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What did the Swedish Royal Academies state about Samuelson when awarding him the Nobel Prize?
That he significantly raised the level of scientific analysis in economic theory
That he made economics accessible to the masses
That he revolutionized the field of macroeconomics
That he pioneered the use of mathematics in economic theory
Answer
The Swedish Royal Academies stated that Samuelson significantly raised the level of scientific analysis in economic theory. This is because he developed and used advanced mathematical techniques to analyze economic problems. He also introduced new concepts into economics, such as Theory of general equilibrium and Theory of imperfect competition.
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More Questions
Who referred to Paul Samuelson as the "Father of Modern Economics"?
Which honor did Samuelson receive in 1996 from President Bill Clinton?
What was Samuelson's approach towards mathematics in economics?
What famous economics textbook did Samuelson author?
Approximately how many copies of "Economics: An Introductory Analysis" were sold?
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