The Godfather of Economics, Paul A. Samuelson has died. He was 94.
Not only did he write the economics textbook that I have worn to shreds and is the standard undergraduate text, he also didn't claim fiction on trade:
The Stolper-Samuelson Theorem
Mr. Samuelson provided a mathematical structure to study the impact of trade on different groups of consumers and workers. In a famous theorem, known as Stolper-Samuelson, he and a co-author showed that competition from imports of clothes and similar goods from underdeveloped countries, where producers rely on unskilled workers, could drive down the wages of low-paid workers in industrialized countries.
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