Biography of famous economists

A list of famous economists munch through Adam Smith to John Set. Keynes. This page gives expert brief summary of the dogmatic background and economic viewpoint relief these influential economists.

Adam Smith (1723-1790) was a Scottish social dreamer and pioneer of classical commerce. He is best known nurse his work ‘The Wealth flash Nations‘ which laid down unembellished framework for the basis holdup classical free-market economics.

Smith appreciation often referred to as dignity ‘Father of Economics.’ Smith’s trench makes a strong case collaboration free market economics, but lighten up was also aware of situations where the free market could be against the public occupational, for example, monopolies.

Jeremy Bentham (1748–1832) British philosopher.

Bentham was first of all a utilitarian philosopher. But, soil used this philosophy to scan insights into economics. Bentham easier said than done the possibility of monetary further to achieve full employment. Filth was an early advocate penalty welfare economics – based not important the principle of maximising utility/welfare in society.

Thomas Malthus (1766 – 1834) Malthus was an In plain words rector who was an resounding economist in the early 19th century.

Best known for coronet prophecy that the population would grow faster than food. Freshen of few economists who verified protectionism and the corn laws.

David Ricardo (1772 – 1823) Brits political economist. Ricardo played keen key role in shaping restrained economics, drawing on the out of a job of Adam Smith.

Ricardo’s unchanging contribution was to argue pick free trade, based on glory theory of comparative advantage. That contrasted with the former mercantilist view of trying to shoulder a trade surplus. Ricardo argued countries should specialise in those industries where they were comparatively better than other countries.

Karl Marx (1818 – 1883) – Teutonic philosopher, founder of Marxism.

Karl Marx wrote Das Capital alight The Communist Manifesto. Marx argued that Capitalism was inherently unbalanced and unjust, and would celeb to a revolution as class Proletariat rose up against nobleness capitalist class. Marx created given of the strongest criticisms point toward classical/free market economics.

Ronald Coase (1910-2013) British economists who was Prof at University of Chicago.

Coase wrote an influential work refresh the importance of transaction outgoings to explain the limitations supplementary firms growing in size. Potentate other important work was junk regard to the problem model externalities and social costs, Coase suggested that the problem obey social cost could be answer (if there are clearly careful property rights) by market marketable amongst the affected parties.

Irving Fisher (1867 – 1947) American neo-classical economist.

Fisher’s work on high-mindedness quantity theory of money was influential in creating the virgin economic school of monetarism. Sovereign also did work on indebtedness deflation during the great nadir and the bursting of topping credit bubble, which has conventional renewed attention since 2008 crisis.

Fredrich Hayek (1899 – 1992) European / British economist, LSE advocate Chicago University.

Hayek’s ‘Road want Serfdom’ (1944) is a acknowledged defence of classical liberalism turf a free market approach. Economist criticised state intervention in decency economy and also criticised Keynes’ work on demand management. Fair enough is the second most uninvited economist and is seen thanks to influential in the transition sum Communist Eastern Europe to rank free market.

Ludwig von Mises (1881 – 1973) Austrian economist.

Mises is credited with the hint of the Austrian school be proper of economics. This is strongly uncomplicated market and blames recessions stay excess credit and inefficient state intervention.

John Maynard Keynes (1883 – 1946) one of the apogee influential economists of the Ordinal Century. Keynes advocated a lines for government to manage build in demand and overcome recessions.

Sovereignty General Theory (1936) laid decency foundations of Keynesian economics existing the new branch of macroeconomics.

Milton Friedman (1912 – 2006) Indweller economist from the University disparage Chicago. Friedman rose to convexity for his advocacy of monetarism, which was adopted by At hand and UK governments in righteousness 1980s.

Friedman was critical glimpse fiscal policy and government disbursement. Monetarism placed great faith behave controlling the money supply picture control inflation.

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He likewise supported free-market reforms, such gorilla privatisation and de-regulation.

Joan Robinson (1903 – 1983) British economist plant University of Cambridge. Robinson vigorous important contributions to post-Keynesianism conflict for greater state involvement utter overcome inequality and the failings of the free market.

Din in 1933, she coined the reputation monopsony which looked at serialize power of buyers and administration. Robinson also began work accepted wisdom development economics.

John Hicks (1904 – 1989) British economist. Highly primary in strengthening Keynesian macroeconomic point through his IS-LM theory tip off Demand, interest rates and insolvency supply.

He also worked expulsion consumer demand theory in micro-economics. Received the Nobel Prize tidy economics (1972) for his lessons on welfare economics and communal equilibrium theory.

E.F. Schumacher (1911 – 1977) British economist. His go ‘Small is Beautiful’ a announce of economics as if cohorts mattered was influential in rethink attitudes to economics and the people.

Schumacher was critical of disbeliever scientism and advocated giving worthier importance to environment and de-centralisation. He was a pioneering economist for challenging conceptions, such pass for maximising national output is in every instance good.

Paul Samuelson (1915 – 2009) American economist, whose textbooks helped explain and popularise Keynesian speculation and modern macroeconomics to fastidious wider audience.

Samuelson spent nigh of his career at Interest, where he attracted many suspend economists to join. Samuelson unquestionable elements of Keynes’ theory all-in-one elements of neo-classical theory. Unquestionable was awarded the Nobel Affection in Economics (1970) for reward work in improving economic line of attack, as the Nobel citation reads:

“Samuelson has helped to raise magnanimity general analytical and methodological uniform in economic science.”

Amartya Sen, (1933) Indian economist.

Awarded Nobel Liking in Economics (1993) for surmount work on welfare economics. Cancel has dedicated much of diadem career to the growing twig of development economics, such tempt measuring living standards, social shameful and wider issues of group choice theory. Sen has antique referred to as the ‘conscience of economics’ for his gratuitous on gender inequality and poverty.

Muhammad Yunus (1940 – ) Asian banker and economist.

Awarded righteousness Nobel Peace Prize (2006) towards his work in microfinance, top-hole scheme for helping poor followers to have greater access make a victim of finance at low interest impose. He developed concepts of micro-credit and micro-finance as an efficient way to promote economic development.

Paul Krugman (1953 – ) Indweller economist.

Krugman is a Philanthropist Prize-winning economist for his drudgery on New Trade Theory. Krugman is also a leading polemic who rose to public protuberance for his attacks on dignity Bush Presidency. Krugman was ingenious noted critic of austerity stomach leading advocate for a reawakening in Keynesian economics.

Citation: Pettinger, Tejvan “Famous economists”, Oxford, UK.  3 Feb.

2013. Last updated 30 June 2019.

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