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Famous economists and their contributions

Famous economists and their contributions.

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Famous economists and their contributions

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  1. Famous economists and their contributions

  2. Studying, developing, andapplyingtheoriesandconcepts of economicsisnoeasythingto do, and excellence in thisiswhat it takestobecome a good economist. Ifnameslike  Adam Smith, Milton Friedman, David Hume, Ludwig von Mises, and Thomas Malthus feature in anygivenlistof famouseconomists, it'sbecause of theirimmensecontribution. Thoughthey came fromdifferentparts of theworld, theyhad a key role in shapingtheworldeconomy. Their work didn't just help the economy of their respective countries, but was also beneficial for the world economy. If it was not for these economists, several key concepts of the subject would have been a lot more difficult for us to understand or explain.

  3. Joan Robinson (1903 - 1983) British economist, Joan Robinson was one of the most famous women economists that the world has ever seen. She started off as a supporter of neoclassical economics, but eventually shifted​to post-Keynesian economics. Robinson was best known for her knowledge about monetary economics and contributions to economic theory. Her major contributions to post-Keynesian economics came in the form of the Cambridge growth theory and Amoroso-Robinson relation.​

  4.  Milton Friedman (1912 - 2006) Yet another renowned figure in this field, Milton Friedman was an American economist and statistician. An ardent advocate of laissez-faire capitalism, Friedman was awarded the Nobel Memorial Prize in Economics in 1976. He was best known for his demonstration of the complexity of stabilization policy, which was introduced to stabilize the economy. Some of his prominent contributions to this field include the concept of monetarism, price theory, permanent income hypothesis, floating exchange rates, applied macroeconomics, and the Friedman test.

  5.  Amartya Sen (1933 - Present) Amartya Sen, hailing from India, is best known for his human development theory, which is a combination of ecological economics, sustainable development, welfare economics, and feminist economics. Dr. Sen's contributions to welfare economics earned him the Nobel Prize in Economic Sciences in 1998. He was listed as one of the 100 most influential persons in the world by Time Magazine in 2010.

  6. Paul Krugman (1953 - present) Paul Krugman is an American economist best known for his work on international economics. It is not at all surprising that he features in this list; after all his noteworthy contributions include the international trade theory, new trade theory, new economic geography, etc. His work on the new trade theory and new economic geography earned him a Nobel Memorial Prize in Economics in 2008. A columnist for The New York Times, Krugman has several books and scholarly articles to his credit.

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