Paul A. Samuelson (May 15, 1915 — December 13, 2009) has often been described as the foremost academic economist of the 20th century. Randall E. Parker, the economic historian, has called him the “Father of Modern Economics”. All this may be hotly disputed in Chicago, but in any case, Samuelson was the first American to receive the Nobel prize in economic sciences. The Swedish Royal Academy’s citation stated that he...

For about a week after the Dubai crisis broke, international financial markets chose to ignore it. Stock-markets climbed, commodity prices rose and the dollar continued to be beaten down. It is not too difficult to explain this initial indifference. For one, the magnitude of the Dubai crisis appeared piffling, at first glance, compared to the “subprime” crisis or the meltdown following “Lehman’s bust”. When global banks had run up losses...

Paul A. Samuelson, the first American Nobel laureate in economics and the foremost academic economist of the 20th century, died Sunday at his home in Belmont, Mass. He was 94. His death was announced by the Massachusetts Institute of Technology, which Samuelson helped build into one of the world’s great centres of graduate education in economics. In receiving the Nobel Prize in 1970, Samuelson was credited with transforming his discipline...

If Paul Samuelson, who died this weekend at the ripe age of 94, has been described in many obituaries as the greatest economist of the 20th century and the “founder of modern economics”, even though most professional economists would credit John Maynard Keynes with that title, it is because most students of economics around the world came to the discipline through his textbook. First published in 1948, Samuelson’s Economics: An...

A professor in formal attire, driving his own Beetle to the sprawling Massachusetts Institute of Technology (MIT) campus and turning up in class to “open up visions of his students” — that’s how Bengal finance minister Asim Dasgupta remembers his teacher, Paul A. Samuelson. Samuelson, who helped form the basis of modern economics, died yesterday at his home in Belmont, Massachusetts, after a brief illness. He was 94. “He was a...