Ten Famous Economists

Economists have actually been around for hundreds of years, creating new financial systems and coming up with new and exciting philosophies that have helped shape the economies for their countries. This article takes a look at ten famous economists and their contributions. Although the idea of the economist might seem like a new one, economists have actually been around for hundreds of years, creating new financial systems and coming up with new and exciting philosophies that have helped shape the economies for their countries, as well as others. The following is a list of ten famous economists and what they added to the profession.
1. Fan Li– Fan Li is recognized in most circles as the earliest economist. He worked during the Chinese Spring and Autumn Period and used the concept of buying low and selling high in the feudal agrarian society of Ancient China. He also wrote a book on business management.

2. Richard Cantillon– Richard Cantillon lived in the 18th century and wrote Essai Sur la Nature du Commerce en Général, making him one of the first economic writers.

3. David Hume– David Hume, a Scottish historian and philosopher, was also an early founder of economic concepts and is considered to be one of the “classical economists”

4. John Stuart Mill– A British political economist and philosopher, John Stuart Mill was a recognized contributor to political economy, social theory, and political theory. In fact, his ideas regarding liberty actually vindicated the freedom of the person in opposition to unlimited state control, making him ahead of his time. He was also a member of Parliament and a significant individual when it came to liberal political philosophy.

5. Carl Menger– Carl Menger was the founder of the Austrian School of Economics and was selected to lead a commission to change the Austrian monetary system. He wrote numerous articles that helped transform monetary theory, including “The Theory of Capital” (1888) and “Money” (1892).

6. John Maynard Keynes– Keynes, a British economist, was the creator of Keynesian economics. He was also the founder of modern theoretical macroeconomics. His ideas have deeply affected the theory and practice of the economic policies of governments. He also helped developed previous work on the basis of business cycles, and supported the use of fiscal measures to alleviate the unpleasant effects of economic recessions. In the 1950s and 1960s, Keynesian economics resulted in nearly all capitalist governments to promote the foundation of social liberalism.

7. James Tobin  – An American economist and Nobel Prize Laureate, James Tobin served on the Council of Economic Advisors and the Board of Governors of the Federal Reserve System. A teacher at both Harvard and Yale, he helped expand the ideas of Keynesian economics and championed government intervention to steady output and circumvent recessions. His research lead the way for the studies of monetary and fiscal policies and financial markets. He is also known for his “Tobin tax”, an idea that taxed foreign exchange transactions.

8. Paul Krugman is a 2008 Nobel Memorial Prize in Economic Sciences winner and a supporter of modern liberal policies. His Nobel Memorial Prize in Economics was given to him for his explanation the patterns of international trade and the geographic concentration of wealth. He has written 20 books and more than 200 articles.

9. Fengbo Zhang – Dr. Fengbo Zhang is a leading Chinese economist who introduced Western Economics to China.

10. Ludwig von Mises – Sometimes listed as one of the greatest economists of the 20th Century, von Mises was a social philosopher who created a conclusive science of economics founded on the idea that individual human beings act on purpose in order to achieve goals.

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