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Economics: The Original 1948 Edition, by Paul Samuelson
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A rare reproduction of Nobel Prize Winner Paul Samuelson's original 1948 Classic economics textbook. For 50 years, Samuelson's Economics has been the standard-bearer for the field. Now in it's 16th edition, Samuelson is probably the most successful economics book ever published. The book has sold several million copies throughout the world, and has also been translated into more than 40 languages. The reproduction is far more than just a historical curiosity and an interesting object; it contains the original words of arguably the most influential and most widely read textbook economics author of the 20th century. This 1948 edition represents the orignal spark that ignited the Samuelson revolution--a movement which has endured for half a century, and influenced millions of young minds in hundreds of the world's best learning institution.
- Sales Rank: #544718 in Books
- Published on: 1997-12-01
- Original language: English
- Number of items: 1
- Dimensions: 9.30" h x 1.80" w x 6.20" l, 2.48 pounds
- Binding: Hardcover
- 656 pages
From the Back Cover
``. . .it has been a pleasant surprise to discover how much of the original verve and relevance is still there. That is the only kind of immortality that an author could have or want.''--Paul A. Samuelson From the FOREWORD. On a short list of textbooks that could truly be called immortal, Economics by Porfessor Paul A. Samuelson is among the most celebrated. Since 1948, Professor Samuelson's landmark work has been translated into more than 40 languages, analyzed and debated by millions of economics students, and honored by the great John Kenneth Galbraith. Its fundamental impact on the opinions and approaches of today's most influential economists is extraordinary. Now, McGraw-Hill is proud to make available this meticulously detailed reproduction of the watershed economics textbook. In Economics: The Original 1948 Edition (in which every word, idea, phrase, even the typestyle remain unchanged from the original), professor Samuelson's work remains as viable and thought-provoking as it was a half-century ago. The timeless wisdom applicability of his words still ring true in today's turbulent economic world. This unique and carefully crafted reprodctuion edition represents the original spark that ignited the Samuelson revolution--a movement that has endured for half a century. Doubly valuable for both its rich history and its still-fresh ideas, and with a new foreword by the author for this edition only, Professor Samuelson's Economics: The Original 1948 Edition will be an honored addition to every business and economics library.
About the Author
Professor Paul A. Samuelson, founder of the renowned MIT graduate department of economics, was trained at the University of Chicago and Harvard. His many scientific writings brought him world fame at a young age, and in 1970 he was the first American to receive a Nobel Prize in economics. One of those rare scientists who can communicate with the lay public, Professor Samuelson wrote an economics column for Newsweek for many years. He testifies often before Congress, serves as academic consultant to the Federal Reserve, the U.S. Treasury, and various private, nonprofit organizations, and was economic advisor to American presidents including John F. Kennedy
Most helpful customer reviews
19 of 23 people found the following review helpful.
Still the best introduction to the principles of economics
By Michael Emmett Brady
Samuelson's Economics is simply the best book available for any individual attempting to obtain an understanding of basic economics.Chapter 2 of the first edition lays out the foundation for an understanding of the different schools of macroeconomics by examining the micro foundation of macroeconomics-the production possibilities frontier(PPF) model.In this path breaking book,Samuelson called the PPF by its other name,the transformation curve.Chapter 11 then ties the student's knowledge of the PPF directly to the problem of insufficient(or too much)investment spending over time.Samuelson ,like Keynes,identifies the intertemporal problem of optimal investment expenditure as THE fundamental problem of all capitalist economies.The extreme volatility and unpredictability of aggregate investment expenditure over the business cycle IS the cause of involuntary unemployment.Samuelson then carefully explains the paradox of thrift in relation to where on the PPF the macroeconomy is operating.If the economy is operating on the boundary of the PPF then the microeconomic optimality conditions of the marginalist calculus,based on the rationality principle of classical and neoclassical economic theory,will reflect resource scarcity.A negative relationship will exist between consumption goods expenditure and investment goods expenditure.Such a smooth tradeoff over time can only mean that investment is NOT volatile and/or unpredictable over time.Private sector investment is as stable and predictable as private consumption spending over time in classical and neoclassical theory .CLASSICAL and NEOCLASSICAL economics is the study of economies operating,with minor inventory flucuations over time,primarily on the boundary of the PPF.This is a special theory that is contained in the Keynesian(neokeynesian)general theory that includes the usual case of the private sector operating IN THE INTERIOR of the PPF.In the interior of the PPF,the optimality conditions of neoclassical economics break down and fail to hold.IN THE INTERIOR the relationship between consumption goods and investment goods is positive,not negative.More savings does not lead to more investment but to less investment as businessmen cut back on the use of their capital stock in the face of decreasing current sales(and decreasing future expected sales)and rising inventories of unsold stocks of goods.This leads to further declines in the capacity utilization rate of the capital stock.The economy moves deeper into the interior of the PPF.More and more individuals are involuntarily laid off.The fall in incomes then negatively impacts consumption goods spending .A cumulative negative downward spiral,deeper and deeper into the interior of the PPF,LEADS TO MORE AND MORE UNEMPLOYMENT.This view of the business cycle is the opposite of the neoclassical view that the problem is naturally self correcting as business inventories adjust over time.It emphasizes the unadjustability of a fixed capital stock. Samuelson's solution,like Keynes's,is for the public sector to provide an offset to decreasing levels of private investment spending by increased public infrastructure spending.The multiplier process will then lead to increasing incomes ,creating expectations of future profits for businessmen.Private investment will increase,moving the economy back to a position on the boundary of the PPF.Neoclassical economics would then be operational.In summary,no other principles book(or intermediate or graduate level textbook)has ever said it better than Samuelson.Master this book and you will know economics.
26 of 32 people found the following review helpful.
The original edition is much better than the one I studied.
By Zvi Bodie
I was amazed to discover how good the original edition of Samuelson's classic economics text is. Virtually everything in it is just as relevant today as it was in 1948. Of special interest to me was chapter 10, Personal Finance and Social Security, for the light it sheds on the current debate about retirement income security. I think Samuelson ECONOMICS 1 ed. would be my textbook of choice for a course in introductory economics.
2 of 2 people found the following review helpful.
The only enjoyable economics text I have ever found
By patoadam
This colorfully written book is the only enjoyable economics textbook I have ever come across. Some things in the book may be out of date, so I am reading this in parallel with the current edition of this text (edition 19e, co-authored by William D. Nordhaus), which is up-to-date but not as incisively written. For example, both editions carefully describe the many advantages and occasional disadvantages of a market economy. A sentence on this topic from the first edition reads: "John D. Rockefeller's dog may receive the milk that a poor child needs to avoid rickets." The current edition reads: "A rich man's cat may drink the milk that a poor boy needs to remain healthy."
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