Outstanding economists

I would like to tell you about outstanding economists who were very popular and famous for their great works and theories.

According to the history of economics modern economic thought is usually considered to have begun with Adam Smith. This outstanding person was born in Scotland. Adam Smith, the father of modern economics considered that a nation’s wealth depended on its ability to produce goods. Also his thought that a division of labour would effect a great increase in production was interesting. The «Wealth of Nations» written by Smith is popular and important for the development of economics nowadays.

I would like to continue with an English political economist David Ricardo, who was born in 1772 and whose ideas had influence on later development of economics. He was famous for his labour theory. And he was responsible for developing theories of rent, wages and profit.

To widen the list of outstanding economists, I would like to mention Thomas Robert Malthus, who was born in 1766 in Britain. His treatises were devoted to political economy, demography, rent and surplus. And his main idea is that the surplus value can present a problem.

One more outstanding economist who made a great contribution to economics as a science was Karl Marx. This scientist was born in 1818 in Germany. Karl Marx’s ideas played a great role in the development of modern communism and socialism. Marx believed socialism would replace capitalism, and lead to a stateless, classes society called pure communism. He was famous for his treatise – Capital.

In addition I would like to mention one of the most influential English economists of 19^th century Alfred Marshall. He desired to improve the mathematical importance of economics and transform it into a more scientific profession. His main ideas were devoted to the supply and demand, the law of demand, utility of goods, price elasticity of demand, and the national welfare. His thoughts were reflected in his main works such as “Principles of Economics”, “Industry and trade”.

To my mind, it is also important to speak about the famous Russian economist Pyotr Stolypin. He was born in 1862. He was popular for his land reforms. Also he wanted to stimulate emigration from the overcrowded western areas to virgin lands in Kazakhstan and southern Siberia.

Also I want to tell you about the famous economist John Keynes, who was the founder of Cambridge school. This great scientist was born in 1883 in GB in Cambridge. His main idea was that only the active interference of the state can provide the maximal employment and economic growth. He founded macroeconomics as a separate branch of economics. And also he founded the conception of effective demand. This great economist was famous for his main work “General theory of Employment, Interest and Money”

One more well-known Russian economist Nikolai Kondratiev was born in 1892. Being a minister of supply he affected the revolution. He dedicated his attention to economic research. He worked on a 5 year plan for the development of soviet agriculture. He was the author of the theory of business cycles.

I want to widen the list of great economists by speaking about Lionel Robbins. This British economist was born in 1898 and was famous for his book “An Essay on the Nature” which contains 3 main ideas:

-definition of economics

-bright line drawn between positive and normative issues

- Economics is a system of logical deduction from first principles.

Also it is necessary to mention the great Canadian – American economist John Kenneth Galbraith who was born in 1908. His famous ideas were focused around the influence of the market power of large corporation. Galbraith’s main argument is that private business must “create” consumer demand through advertising. His main works were «American Capitalism», «The New Industrial state».

One more influential economist of the 20th century, Milton Friedman was born in America in 1912. He was prominent by his achievements in the field of consumption analysis, monetary history and theory. Also he was well-known for his demonstration of the complexity of stabilization policy. Friedman was given the Nobel Prize in Economics for his treatise.

Another popular American economist Paul Anthony Samuelson was born in 1915, he was the first American who won the Nobel Prize in economics in 1970, for his level of scientific analysis in economic theory. His was one of the founders of Neo – Keynesian economics. His main work was “Foundations of Economic Analysis”.

In conclusion I want to tell you about American economist Joseph Stiglitz who was born in 1943. He was a famous politician and has contributed to microeconomics. In 2001 he won the Nobel Prize in economics for the theory of market with asymmetric information. He wrote a very popular book «Three Trillion Dollar War: the True Cost of the Iraq Conflict».

All these outstanding people contributed to economics and became the great example for us.

Дата добавления: 2015-10-29