1915 – 2009
Paul Samuelson (1915–2009) was an American economist and the first American to win the Nobel Memorial Prize in Economic Sciences (1970). He formalized the modern theory of public goods, defining them as non-excludable and non-rival in consumption, and made foundational contributions to mathematical economics, welfare theory, and Keynesian synthesis.
Formalized the definition of public goods in 'The Pure Theory of Public Expenditure' (1954)
Developed the neoclassical synthesis integrating Keynesian macroeconomics with classical microeconomics
Authored 'Foundations of Economic Analysis' (1947), mathematizing economic theory
First American recipient of the Nobel Memorial Prize in Economic Sciences (1970)
Introduced the concept of revealed preference as a foundation for consumer theory