Prof. Samuelson Will Study Here
Paul A. Samuelson, author of the former Economics 1 textbook, will spend next year at Harvard as a visiting professor in the Department of Economics while on sabbatical from M.I.T.
His stay will be financed by an unrestricted grant from the Carnegie Foundation, which allows him to "do any scholarly thinking I would like to do," Samuelson said. He added that he will not teach any courses.
He plans either to "write elaborate articles in advanced economics that I have always wanted to do or work on a monograph during my stay there. In any case," he said "I will not be writing a textbook."
His textbook, The Foundations of Modern Economics, grew out of his doctoral thesis which won the David Wells Prize for the best work of original research by a Harvard student of economics.
In addition, Samuelson wrote three articles while a graduate student which revolutionized the then-current theories of economics. In 1938, while a Junior Fellow, Samuelson published "Revealed Preference," a paper which analyzes consumption solely in terms of market data and not in terms of utility, as in the past. He also developed a "Synthesis of the Multiplier and the Accelerator" and the Stopler-Samuelson Theorem of international trade.
Recently, most of his work has been on articles for learned journals, Samuelson said. He has also served as chairman of the President's Economic Task Force under President Johnson and President Kennedy. In this capacity he is responsible for the outlining of current economic problems and suggesting policy instruments to remedy them.
Samuelson described his role here as "more of a visiting scholar than a visiting professor" since he will not have to teach any courses.
Richard T. Gill '48, head of Economics 1, said last night, "I should certainly think Samuelson would make an excellent Economics 1 lecturer. I would be delighted to have him lecture, but it depends upon people's schedules." Nothing is definite, however, since "we haven't set up next fall's lecture schedule yet," Gill said.