Paul Samuelson once famously said: "I don’t care who writes a nation’s laws, if I can write its economics textbooks." By any measure, he did a great job. The first edition of Economics was published in 1948, and it became the best-selling textbook for decades, with million copies sold and translations into more than 40 languages. In 2009, the nineteenth edition was published.
Do markets need government controls?
"I believe in my kind of economics", Samuelson said, adding how the theories that had preceded his work, written by his own teachers, had been imperfect. "During the Great Depression, they said that government should do nothing about it because they would only make things worse." Samuelson had a different belief, and since he felt he was not only a researcher but an educator too, he wanted to introduce students to a different approach - and to the ideas of British economist John Maynard Keynes, who advocated that markets needed active government participation and controls.