Famous Economists

Economics can be described as the life of a nation-state and economists as the backbone. No nation or state can hope to flourish without the expert guidance of economists, for apart from the obvious well being of the economy, various other aspects of governance fall under the purview of economy. Economists are said to be ‘worldly philosophers’ as it is their involvement and work in material affairs that manages to run the world. Throughout history, economists have been directly or indirectly linked to the rise and fall of nations. It can be seen that major economic crisis has been due to the neglect of economic advice by the governments, rather than the credibility and capability of the economists. The world has seen notable instances of economists whose ideas have shaped the world in every situation. Such economists were leaders in their field and have guided and inspired others to follow their lead. Given in the article below is information on a few of the world’s most famous economists. Read further to know more.

Adam Smith was a pioneer of political economics and is thus, recognized as the ‘Father of Modern Economics and Capitalism’. His magnum opus, ‘Wealth of Nations’ is regarded as the first modern work of economics, where he set forth his theory of free market economy. Smith argued that the betterment of a society and economic prosperity can only result from rational self interest and healthy competition. He also wrote ‘The Theory of Moral Sentiments and Essays on Philosophical Subjects’. His legacy is still celebrated by all who support the laissez-faire economy.

Say was a French economist, who is best known for propounding the Say’s Law. Contrary to popular notion, the Say’s Law was not created by him, though he popularized and discussed the laws. His main contribution to economics is in working towards unrestrained competition and free trade. His best known work is ‘A Treatise on Political Economy’. His work had a huge influence in the field of political economy.

The foundation of modern macro economics was laid by John Keynes. His work has influenced the economic policies of various governments from the end of the Great Depression to the mid 1970s, and his ideas are now clubbed under a school of thought called Keynesian economics. The ‘General Theory of Employment, Interest and Money’ is considered to be his magnum opus. This work challenged the neo-classical economics of the earlier generation. After the 70s, his influence started waning, but the financial crisis in 2007 revived an interest in him.

His fame rests in popularizing economics for the layman. From 1950s through the 2000s, he published several books on economics that became bestsellers. His most famous works are the economic trilogy ‘American Capitalism’ (1952), ‘The Affluent Society’ (1958), and ‘The New Industrial State’ (1967). He published a large body of work during his life time and so he is also regarded as a ‘public intellectual’. John Galbraith belonged to the Keynesian school of economics. He was active in politics and served as the American ambassador to India, during the tenure of Kennedy, and also taught at the Harvard University.