Paul Samuelson was born in 1915 in the State of Indiana. He studied at Harvard University and thereafter at the Massachusetts Institute of Technology, where he became a research lecturer from 1940. In 1948/49, he headed a presidential task force on American public welfare and also served as economic advisor to presidents Kennedy and Johnson.

In 1970, Paul Samuelson was awarded the Nobel prize for economic sciences “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”.

As a theoretician, Samuelson was involved in all branches of economics. The first of his many publications was the book “Foundations of Economic Analysis” in which he presented economics in the form of mathematical models. He was also a prominent and talented educator and his book “Economics” has been translated into 80 languages and has reached millions of readers all over the world.

Paul Samuelson favors a reasonable amount of government intervention in the economic marketplace, but feels it should not lead to disruptions or overly extensive limitations. He believes that the government can best influence the economic climate through its budget and monetary policies.