Economics has evolved from a scholarly and sometimes even abstract discipline into an issue with every-day utilization. In this order of ideas, we, as simple individuals, consumers, employees or entrepreneurs, have come to implement the economic principles in our endeavors. Due to economic principles, we know that if the demand for a product increases, its offer will decrease concomitantly with an increase in its retail price. The most relevant example of this principle is offered by the international market of crude oil and petroleum-based products. Also, due to the principles of economics, we know how to interpret the economic stability of a country by looking at its unemployment rate, its gross domestic product, its trade balance or its deficit. And it does not take a rocket scientist to understand this. It did, however, take rocket scientists to identify, test and implement the principles.
             When thinking of notable economists, the first names that come to mind might easily be those of Adam Smith or David Ricardo. We may think of them because they are the ones presented in the economics textbooks for their worthy contributions. While they are not to be neglected, it is also true that they are not the sole remarkable individuals within the field of economics. Others have also made significant contributions, but their names have been less popular within the specialized journals, or at least the average individual is less familiar with them. Otherwise put, we give notable economists such as Ricardo and Smith credit for setting the basis of modern economics, but we also believe that it took the efforts of numerous others to reach the level of economic knowledge to which we now have access.
             American economist Paul A. Samuelson was born on the fifteenth of May 1915 in Gary, Indiana and his professional peak was reached in 1970 when he was awarded the Nobel Prize for Economic Sciences. 23 years before, he had also won the biennial Joh...