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Samuelson and Neoclassical Economics

This is not a festschrift, but a study of the prodigious Samuelson phe- nomenon, his history-making contributions to and impact on the econom- ics of our age, and the intricate, often perplexing, and divergent trends in modern economics - all intensely controversial subjects that will be argued, scrutinized, and periodically reassessed by economists of various strands and traditions for years to come, for, as Samuelson wrote of Pigou, "immortality does have its price. " A scholar with such an out- standing body of contributions "must expect other men to swarm about it" (1966, p. 1233), subject it to scholarly scrutiny, and challenge it. Although Paul Samuelson was 65 on May 15, 1980 (and our best wishes go out to him for long life and continued enrichment of economics), this is neither a birthday party nor a gathering of only the Good Fairies, for, as he himself has said of Marx, "a great scholar deserves the compliment of being judged seriously" and critically (1972, p. 268). In accordance with the rule of Roman law, audiatur et altera pars, I have invited representative scholars of widely divergent perceptions to offer their critical evaluation of the "age of Samuelson. " While the response was by and large gratifying, some scholars were unable to meet the deadline, ix x PREFACE and with much compunction I have had to expand my own essays to partly fill the gaps.
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Table of Contents

1 Samuelson and Contemporary Economics: An Introduction.- I Foundations of Economic Analysis and Evolution in Consumption, Production, and Dynamic Analysis.- 2 Samuelson and Consumption Theory.- 3 Revealed Preference after Samuelson.- 4 Samuelson and the Theory of Production.- 5 Misunderstandings in the Theory of Production.- 6 The Dynamic Interdependence between Information, Valuation, and Production in a Society.- 7 Deviations between Earnings and Marginal Productivity: Two Studies Compared.- 8 From Samuelson's Stability Analysis to Non-Walrasian Economics.- 9 Samuelsonian Theory and the Process of Change.- II Trade Theory and Welfare Economics.- 10 Samuelson and Trade Theory: From the Methodological Perspective.- 11 Samuelson and Welfare Economics.- 12 On the Evaluation of Social Income in a Dynamic Economy: Variations on a Samuelsonian Theme.- III The Neoclassical Synthesis and Trends in Contemporary Economics.- 13 Economic Eclecticism: The Neoclassical Component.- 14 Samuelson and the Age after Keynes.- 15 The Neoclassical Tradition of Keynesian Economics and the Generalized Model.- 16 Samuelson and Trends in Monetary Policy.- 17 Oligopoly Theory in a Rivalrous Consonance Framework: The Case for Lessened Generality.- 18 Understanding the Marxian Notion of Exploitation: The "Number One Issue".- 19 Political Economy and Institutional versus Conventional Economics.- 20 On Making the Tradeoff between Equality and Efficiency Operational.- IV Vignettes of the Man and the Scholar.- 21 Paul A. Samuelson: The Harvard Days.- 22 Paul A. Samuelson: A Personal Tribute and a Few Reflections.- 23 The Contributions of Paul A. Samuelson to Economic Analysis: A Revealed Preference Approach.- 24 On the Superlative in Samuelson.- List of Contributors.

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