 1964. In total, 58 empirical papers are examined within a specialized analytical framework. The body of empirical evidence is synthesized through four major elements. The analysis starts with the ongoing controversy related to the name of the theory. This is followed by a presentation of the evolution of the theoretical and econometric model. It ends with an analysis of the results of the surveyed empirical studies. Results of the survey indicate that growing body of evidence definitely points towards professional rethinking about the significance of the Harrod-Balassa-Samuelson effect.Harrod Balassa Samuelson effect, real exchange rate, purchasing power parity, productivity
On Paul Samuelson
No full textPaul Samuelson was one of the few men who earned himself a significant place in economics. He was in himself a starting point. We are fortunate to have Robert Solow, his colleague and long-time friend, discuss how Samuelson changed economics. Samuelson was a member of Challenge's Editorial Advisory Board since 1973.
Ohlin Versus Stolper-Samuelson?
No full textThis paper examines Bertil Ohlin's analysis of trade policy and factor rewards in the context of the late nineteenth and early twentieth century United States. A leading question of the day was whether labor could benefit from protection. Ohlin suspected that labor could benefit from protection and his writings helped spawn the Stolper-Samuelson theorem, which was different from but consistent with Ohlin's approach. This paper seeks to find evidence on whether U.S. tariffs on imported labor-intensive manufactures helped enhance the income of labor at the expense of capital and land. The answer is unclear: vastly different conclusions arise from a calibrated general equilibrium Ohlin-style model and a factor content of trade calculation indirect evidence from lobbying and voting patterns over the tariff are also ambiguous.
Balassa-Samuelson, Product Differentiation and Transition
No full textRecent panel studies have found relatively high estimates for the elasticity of real exchange rates with respect to productivity measures in transition economies within Balassa-Samuelson frameworks. This contrasts with other findings reporting cross-section price-income elasticity estimates to depend positively on average income in the sample. This paper aims to reconcile both results by putting real exchange rate developments of transition economies in an international perspective. We illustrate the special status of these economies in a simple world-wide Balassa-Samuelson-type price-income benchmark relationship between a real exchange rate measure (Penn World Table comparative prices, i.e., exchange rate gaps) and PPP-adjusted per capita income. A pronounced undervaluation at the start of transition, followed by a strong appreciation results in normalisation towards the benchmark for Central and East European economies (CEEC) but not for the CIS. We then make an attempt at extending the simple price-income relationship to incorporate other real factors as well as reforms related to price deregulation. Our results imply that, when accounting for demand shifts, external liberalisation, and especially for reform effort, the price-income-elasticity for CEEC economies was not different from that of non-transition economies during the nineties.Balassa-Samuelson, transition
The Harvard-Circle
No full textThis brief note reflects on the times when Joseph A. Schumpeter was engaged at Harvard University in Boston/Mass, 1932-1950. A description of Schumpeter’s interaction with friends and collaborators as well as opponents, of the intellectual struggles he was engaged in as well as the ideological dimensions of his life and approaches sheds an interesting light on a scholar whose oeuvre received full admiration only some decades after he passed away in 1950
Tribute to Paul. A. Samuelson
No full textPaul .A. Samuelson, the first American Nobel laureate in Economics and the foremost academic economist of the 20th century. As a graduate student at Harvard, Samuelson studied Economics under Joseph Schumpeter, W.W. Leontief, Goldfried Haberler and the ‘American Keynes’ Alvin Hansen. He was the first American to win to Nobel Prize in Economics; and he is considered to be one of the founders of Neo-Keynesian Economics and a seminal figure in the development of Neoclassical Economics
Can we identify Balassa-Samuelson effects with measures of product variety?
No full textThe Balassa-Samuelson hypothesis – i.e. that real exchange rates between each pair of countries increase with the tradables sector productivities ratio between these countries, and decrease with their non-tradables sector productivities ratio – has been one of the most prominent frameworks in open economy macroeconomics for more than forty years. However, empirical studies have often been unable to confirm it. We argue that this might at least in part be due to measurement errors leading to downward-biased estimates. We test the Balassa-Samuelson hypothesis with innovative trade-based vari-ety measures to differentiate between tradables and non-tradables sector productivities that do not suffer from such errors-in-variables. Using a pairwise regression approach, we find stable and very robust Balassa-Samuelson effects over all our specifications.Balassa-Samuelson, product variety, measurement errors, pairwise regressions
Samuelson (Paul A.) - Economics : An Introductory Analysis.
No full textJames Emile. Samuelson (Paul A.) - Economics : An Introductory Analysis.. In: Revue économique, volume 3, n°6, 1952. pp. 875-877
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