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These letters reveal the charm and brilliance of one of the great American intellectual liberals of the twentieth century.
Paul Samuelson was at the heart of a revolution in economics. He was "the foremost academic economist of the 20th century," according to the New York Times, and the first American to win the Nobel Prize in Economics. His work transformed the field of economics and helped give it the theoretical and mathematic rigor that increased its influence in business and policy making. In Founder of Modern Economics, Roger E. Backhouse explores the central importance of Samuelson's personality and social networks to understanding his intellectual development. This is the first of two volumes covering Samuelson's extended and productive life and career. This volume surveys Samuelson's early years growing up in the Midwest to his experiences at the University of Chicago and Harvard University, where leading scholars in economics and other disciplines stimulated and rewarded his curiosity. His thinking was influenced by the natural sciences and he understood that a critical, scientific approach increased insights into important social and economic questions. He realized that these questions could not be answered through rhetorical debate but required rigor. His "eureka" moment came, he said, when "a good fairy whispered to me that math was a skeleton key to solve age old problems in economics." Backhouse traces Samuelson's thinking from his early days to the publication of his groundbreaking book Foundations of Economic Analysis and Economics: An Introductory Analysis, which influenced generations of students. His work set the stage for economics to become a more cohesive and coherent discipline, based on mathematical techniques that provided surprising insights into many important topics, from business cycles to wage and unemployment rates, and from how competition influences trade to how tax rates affects tax collection. Founder of Modern Economics is a profound contribution to understanding how modern economics developed and the thinking of a revolutionary thinker.
Publishes in-depth articles on labor subjects, current labor statistics, information about current labor contracts, and book reviews.
The life and times of America's celebrated economist, assessing his lessons-and warnings-for us today. John Kenneth Galbraith's books—among them The Affluent Society and American Capitalism—are famous for good reason. Written by a scholar renowned for energetic political engagement and irrepressible wit, they are models of provocative good sense that warn prophetically of the dangers of deregulated markets, war in Asia, corporate greed, and stock-market bubbles. Galbraith's work has also deeply-and controversially-influenced his own profession, and in Richard Parker's hands his biography becomes a vital reinterpretation of American economics and public policy. Born and raised on a small Canadian farm, Galbraith began teaching at Harvard during the Depression. He was FDR's "price czar" during the war and then a senior editor of Fortune before returning to Harvard and to fame as a bestselling writer. Parker shows how, from his early championing of Keynes to his acerbic analysis of America's "private wealth and public squalor," Galbraith regularly challenged prevailing theories and policies. And his account of Galbraith's remarkable friendship with John F. Kennedy, whom he served as a close advisor while ambassador to India, is especially relevant for its analysis of the intense, dynamic debates that economists and politicians can have over how America should manage its wealth and power. This masterful chronicle gives color, depth, and meaning to the record of an extraordinary life.