On December 13, 2009, the First American Nobel Winner in Economic Science Paul A. Samuelson passed away at age 94 with the legacy of his famous textbook. Prof. Samuelson and Professor Milton Friedman held different views. Prof. Friedman is known to be the advocate of Monetarism as the disciple of Irving Fisher's Quantity Theory of Money or Equation of Exchange. Both Professor Galbraith and Professor Samuelson were advisors to President Kennedy for tax cuts to stimulate spending. Prof. Galbraith published "Almost Everyone's Guide to Economics" and a book review may be searched onlineat the Atlantic Economic Journal,Sept. 1979 issue. Prof. Galbraith passed away at the age of 97.
The first Nobel Laureate was awarded to Jon Tinbergen who developed "Convergence Theory" with his vision in 1969. The combo of private and public sectors is very much in evidence nowadays to validate and implement his "Theory of Convergence" The humble work entitled "Work and Study Cycle Theory" may be validated and implemented in USA and in China in the 21st century as empirical evidence of the real world with relevance. Cf. www.ask.com for reference.
Professor Samuelson mentioned Happiness as the Material Consumption over Desire in his textbook but I would like to add intellectual pursuit,spiritual satisfaction + Good Health to the Numerator in such Equation with the Desire to be the Denominator. I lectured and published such philosophy of life in Shanghai, 1981-1982. Economics has definite bearing with human behavior but the lifestyles of Americans and Chinese are NOT the same with varied tradition and culture. The newly published "Super Freakonomics" 2009 edition by an economist at the University of Chicago may be excellent reference for the true nature of Economics in all shapes and forms to be discovered in human actions everywhere on earth.
Economist Larry Summer is the nephew of Prof. Samuelson as the adviser to President Obama. I heard him at C-Span today with the emphasis of both the public and private sectors as the model from Economist John M. Keynes. i.e. The Keynesian Cross with expansionary and recessionary gaps at best. All economists are searching for the optimum in academic endeavors. Cf. Sino-American Economics with blogs relative to the goal of economics to strive for happiness.
Well,economists left this mundane world short of being centenarians. My uncle died in Shanghai at his age of 99 as a retired auditor with AIG re my family background of my grandfather who started insurance business with the British centuries ago in Shanghai. Needless to state that I am delighted to learn "World Expo 2010 in Shanghai," the city of my birth for world-wide exhibition of products appropos of economics in action.
Francis Shieh aka Xie Shihao with timely reflections as a lifelong student of economics since my intellectual pursuit of economics studies at St. John's University from early 1940s to date.
Monday, December 14, 2009 at 10 a.m.