The Foundations Of Paul Samuelson S Revealed Preference Theory

Originally published over two decades ago, this classic text within the philosophy of economics is a tour de force against revealed preference. It critically examines the research programme carried out by the Nobel Prize winner Paul Samuelson on the revealed preference approach to the theory of consumer behaviour. It also challenges two essential premises: * that the programme has been completed * that the various contributions of Samuelson are mutually consistent. This text contains a new preface by Wong, in which he provides a detailed insight into the origins of his pioneering text, and a new introduction from Philip Mirowski, analyzing the impact The Foundation of Paul Samuelson’s Revealed Preference Theory has had on the discipline of economics as well as explaining why it remains core reading for economists today. The defining statement of economic method, this book will be of interest to economists everywhere.

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Containing a new preface by Wong, and a new introduction from Philip Mirowski, this classic text within the philosophy of economics, originally published over two decades ago, is a tour de force against revealed preference.

The theory of revealed preference has a long, distinguished tradition in economics but lacked a systematic presentation of the theory until now. This book deals with basic questions in economic theory and studies situations in which empirical observations are consistent or inconsistent with some of the best known economic theories.

Paul A. Samuelson was the first American Nobel Laureate in economics, and the second overall. He was credited for "the scientific work through which he has developed static and dynamic economic theory and actively contributed to raising the level of analysis in economic science." That recognition is now thirty years old and Samuelson remains at work in the cutting edge of the discipline. He is also widely known for a basic textbook that became a landmark learning tool throughout the second half of the twentieth century. This excellent collegial appreciation focuses heavily on Samuelson's Foundations of Economic Analysis. In that work, and a series of brief essays, he has contributed to an integration of statics and dynamics by way of the correspondence principle. He has also combined the multiplier and accelerator mechanisms in a model of economic fluctuations; he has reformed the foundations of consumption theory by his concept of revealed preferences; he has developed or improved several major theorems within international trade; and created theories of maximum efficiency and maximum growth rate. Finally, he has clarified the role of collective goods in resource allocation. In considering the work and life of Samuelson, editor Puttaswamaiah, has assembled a worthy group of brilliant commentators. Among the analytic papers in this volume are "An essay on the Accuracy of Economic Prediction" by L.R. Klein, "Analytical Aspects of Anti-Inflation Policy" by Robert M. Solow, a paper by Vittorangelo Orati on Samuelson's linkage to Schumpeter and Keynes, "Money and Price Theory by Carlo Benetti and Jean Cartelier, and a concluding essay on "The Role of Samuelson's Economics" by Michael Emmett Brady. Most unusual in works of this kind are some strong critical statements, including a pungent examination of vanity as well as creativity in Samuelson's work. What emerges is a clear picture of a special scholar. Scholars and students will welcome it alike-a result that well fits the purpose and character of Samuelson. The festschrift has its origins in several issues of the International Journal of Applied Economics and Econometrics. Professor K. Puttaswamaiah has more than three decades of editing journals in economics. He is a member of the journal; Savings and Development issued at the University of Milan. He is author of Economic Development of Karnataka, Cost-Benefit Analysis, and Nobel Economists: Lives and Contributions.

A significant part of economics as we know it today is the outcome of battles that took place in the post-war years between Keynesians and monetarists. In the US, the focus of these battles was often between the neo-Keynesians at the Massachusetts Institute of Technology (MIT) and the Chicago monetarists. The undisputed leader of the MIT Keynesians was Paul A. Samuelson, one of the most influential economists of the 20th century and arguably of all time. Samuelson’s output covered a vast number of subjects within economics, the quality of theseoften pioneering contributions unmatched in the modern era. The volume focuses both on how Samuelson’s work has been developed by others and on how that work fits into subsequent developments in the various fields of speciality within which Samuelson operated.

This volume illuminates and critically assesses Paul A. Samuelson's voluminous and groundbreaking contributions to the field of economics. The volume includes contributions from eminent scholars, including 6 Nobel Laureates, covering the extraordinary depth and breadth of Samuelson's contributions. Samuelson, the first American economist to win the Nobel prize in 1970, was the foremost voice in economics in the latter half of the 20th century. He single-handedly transformed the discipline by creating a new way of presenting economics, making it possible for it to be cast all in mathematical terms. Samuelson developed broad frameworks, such as the neoclassical synthesis, a mixed economy, and the surrogate production function, which provided practitioners with a vision for research. Samuelson's contributions to economics are rich, complex, consequential, and relevant to the ordinary economics of life. The quality of Samuelson's output and methods leave no doubt that his contributions continue to be timely and relevant even in the 21st century. Ideal as a reference or an introduction to Samuelson's work, this is a must-have for students and academics alike.