Washington, D.C. (AHN) – U.S. economist Paul Anthony Samuelson a Nobel Prize laureate died on Sunday, he was 94. According to the Massachusetts Institute of Technology (MIT) the school where Samuelson taught, the “Father of Modern Economics” died at his home.
Samuelson, was the first American to win the Nobel Prize in economics in 1970 and was deemed one of the preeminent economists of the 20th century. The Swedish Royal Academies stated, when awarding the prize, that he “has done more than any other contemporary economist to raise the level of scientific analysis in economic theory.” His expertise was sought out by numerous government officials including Presidents John Fitzgerald “Jack” Kennedy and Lyndon Baines Johnson. He also served as consultant to the National Treasury.
His legacy includes transforming the theoretical foundations of his field and the way economics was taught around the world. Furthermore MIT officials say he is also credited with shaping the investment practices of MIT and the lives of his colleagues and students.
According to published reports his world renowned text book “Economics: An Introductory Analysis” has been translated into 40 languages and is now in its 19th edition in English. It is also the largest-selling economic textbooks of all time.
In 1996 he was awarded the country’s top science honor the National Medal of Science.
He is survived by his wife Risha Samuelson, six children from his first marriage and a stepdaughter, as well as 15 grandchildren.
Filed under: Education Industrial Complex, Information Tagged: | Department of the Treasury, economics, Economics: An Introductory Analysis, John F. Kennedy, John Fitzgerald Kennedy, Lyndon B. Johnson, Lyndon Baines Johnson, Massachusetts Institute of Technology, National Medal of Science, National Treasury, Nobel Prize, Paul Anthony Samuelson, Risha Samuelson, Swedish Royal Academies