Sunday, February 19, 2017

History of economic thought: outline

This post is intended to be a broad outline about the history of economic thought. I tried to find one quote about many different economists that describes their most important contribution to economics. There are 257 economists listed below ordered chronologically by date of birth of the economist.

Ancient History

Fan Li (6th cen BC)
"Li was unusual among tycoons for his view of money. He believed that one who understood money would be wiling to abandon it if it became a burden. It is only a means to an end and should not be taken too seriously." (Wikipedia)

Xenophon (430-360 BC)
"Xenophon's Oeconomicus is a dialogue principally about household management and agriculture." (Wikipedia)

Plato (424-348 BC)
“Plato's dialogue The Republic describing an ideal city-state run by philosopher-kings contained references to specialization of labor and to production. Plato was the first to advocate the credit theory of money, that is, money as a unit of account for debt. Plato also provided a blueprint of a society based on common ownership of resources.” (Wikipedia)

Aristotle (384-322 BC)
“Aristotle did certainly advocate holding many things in common, yet he argued that not everything could be, simply because of the ‘wickedness of human nature’.” (Wikipedia)

Chanakya (4th cen BC)
"Chanakya's Arthashastra discusses monetary and fiscal policies, welfare, international relations, and war strategies in detail." (Wikipedia)

Year 0

Thomas Aquinas (1225-1274)
"Aquinas dealt with the concept of a just price, which he considered necessary for there production of the social order. Similar in many ways to the modern concept of long run equilibrium, a just price was just sufficient to cover the costs of production, including the maintenance of a worker and his family." (Wikipedia)

John Duns (1265-1308)
“Duns thought it possible to be more precise than Aquinas in calculating a just price, emphasizing the costs of labor and expenses, although he recognized that the latter might be inflated by exaggeration because buyer and seller usually have different ideas of a just price. If people did not benefit from a transaction, in Duns' view, they would not trade.” (Wikipedia)

Jean Buridan (1300-1358)
“Buridan looked at money from two angles: its metal value and its purchasing power, which he acknowledged can vary. He argued that aggregated, not individual, demand and supply determine market prices.” (Wikipedia)

Nicolas Oresme (1320-1382)
“Oresme wrote one of the earliest manuscripts devoted to an economic matter and brings an interesting insight on the medieval conception of money.” (Wikipedia)

Ibn Khaldun (1332-1406)
“Khaldun expressed a theory of the lifecycle of civilizations, the specialization of labor, and the value of money as a means of exchange rather than as a store of inherent value.” (Wikipedia)

Antoninus of Florence (1389-1459)
“Antoninus argued in them that the state had a duty to intervene in mercantile affairs for the common good, and the obligation to help the poor and needy.” (Wikipedia)

Nicolas Copernicus (1473-1553)
“Copernicus formulated an early iteration of the theory of money, now called Gresham's law, that ‘bad’ (debased) coinage drives ‘good’ (un-debased) coinage out of circulation—several decades before Thomas Gresham.” (Wikipedia)

Thomas More (1478-1535)
“More published Utopia, which describes an ideal society where land is owned in common and there is universal education and religious tolerance, inspiring the English Poor Laws and the communism-socialism movement.” (Wikipedia)

Francisco de Vitoria (1483-1546)
"Vitoria is the founder of the tradition in philosophy known as the School of Salamanca, noted especially for his contributions to the theory of just war and international law." (Wikipedia)


Jean Bodin (1530-1546)
"Bodin offered one of the earliest scholarly analyses of the phenomenon of inflation, unknown prior to the 16th century. Bodin pointed to the relationship between the amount of goods and the amount of money in circulation.” (Wikipedia)

Barthelemy de Laffemas (15445-1912)
"Laffemas advocated mercantilism and encouraged the development of trade and manufacturing which emphasized agriculture. He had a great influence in the areas of labor, economic and social organization and had a leading role in the history of silk in Europe. He is also known as the first person to write about underconsumption." (Wikipedia)

Leonard Lessius (1554-1623)
Lessius' experience gave weight to his ethical solutions to moral cases dealing with business and finance. He has been praised by modern historians of economics for the subtlety of its understanding of business matters involving interest. For example, Lessius clearly states the dependence of the price of an insurance contract on the risk the event insured against." (Wikipedia)

Thomas Mun (1571-1641)
"Mun created a proposed set of 'means to enrich a kingdom' which centered on ensuring that exports exceeded imports. In other words, Mun advocated for achieving a positive balance of trade which would cause England's wealth to steadily increase." (Wikipedia)

