Economics has an incredible impact on our daily lives. Whatever we think of involves money directly or indirectly. Economics has undergone various changes in the past years. Many economists who are renowned for their expertise & contributed to the field of economics are listed below:
Being the most influential economist, he was the son of a successful economist. He completed his higher studies in economics from Cambridge University. Keynes argued that a gold standard restricts the hands of policymakers. He influenced the government's decision in depression.
Adam Smith is the person whose photo you could see on the back of a £20 note. He did his education from the University of Glasgow at the age of fourteen. Today, he is known as the ‘Father of Modern Economics’. He wrote a book on free trade, market competition & morality of private companies named 'The Wealth of Nations'. It still forms the base for many economic policies throughout the world.
Marx is a classical economist who predicted that capitalism would lead to fluctuations and economic crisis, which later was proved right. He published The Communist Manifesto which had a great impact on the communist movement of the 20th century. His contribution to economics is widely accepted.
He keenly supported the idea of free markets. Being educated at Rutgers University, the University of Chicago and Columbia University, he was awarded the Nobel Prize for Economics in 1976 for his research on consumption analysis, monetary history and theory, and stabilisation policy.
Technically a mathematician, he was awarded the Nobel Prize in Economics in 1994 for his credible work on game theory which influences the scenario of the marketplace. He justifies the fine line between genius & insanity.
Fisher is an American neoclassical economist.
He worked on the quantity theory of money which plays a significant role in the formation of the modern economic school of monetarism. He also worked on debt deflation during the great depression and the bursting of a credit bubble, which has received widespread attention since the 2008 crisis.
Amartya Sen, the well known Indian economist was honoured with Nobel Prize in Economics in 1993. He worked on welfare economics. Sen has devoted much of his career to the emerging branch of development economics, such as measuring living standards, social justice and wider issues of social choice theory. Sen is deemed as the ‘conscience of economics’ for his work on gender inequality and poverty.
Yunus is among one of the renowned Bangladeshi bankers and economists. He initiated a scheme christened Microfinance to help poor people to have greater access to finance at reasonable & low-interest rates. For this he was awarded the Nobel Peace Prize in 2006. Concepts like microcredit and microfinance were developed by him which are used as an effective tool to promote economic development.
Thus, there are numerous economists worldwide whose contribution can't be ignored. They immensely assisted in the functioning of our economy smoothly & in the formation of important policy decisions.