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Nobel-winning economist passes away

Economist Paul A. Samuelson, a Nobel laureate and winner of the National Medal of Science, has died. He was 94.

world Updated: Dec 13, 2009 23:34 IST

Economist Paul A. Samuelson, a Nobel laureate and winner of the National Medal of Science, has died. He was 94.

The Massachusetts Institute of Technology, where Samuelson taught, says he died Sunday at his home in Belmont, Massachusetts. Samuelson was one of the leading economists of the 20th century, and served as an adviser to Presidents John F. Kennedy and Lyndon B. Johnson. He won the Nobel Prize in economics in 1970. During a 1974 conference on inflation, he said America was suffering from "stagflation," which he described as a toxic mix of high unemployment and high inflation over long periods of time. He literally wrote the text book on modern economics. His "Economics: An Introductory Analysis" has been translated into 40 languages and is now in its 19th edition in English.