The 10 most famous economists in history
Sure you have heard many of their names during your economics classes, but the fact is that while there are many famous economists , there are some who have shone in their field, such as:
- John Maynard Keynes.
- Milton Friedman.
- Adam Smith.
Studying Keynes and Friedman is almost mandatory in any economics curriculum, in large part because their opposing views form a crucial background for the economic policy that came to shape much of the 20th century.
Keynesianism argued for market regulation and government spending to control the boom – bust cycle of the economy and introduced concepts such as aggregate demand. In fact, much of Keynes’s work formed the basis of today’s macroeconomics.
Friedman, on the other hand, was a fundamental free market believer and therefore opposed to Keynes. Although Friedman’s voice was perhaps not as strong in the 20th century, his ideas won a wide range of followers who believe in free market capitalism.
The important thing to keep in mind is that in your economics course you will have to study many economists, from Hayek to Marx, who have very different points of view from each other, whether it relates to the conflict around:
- If capitalism or socialism is a better economic model.
- If there should be more regulation in the markets, or if a laissez-faire approach is better .
Regardless of your personal position on these issues, it is a great idea to read widely and understand what are the key theories of leading economic thinkers, many of whom have been awarded the Nobel Prize in Economics.
That way, you will develop your analytical skills when analyzing economics problems and it will also give you a greater appreciation of how one school of economics may differ from another.
Likewise, if you need help to expand your knowledge of figures like Keynes, you can also hire a Superprof private teacher to help you.