Throughout history, many thinkers have changed the way economics is understood by developing different theories, and some of the previously pioneering models remain effective even centuries later.
These economists studied markets, financial instruments, political economy, economic inequalities, and major events, working in a variety of disciplines in which they left an indelible mark. They have also significantly influenced various political, social and economic fields, and have been a source of inspiration for some of the most prominent ideological currents.
The classical school adopted by economists such as Adam Smith or David Ricardo followed other currents such as Marxism (after Karl Marx), the Keynesian School (after John Maynard Keynes), and the Chicago School, which emerged with Milton Friedman.
Societies have constantly had to decide on the mechanisms that should be adopted in order to deal with existing economic problems and find the best solutions. For their part, these economists took it upon themselves to analyze the most important economic challenges of their time in search of ways to help their societies better understand what was happening and anticipate other problems that might arise in the future.
In this report , published by the Spanish magazine “Moi Negocios e Economy”, the writer Juan Pedro Fernandez reviewed the names of the most prominent economic figures in history.
Adam Smith
Adam Smith is called the father of modern economics, and he is the author of The Wealth of Nations, in which he analyzed the process of wealth creation and accumulation. He devised the metaphor of the “invisible hand” to indicate that individuals achieve the public interest by pursuing their own interests.
Karl Marx
Marx revealed the theory of the class struggle and the revolutionary role of the proletariat in the making of communist society. Marx is known as the father of scientific socialism, and “Capital” is one of his most prominent works, a work that stimulated workers’ revolution throughout the world. https://www.youtube.com/embed/ygGO1rdA4MA?version=3&rel=1&showsearch=0&showinfo=1&iv_load_policy=1&fs=1&hl=ar&autohide=2&wmode=transparent
John Maynard Keynes
Keynes was one of the most influential economists of the 20th century, and he developed his own economic model known as the “Keynesian model” which analyzes the relationship between the rate of employment and the level of income.
Milton Friedman
Friedman is one of the founders of the Chicago School of Economics, a classic school of economics that advocates freedom. Friedman, who criticized Keynes’ ideas, was clear about the unique and essential function of firms within the capitalist system which is “to increase profits without breaking the rules, that is, according to the principles of open competition, without deception or fraud”. https://www.youtube.com/embed/AKjkl7qLAU4?version=3&rel=1&showsearch=0&showinfo=1&iv_load_policy=1&fs=1&hl=ar&autohide=2&wmode=transparent
David Ricardo
One of the greatest exponents of classical economic thought, David Ricardo made a fundamental contribution to financial history with his theories of value, distribution, differential income, and comparative advantage.
June Forbes Nash
John Forbes Nash, winner of the 1994 Nobel Prize in Economics for his “pioneering role in analyzing equilibriums in non-cooperative game theory”, was one of the smartest mathematicians in history. The concept of the Nash equilibrium has effectively contributed to the analysis of the behavior of rational agents in many situations.
John von Neumann
Von Neumann excelled in a wide range of disciplines, proposing to the field of economics the introduction of game theory and general equilibrium theory developed by John Forbes Nash. Von Neumann was known for his key role in the Manhattan Project, which worked to develop the atomic bomb for the United States during World War II.
Joseph Stiglitz
Stiglitz was awarded the 2001 Nobel Prize in Economics, and one of his greatest achievements is his contribution to asymmetric information theory.