- Preface
- Index
Professor Paul A. Samuelson is the first American Nobel Laureate in Economics and the second Nobel Prize was awarded to him (1970) by the Royal Swedish Academy of Science. The selection of Prof. Samuelson in the second year itself for this honor, after the first Award in 1969 was shared by Professors Jan Tinbergen and Ragnar Frisch shows his unquestionable merit.
The Royal Swedish Academy of Science, while declaring the Nobel Prize Award has rightly said that Professor Paul A. Samuelson has done "more than any other economist to raise the level of scientific analysis in the field of economic theory. "He is known in the World of Economics as a Keynesian liberal. In fact, he has done probably more than any other economist in the U.S.A to recast the policy implications of the "General Theory" suited to the U.S.A. economic and political environment which is different from that which prevails in U.K. or in Sweden. One may note here his emphasis on neo-classical tools as equally helpful under U.S.A. conditions. The late President John F. Kennedy tried his best to wean Samuelson away from the Massachusetts Institute of Technology (where he is working since 1940) and into the White House. Samuelson politely declined the offer. Professor Samuelson is of the opinion that "economics has been getting more technical. Often, that means more mathematical. From the stand-point of ultimate research at the frontier, that is probably inevitable and perhaps a good thing..: He further feels that the family of economists in the world is likely to be in the danger of losing its audience as most of them are "never going to be research economists. Even those who major in Economics in college will, for the most part, go into business-law or government. Such people are often allergic to mathematics and high powered statistics." Hence, he feels that statistics and mathematics should play a role in Economics.
He has tried in his various works to put the once hazy doctrines in economics into hard mathematical forms. He also believes that economists should concern themselves with the baffling social issues of the day. To such a great economist, it was felt that it was our duty to honor him by bringing out Special Issues. The first Special Issue in four parts containing eighteen papers authored by eminent professors from all parts of the World was published in India in the year 2000. The focus in this Special Issue is mainly on the 'Theory and Practice of Macro and Micro Economics' and on icr other subjects on which Prof. Samuelson has great interest. This Special Issue s the special Issue was followed by two more Special Issues, again in four parts. The themes of of those Special Issues were: "Samuelson and the Foundations of Modern Economics" and the "Expanding Economics of the Twentieth Century". These latter two Special Issues were published by Transaction Publishers, Rutgers. The State University of New Jersey in the years 2001 and 2002. We are happy that, some selected papers from the Special Issue on "Samuelson and the Foundations of Modern Economics" has been published by Transaction Publishers in Book Form. We are happy to bring out the first Special Issue also on 'Theory and Practice of Macro and Micro Economics' in Book Form. I am extremely happy and my heart is content in that I have been able to bring out these Special Issues and this book in Honor of respected Professor Paul A. Samuelson.
I wish to acknowledge with grateful thanks the support of the Members of the Editorial Advisory Board and the authors who accepted my request and ontributed. Their co-operation in the process of refereeing is also greatly appreciated. I am happy to submit to this Special Issue to Prof. Samuelson in his Honor in all my humility.