Gerard Malynes (1586-1641)
"Malynes showed how an outflow of precious metals could lead to a fall in prices at home and a rise in prices abroad. He suggested that higher import tariffs should be levied and exports of bullion prohibited, because he believed that a country's growth was related to the accumulation of precious metals." (Wikipedia)

Thomas Hobbes (1588-1679)
"In Leviathan, Hobbes set out his doctrine of the foundation of states and legitimate governments and creating an objective science of morality. This gave rise to social contract theory. Leviathan was written during the English Civil War; much of the book is occupied with demonstrating the necessity of a strong central authority to avoid the evil of discord and civil war." (Wikipedia)


Edward Misseldon (1608-1654)
"Misseldon argued that international movements of money and fluctuations in the exchange rate depended upon the international trade flows and not the manipulations of the bankers, which was the popular view at the time. He suggested that trading returns should be established for purposes of statistical analysis, so that the state could regulate trade with a view to obtaining export surpluses." (Wikipedia)

Jean-Baptiste Cobert (1619-1683)
"Colbert worked to develop the domestic economy by raising tariffs and by encouraging major public works projects. Colbert also worked to ensure that the French East India Company had access to foreign markets, so that they could always obtain coffee, cotton, dyewoods, fur, pepper and sugar." (Wikipedia)

William Petty (1623-1687)
"Petty is best know for economic history and statistic writings. Of particular interest were Petty's forays into statistical analysis. Petty's work in political arithmetic, along with the work of John Graunt, laid the foundation for modern census techniques." (Wikipedia)

John Locke (1632-1704)
"Locke developed a labor theory of property, namely that ownership of property is created by the application of labor. In addition, he believed that property precedes government and government cannot 'dispose of the estates of the subjects arbitrarily'." (Wikipedia)

Philipp von Hornigk (1640-1712)
"Hornigk wrote in a time when his country was constantly threatened by Turkish invasion. In Austria Over All, If She Only Will he laid out one of the clearest statements of mercantile policy. He listed nine principles of national economy." (Wikipedia)

Dudley North (1641-1691)
"North showed that wealth may exist independently of gold or silver, its source being human industry, applied either to the cultivation of the soil or to manufactures. It is a mistake to suppose that stagnation of trade arises from want of money; it must arise either from a glut of the home market, or from a  disturbance of foreign commerce, or form diminished consumption, caused by poverty." (Wikipedia)\

Pierre le Pesant (1646-1714)
"Pesant drew a picture of the general ruin of all classes of Frenchmen, caused by the bad economic regime. In opposition to Colbert's mercantilist views he held that the wealth of a country consists, not in the abundance of money which it possesses but in what it produces and exchanges." (Wikipedia)

Charles Davenant (1656-1714)
"Davenant had contained strong objections to long-term borrowing as a way to fund government expenditures and advocated paying back thte debt incurredduring the war as soon as possible. The basis for Davenant's argument was that 'high taxation for debt service was a burden on trade, industry and land'." (Wikipedia)

Richard Cantillon (1680-1734)
"Cantillon's 1730 Essai is considered the first complete treatise on economics, with numerous contributions to the science. These contributions include: his cause and effect methodology, monetary theories, his conception of the entrepreneur as a risk-bearer, and the development of spatial economics." (Wikipedia)

Francois Quesnay (1694-1774)
"Quesnay is known for publishing the Tableau économique in 1758, which provided the foundations of the ideas of the Physiocrats. This was perhaps the first work attempting to describe the workings of the economy in an analytical way, and as such can be viewed as one of the first important contributions to economic thought." (Wikipedia)

Francis Hutcheson (1694-1746)
"Hutcheson, during his time as a lecturer in Glasgow College taught and influenced Adam Smith, the economist and philosopher. The order of topics discussed in the economic portion of Hutcheson's System of Moral Philosophy in 1755 is repeated by Smith in his Glasgow Lectures and again in the Wealth of Nations." (Wikipedia)


Thomas Bayes (1701-1761)
"Bayes' solution to a problem of inverse probability was presented to the Royal Society in 1763... Bayes himself might not have embraced the broad interpretation now called Bayesian, which was in fact pioneered and popularized by Pierre-Simon Laplace; it is difficult to assess Bayes' philosophical views on probability, since his essay does not go into questions of interpretation." (Wikipedia)

David Hume (1711-1776)
"Hume, in contrast to Locke, believed that private property is not a natural right. Human argues it is justified because resources are limited. Private property would be an unjustified 'idle ceremonial' if all goods were unlimited and available freely. Hume also believed in an unequal distribution of property, because perfect equality would destroy the ideas of thrift and industry. Perfect equality would thus lead to impoverishment." (Wikipedia)

