Contribution: Father of Economics
Adam Smith was a Scottish economist and philosopher who is best known for his book "The Wealth of Nations". He is considered the father of modern economics and is known for his theories on free-market capitalism.
Contribution: Keynesian Economics
John Maynard Keynes was a British economist whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments. He is best known for his theory of Keynesian economics, which advocated for government intervention in the economy to promote economic stability and growth.
Contribution: Monetarism
Milton Friedman was an American economist and Nobel Prize laureate known for his work on monetary economics and the theory of monetarism. He advocated for a free-market approach to economics and was a prominent figure in the Chicago school of economics.
Contribution: Utilitarianism and Classical Economics
John Stuart Mill was a British philosopher, political economist, and civil servant. He was a strong advocate of utilitarianism and contributed significantly to the development of classical economics.
Contribution: Marxian Economics
Karl Marx was a German philosopher, economist, and political theorist. He is best known for his critical analysis of capitalism and his theory of historical materialism, which laid the foundation for Marxism.
Contribution: Austrian School of Economics
Friedrich Hayek was an Austrian-British economist and philosopher known for his defense of classical liberalism and free-market capitalism. He was a key figure in the Austrian School of Economics.
Contribution: Theory of Economic Development
Joseph Schumpeter was an Austrian-American economist and political scientist. He is best known for his theory of economic innovation and creative destruction, which emphasized the role of entrepreneurs in driving economic growth.
Contribution: Development Economics and Welfare Economics
Amartya Sen is an Indian economist and philosopher known for his work in development economics and welfare economics. He won the Nobel Memorial Prize in Economic Sciences in 1998 for his contributions to welfare economics.
Contribution: Institutional Economics and Commons Governance
Elinor Ostrom was an American political economist whose work focused on the governance of common-pool resources. She was the first woman to win the Nobel Prize in Economic Sciences in 2009.
Contribution: Neoclassical Economics and Mathematical Economics
Paul Samuelson was an American economist and the first American to win the Nobel Memorial Prize in Economic Sciences. He is best known for his contributions to the development of neoclassical economics and for his influential textbook "Economics: An Introductory Analysis".