VI. Прочитайте текст, перепишите и письменно переведите абзацы № 3, 4, 5. Paul Anthony Samuelson (1915-2009 )

1. Paul Anthony Samuelson is recognized as the father of modern economics. He is the first American economist to win a Nobel Prize in 1970. Samuelson put great effort to raise the level of scientific theory in economics which resulted in the "New York Times" declaring him to be the "foremost academic economist of the 20th century."

2. Samuelson was the first proponent for incorporating mathematics with economics for the logical analysis of economic theories. More than any other economist, Paul Samuelson raised the level of mathematical analysis in the profession. Until the late 1930s, when Samuelson started his stunning and steady stream of articles, economics was typically understood in terms of verbal explanations and diagrammatic models. Samuelson wrote his first published article, “A Note on the Measurement of Utility,” as a twenty-one-year-old doctoral student at Harvard. He introduced the concept of “revealed preference” in a 1938 article. The consumer revealed by choices his or her preferences—hence the term “revealed preferences.”

3. Samuelson’s magnum opus, which did more than any other single book to spread the mathematical revolution in economics, is Foundations of Economic Analysis. Based on his Harvard Ph.D. dissertation, this book used the classical thermodynamic methods of Willard Gibbs to analyze economic theories.

4. He wrote a book titled "Economics: An Introductory Analysis" in 1948, which turned out to be the largest selling text book of Economics. This book has been translated into forty-one languages so far and is in great demand with sales of over four million copies. The book discusses Keynesian economics and principles and explains how to think about economics.

5. He also introduced the concept of the neoclassical synthesis—a synthesis of the old neoclassical microeconomics and the new (in the 1950s) Keynesian macroeconomics. According to Samuelson, government intervention via fiscal and monetary policies is required to achieve full employment. At full employment the market works well, except at providing public goods and handling problems of externalities. James Tobin called the neoclassical synthesis one of Samuelson’s greatest contributions to economics.

6. For his contributions, America honored him with the highest science award, the "National Medal of Science" for his 'fundamental contributions to economic science'. He left behind a great legacy as a researcher, teacher and as a major contributor in the field of economics. Samuelson is among the last generalists incredibly productive in a number of fields in economics. He has contributed fundamental insights in consumer theory and welfare economics, international trade, finance theory, capital theory, dynamics and general equilibrium, and macro-economics.

VII. Дайте письменные ответы на следующие вопросы к тексту:

1. What book by Samuelson was revolutionary in the analysis of economic theories?

2. What is the concept of neoclassical synthesis?

3. What are Samuelson’s greatest contributions to economics?