Editing Paul Samuelson (section)

==Fields of interest==
As professor of economics at the Massachusetts Institute of Technology, Samuelson worked in many fields, including:<ref>Fischer, Stanley. "Samuelson, Paul Anthony (1915–2009)". ''The New Palgrave Dictionary of Economics''. Third Edition. Eds. Steven N. Durlauf and Lawrence E. Blume. Palgrave Macmillan, 2018.</ref>
* [[Consumer theory]], where he pioneered the [[revealed preference]] approach, which is a method by which one can discern a consumer's [[utility function]], by observing their behavior. Rather than postulate a [[utility function]] or a preference ordering, Samuelson imposed conditions directly on the choices made by individuals – their preferences as revealed by their choices.<ref>{{cite journal |last1=Samuelson |first1=Paul A. |title=Consumption Theory in Terms of Revealed Preference |journal=Economica |date=1948 |volume=15 |issue=60 |pages=243–253 |doi=10.2307/2549561 |jstor=2549561 |url=https://www.jstor.org/stable/2549561 |issn=0013-0427|url-access=subscription }}</ref>
* [[Welfare economics]] and [[public finance]] theory, in which he popularised the [[Lindahl–Bowen–Samuelson conditions]] (criteria for deciding whether an action will improve welfare) and demonstrated in 1950 the insufficiency of a national-income index to reveal which of two social options was uniformly outside the other's (feasible) [[social welfare function#Bergson–Samuelson social welfare function|possibility function]], and he is particularly known for his work on determining the [[Allocative efficiency|optimal allocation]] of resources in the presence of both [[Public good (economics)|public good]]s and [[private good]]s.<ref>{{cite journal |last1=Samuelson |first1=Paul A. |title=Evaluation of Real National Income |journal=Oxford Economic Papers |date=1950 |volume=2 |issue=1 |pages=1–29 |doi=10.1093/oxfordjournals.oep.a041383 |url=https://academic.oup.com/oep/article-abstract/2/1/1/2360396 |issn=0030-7653|url-access=subscription }}</ref><ref>{{cite journal |last1=Samuelson |first1=Paul A. |title=The Pure Theory of Public Expenditure |journal=The Review of Economics and Statistics |date=1954 |volume=36 |issue=4 |pages=387–389 |doi=10.2307/1925895 |jstor=1925895 |url=https://www.jstor.org/stable/1925895 |issn=0034-6535|url-access=subscription }}</ref>
* [[Capital (economics)|Capital theory]], where he is known for 1958 consumption loans model and a variety of [[Turnpike theory|turnpike theorems]] and involved in [[Cambridge capital controversy]].<ref>{{cite journal |last1=Samuelson |first1=Paul A. |title=Parable and Realism in Capital Theory: The Surrogate Production Function |journal=The Review of Economic Studies |date=June 1962 |volume=29 |issue=3 |pages=193–206 |doi=10.2307/2295954 |jstor=2295954 |url=https://doi.org/10.2307/2295954 |issn=0034-6527|url-access=subscription }}</ref><ref>{{cite journal |last1=Samuelson |first1=P. A. |title=The periodic turnpike theorem |journal=Nonlinear Analysis: Theory, Methods & Applications |date=1 January 1976 |volume=1 |issue=1 |pages=3–13 |doi=10.1016/0362-546X(76)90004-3 |url=https://doi.org/10.1016/0362-546X(76)90004-3 |issn=0362-546X|url-access=subscription }}</ref>
* [[Finance]] theory, in which he is known for the [[random walk hypothesis]] and [[efficient-market hypothesis]].<ref>{{cite journal |last1=Samuelson |first1=Paul A. |title=Proof That Properly Anticipated Prices Fluctuate Randomly |journal=Industrial Management Review |date=Spring 1965 |volume=6 |issue=2 |pages=41–49 |language=en}}</ref><ref>{{cite journal |last1=Samuelson |first1=P. A. |title=The Fundamental Approximation Theorem of Portfolio Analysis in terms of Means, Variances and Higher Moments |journal=The Review of Economic Studies |date=1 October 1970 |volume=37 |issue=4 |pages=537–542 |doi=10.2307/2296483 |jstor=2296483 |url=https://doi.org/10.2307/2296483 |language=en |issn=0034-6527|url-access=subscription }}</ref><ref>{{cite journal |last1=Samuelson |first1=Paul A. |title=Challenge to Judgment |journal=The Journal of Portfolio Management |date=31 October 1974 |volume=1 |issue=1 |pages=17–19 |doi=10.3905/jpm.1974.408496}}</ref>
* [[International economics]], where he influenced the development of two important international trade models: the [[Balassa–Samuelson effect]], and the [[Heckscher–Ohlin model]] (with the [[Stolper–Samuelson theorem]]).<ref>{{cite journal |last1=Stolper |first1=W. F. |last2=Samuelson |first2=P. A. |title=Protection and Real Wages |journal=The Review of Economic Studies |date=1 November 1941 |volume=9 |issue=1 |pages=58–73 |doi=10.2307/2967638 |jstor=2967638 |url=https://doi.org/10.2307/2967638 |issn=0034-6527|url-access=subscription }}</ref><ref>{{cite journal |last=Samuelson |first=P. A. |year=1964 |title=Theoretical Notes on Trade Problems |journal=Review of Economics and Statistics |volume=46 |issue=2 |pages=145–154 |doi=10.2307/1928178 |jstor=1928178}}</ref>
* [[Macroeconomics]], where he popularized the [[overlapping generations model]] as a way to analyze economic agents' behavior across multiple periods of time,<ref>{{cite journal |last1=Samuelson |first1=Paul A. |title=An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money |journal=Journal of Political Economy |date=December 1958 |volume=66 |issue=6 |pages=467–482 |doi=10.1086/258100 |url=https://www.journals.uchicago.edu/doi/abs/10.1086/258100 |language=en |issn=0022-3808|url-access=subscription }}</ref> developed [[multiplier-accelerator model]],<ref>{{cite journal |last1=Samuelson |first1=Paul A. |title=Interactions between the Multiplier Analysis and the Principle of Acceleration |journal=The Review of Economics and Statistics |date=May 1939 |volume=21 |issue=2 |pages=75–78 |doi=10.2307/1927758|jstor=1927758 }}</ref> analyzed [[Phillips curve]],<ref>{{cite journal |last1=Samuelson |first1=Paul A. |last2=Solow |first2=Robert M. |title=Analytical Aspects of Anti-Inflation Policy |journal=The American Economic Review |date=1960 |volume=50 |issue=2 |pages=177–194 |jstor=1815021 |url=https://www.jstor.org/stable/1815021 |issn=0002-8282}}</ref> and contributed to formation of the [[neoclassical synthesis]].<ref>Tobin, James. "Macroeconomics and fiscal policy". ''Paul Samuelson and Modern Economic Theory''. Eds. E. Cary Brown and Robert M. Solow. McGraw-Hill, 1983.</ref>