Jacques Claude Marie Vincent de Gournay (1712-1759)
"Gournay is said by some historians of economics to have coined the phrase laissez faire, laissez passer. Together with Francois Quesnay, he was a leader of the Physiocratic School." (Wikipedia)

James Steuart (1713-1780)

"Steuart published An Inquiry into the Principles of Political Economy in 1767... it was the most complete and systematic survey of the science from the point of view of moderate mercantilism which had appeared in England and indeed the first full-fledged economics treatise to appear anywhere." (Wikipedia)

Victor de Riqueti, marquis de Mirabeau (1715-1789)
"Mirabeau coined the term 'mercantilism in 1763, which was later popularized by Adam Smith in 1776, who vigorously opposed it." (Wikipedia)

Adam Smith (1723-1790)
"Smith laid the foundations of classical free market economic theory. The Wealth of Nations was a precursor to the modern academic discipline of economics. He developed the concept of division of labour, and expounded upon how rational self-interest and competition can lead to economic prosperity." (Wikipedia)

Anne-Robert-Jacques Turgot (1727-1781)
"Turgot thought to be the first economist to have recognized the law of diminishing marginal returns in agriculture" (Wikipedia)

Edmund Burke (1729-1797)
"Burke criticized policies such as maximum prices and state regulation of wages, and set out what the limits of government should be... The economist Adam Smith remarked that Burke was 'the only man I ever knew who thinks on economic subjects exactly as I do, without any previous communications having passed between us'." (Wikipedia)

William Hershel (1738-1822)
"Herschel noted a connection between 11-year sunspot cycles and wheat prices." (Wikipedia)

Jeremy Bentham (1748-1832)
"Bentham stated that pleasures and pains can be ranked according to their value or 'dimension' such as intensity, duration, certainty of a pleasure or a pain. He was concerned with maxima and minima of pleasures and pains; and they set a precedent for the future employment of the maximization principle in the economics of the consumer, the firm and the search for an optimum in welfare economics." (Wikipedia)

William Pitt the Younger (1759-1806)
"Younger, Tory Prime Minister from 1783–1801 based his tax proposals on Smith's ideas, and advocated free trade as a devout disciple of The Wealth of Nations." (Wikipedia)

Thomas Robert Malthus (1766-1834)
"Malthus observed that an increase in a nation's food production improved the well-being of the populace, but the improvement was temporary because it led to population growth, which in turn restored the original per capita production level." (Wikipedia)

Jean-Baptiste Say (1767-1832)
"Say had classically liberal views and argued in favor of competition, free trade, and lifting restraints on business. He is best known for Say's Law... often summarized as 'Aggregate supply creates its own aggregate demand'." (Wikipedia)

David Ricardo (1772-1823)
"Ricardo challenged the idea that the purpose of trade was merely to accumulate gold or silver. With 'comparative advantage' Ricardo argued in favor of industry specialization and free trade. He suggested that industry specialization combined with free international trade always produces positive results. This theory expanded on the concept of absolute advantage. Ricardo also advance the labor theory of value."


John Stuart Mill (1806-1873)
"Mill's early economic philosophy was one of free markets. However, he accepted interventions in the economy, such as a tax on alcohol, if there were sufficient utilitarian grounds. Mill's Principles, first published in 1848, was one of the most widely read of all the books of the period." (Wikipedia

Wilhelm Roscher (1817-1894)
“Roscher tried to establish the laws of economic development by using the historical method from the investigation of histories legal, political, cultural and other aspects. Roscher developed a cyclical theory where nations and their economies pass through youth, manhood and senile decay.’” (Wikipedia)

Karl Marx (1818-1883)
“Marx's theories about society, economics and politics - collectively understood as Marxism - hold that human societies develop through class struggle; in capitalism, this manifests itself in the conflict between the ruling classes (known as the bourgeoisie) that control the means of production and working classes (known as the proletariat) that enable these means by selling their labour for wages.” (Wikipedia)

Clement Juglar (1819-1905)
“Juglar was one of the first to develop an economic theory of business cycles. He identified the fixed investment cycle of seven to eleven years that is now associated with his name. Within the Juglar cycle one can observe oscillations of investments into fixed capital and not just changes in the level of employment of the fixed capital (and respective changes in inventories), as is observed with respect to Kitchin cycles.” (Wikipedia)

Friedrich Engels (1820-1895)
“Engels co-authored The Communist Manifesto with Marx, though he also authored and co-authored (primarily with Marx) many other works, and later he supported Marx financially to do research and write Das Kapital.” (Wikipedia)

