Paul Samuelson, the first American to win the Nobel Prize in Economics, died at the age of 94 a few day ago. Samuelson was a disciple of the liberal principles of Keynesian economics, a foil to Milton Friedman's conservative, monetarist perspective. He was instrumental to both neo-Keynesian and neoclassical economic development. My lovely lady, an economist of European persuasion, informs me that his 1948 textbook, Economics, is essential reading for any serious student in the field (it is apparently the most widely read economics textbook in the world).
As President Obama and PM Gordon Brown are charged with adhering to Keynesian economics, Samuelson's influence as a Keynesian apostle continues to be profound. Keynes continues to dominate European thinking on economics, though his sympathies for communist-styled big-government and failure to recognize its inherent de-humanizing elements (of which free-market thinkers such as Friedman were keenly aware) have moderated his influence in the U.S.
Perhaps the greatest contribution of Obama's tenure will be to further disillusion Americans with the social-control, deficit-spending policies of Samuelson's idol. It would be ironic, indeed, if following a conservative Republican who advocated Friedman's economics but often acted in opposition to its principles (No Child Left Behind, Sarbane's-Oxley), a liberal Democrat forced a resurgence of support for Friedman through the extreme (and detrimental) application of Keynesian policies.