Economics is one of the most influential subjects in academic career as it provides students with the knowledge about the supply of money and economic conditions of countries in terms of production and consumption of goods and services. These two factors are the bases of all economic policies of the government and also affect our lives, living standard, expenditure, savings & investment. The concepts and theories of economics are not established overnight but it is a work of dedication and determination of hundreds of people who have worked day in and day out to give us some prominent findings. Their work proved to be useful not only during their tenure but also for generations.
Today, our economics assignment help team is paying tribute to the brilliant economists of all time who contributed towards our modern economy and society. Take a quick read:
Keynes was a British economist who changed the idea that free markets automatically bring the level of full employment. He revolutionized the economic sector through his views on the theory of macroeconomics and economic policies. He refined the earlier work on economic business cycles and suggested that state intervention is important during the boom period. Although this theory was adopted by various modern economies in the thirties, it was later outdated in the seventies. He was the founder of modern economics and regarded as the brilliant economist of the 20th century. Recently we witnessed the return of Keynesian policy at the time of global crisis, especially in the UK, when Gordon Brown increased the fiscal stimulus to combat the recession.
He was a Scottish philosopher who developed the concept of political economy. Just check a £20 note, and you will find his picture on the back, yes that is Adam Smith. He got admission in the University of Glasgow, when he was 14 years of age. His works, ‘The Theory of Moral Sentiments’ (1759), and the magnum opus ‘An Inquiry into the Nature and Causes of the Wealth of Nations’ (1776) are still quite popular among economic scholars. In the later one, he wrote his arguments for market competition, free trade, and morality of private companies. He is deemed as the ‘Father of Modern Economics’ as his book was the first modern work in the field of economics.
Often considered as an advocate of communism, Karl Marx was a classical economist, journalist, philosopher, and revolutionary socialist. He studied Hegelian philosophy and political economy and spent most of his adulthood in London where he worked in collaboration with Friedrich Engels. He predicted that capitalism would result in fluctuations and economic crisis, and was proved right. Then, he published his well-known work ‘The Communist Manifesto’ which made a huge impact on the 20th-century communist movement. If communism hadn’t been dismissed by capitalism, his contribution would have been acknowledged more today.
Friedman was an American economist and received the Nobel Memorial Prize in Economic Sciences in 1976 for his research work on monetary history and theory, consumption analysis, and the complexity of stabilization policy. He studied at some of the prestigious universities, such as the University of Chicago, Rutgers University, and Columbia University. Milton Friedman was the intellectual leader, along with George Stigler, of the second generation of Chicago price theory, which is a methodological movement. He mentored and recruited several scholars and young professors at Chicago, some of them are Robert Lucas, Jr., Gary Becker, Thomas Sowell and Robert Fogel.
Born on November 3, 1933, Amartya Kumar Sen is a Bengali Indian who is an economist and a philosopher. He has been working and teaching in the United Kingdom and the United States since 1972. His contributions are in the various sectors of economics which include indexes of the measure of well-being of citizens of developing countries, welfare economics, economic and social justice, social choice theory, and economic theories of famines. He is also the Nobel Memorial Prize winner for his work in Economic Sciences and also received Bharat Ratna in 1999 for his work in welfare economics.
For writing the book ‘Principles of Economics,’ Alfred Marshall’s name becomes inevitable to not include in the list of ‘Greatest Economists of All Time.’ Many of the economic students can recognize him easily, but those who didn’t might know him for his work on supply and demand. Although he was not the first one to introduce this phenomenon, he is credited with creating the graphical representation and making further developments with the model.
Daniel Kahneman is an Israeli-American psychologist who was born in March 1934. He is known for his work on the psychology of judgment and decision-making, and notably behavioral economics. He was awarded the 2002 Nobel Memorial Prize in Economic Sciences for the same which he shared with Vernon L. Smith. His theory challenged the human rationality assumptions which were prevailing in the modern economic theory.
Friedrich Hayek was born in Austria-Hungary and named Friedrich August von Hayek. He was often referred to as F. A. Hayek. Popular as an economist and a philosopher, Hayek is most famously known for his work in favor of classical liberalism. He received the 1974 Nobel Memorial Prize in the field of economic sciences and shared it with Gunnar Myrdal.
You might not realize the importance of economics and its theories in our everyday life, but once you look around yourself, you will notice that they are applicable everywhere and in every situation. Be it in a market, politics, office, and even when you buy a pen or bread. All thanks to these amazing economists who gave us some prominent concepts to analyze country’s economy on the basis of various factors.
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