Keyword Analysis & Research: samuelson economics definition of socialism

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Frequently Asked Questions

What is Samuelson's definition of Economics in simple terms?

Samuelson's definition is known as a modern definition of economics. According to Samuelson, 'Economics is a social science concerned chiefly with the way society chooses to employ its resources, which have alternative uses, to produce goods and services for present and future consumption'. The above definition is general in nature.

What is the meaning of the word socialism?

The word socialism means ‘all things to all men’. According to Samuelson, “Socialism refers to the government ownership of the means of production, planning by the government and income distribution”. The main features of socialist economy are as follows:

How is the government involved in the economy of socialism?

There is a Central Planning Authority, who plans for the economy. Unlike capitalistic economy, there is no cut throat competition. It means lack of competition as state is the sole entrepreneur. In socialism, government plays significant role in decision making.

Why was Paul Samuelson awarded the Nobel Prize?

In awarding him the Nobel Memorial Prize in Economic Sciences the committee stated: More than any other contemporary economist, Samuelson has helped to raise the general analytical and methodological level in economic science. He has simply rewritten considerable parts of economic theory.

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