News Report From The Massachusetts Institute Of Technology

Reporter: We have some breaking news to report from the Massachusetts Institute of Technology. We have just been informed that long time economist and Professor Paul Samuelson has passed away at the age of 94 after battling an undisclosed illness. Samuelson has impacted the school of MIT greatly as he is a contributor to their highly prestigious economic department. His independent influence in economics has also been wide spread and will continue to be long-standing in the field of economics. We will now tune into a live coverage of Samuelson’s most recognized understudy, Corey Jenkins, as we will hear his reaction to the unfortunate death followed by a quick, informative QA with the media. Corey: Thank you all for coming out today and†¦show more content†¦Even though Samuelson was considered a modern economist, he did not follow the current trend of specializing in a specific facet of economics, yet was considered a generalist and impacted many areas of economics such as consumer behavior, inflation, finance, international trade, business cycles and countless other areas. His most recognized work is found in his book on the Foundations of Economic Analysis which he published in 1947. The work attempts to identify and formulate the unifying and underlying general economic theories which enables the connection among varying aspects of individual theories. Basically, he attempted to find general equilibrium conditions and formulas that were derived from similar principles of differing economic theories. He was the first American to win the Nobel Prize in 1970 for his work in increasing the analytical level of economics. Some of his conceptual theories and mathematical models that enhanced dynamic economic analysis were revealed preference, the Heckscher-Ohlin-Samuelson model, and the multiplier accelerator model. Many of his contributions also apply directly to welfare economics which was an upcoming economic field during the span of his work. He was considered one of the first mathematical economists and critiqued previous thinkers for not attempting to analyze the laws they claimed existed, yet just establishing the concept and believing it works based on continuous trial and