Leon Walras (1834-1910)
“Walras constructed his basic theory of general equilibrium by beginning with simple equations and then increasing the complexity in the next equations. He began with a two-person bartering system, then moved on to the derivation of downward-sloping consumer demands. Next he moved on to exchanges involving multiple parties, and finally ended with credit and money.” (Wikipedia)

William Stanley Jevons (1835-1882)
“Jevons’ theory of utility referred to, namely, that the degree of utility of a commodity is some continuous mathematical function of the quantity of the commodity available, together with the implied doctrine that economics is essentially a mathematical science, took more definite form in a paper on ‘A General Mathematical Theory of Political Economy’ (Wikipedia)

Alexander del Mar (1836-1926)
“Del Mar was a rigorous historian who made important contributions to the history of money. During the mid-1890s, he was distinctly hostile to a central monetary role for gold as a commodity money, championing the cause of silver and its re-monetization as a prerogative of the state.” (Wikipedia)

Carl Menger (1840-1921)
“Menger was the founder of the Austrian School of economics. Menger used his ‘Subjective Theory of Value’ to arrive at what he considered one of the most powerful insights in economics: both sides gain from exchange. Unlike William Jevons, Menger did not believe that goods provide ‘utils,’ or units of utility. Rather, he wrote, goods are valuable because they serve various uses whose importance differs.” (Wikipedia)

Alfred Marshall (1842-1924)
“Marshall was one of the most influential and to be the Father of economists of his time. His book, Principles of Economics in 1890, was the dominant economic textbook in England for many years. It brings the ideas of supply and demand, marginal utility, and costs of production into a coherent whole. He is known as one of the founders of neoclassical economics. Although Marshall took economics to a more mathematically rigorous level, he did not want mathematics to overshadow economics and thus make economics irrelevant to the layman.” (Wikipedia)

Francis Ysidro Edgeworth (1845-1926)
“Edgeworth was a highly influential figure in the development of neoclassical economics. He was the first to apply certain formal mathematical techniques to individual decision making in economics. He developed utility theory, introducing the indifference curve and the famous Edgeworth box, which is now familiar to undergraduate students of microeconomics.” (Wikipedia)

John Bates Clark (1847-1938)
"Clark was one of the pioneers of the marginalist revolution and opponent to the Institutionalist school of economics... In 1886 he formulated an original version of marginal utility theory, principle already published by Jevons in 1871, Menger in 1871, and Walras in 1878." (Wikipedia)

Vilfredo Pareto (1848-1923)
“Pareto introduced the concept of Pareto efficiency and helped develop the field of microeconomics. He was also the first to discover that income follows a Pareto distribution, which is a power law probability distribution. The Pareto principle was named after him, and it was built on observations of his such as that 80% of the land in Italy was owned by about 20% of the population.” (Wikipedia)

Friedrich von Wieser (1851-1926)
“Wieser is renowned for two main works, Natural Value, which carefully details the alternative-cost doctrine and the theory of imputation, and his Social Economics, an ambitious attempt to apply it to the real world. His explanation of marginal utility theory was decisive, at least terminologically: It was his term Grenznutzen (building on von Thünen's Grenzkosten) that developed into the standard term, ‘marginal utility, not William Stanley Jevons' ‘final degree of utility’ or Menger's ‘value.’” (Wikipedia)

Eugen von Bohm-Bawerk (1851-1914)
“Bohm-Bawerk’s first volume of Capital and Interest, which Ludwig von Mises decreed as ‘the most eminent contribution to modern economic theory’, titled History and Critique of Interest Theories (1884), is an exhaustive study of the alternative treatments of interest: use theories, productivity theories, abstinence theories, and so on.” (Wikipedia)

Knut Wicksell (1851-1926)
“Wicksell's most influential contribution was his theory of interest. Wicksell invented the key term natural rate of interest and defined it at that interest rate which is compatible with a stable price level. If the interest rate falls short of the natural rate, inflation is likely to arise; if the interest rate exceeds the natural rate, this will tend to produce deflation. An interest rate that coincides with the natural rate ensures equilibrium in the commodity market and produces price level stability.” (Wikipedia)

Richard T. Ely (1854-1943)
“Ely was leader of the Progressive movement who called for more government intervention in order to reform what they perceived as the injustices of capitalism, especially regarding factory conditions, compulsory education, child labor, and labor unions. Ely is best remembered as a founder and the first Secretary of the American Economic Association.” (Wikipedia)

Karl Kautsky (1854-1938)
“Kautsky discussed Bolshevist rule in Russia. He saw the Bolsheviks (or Communists) as a conspiratorial organization that had gained power by a coup and initiated revolutionary changes for which there was no economic rationale in Russia. Instead, a bureaucracy-dominated society developed, the miseries of which outweighed the problems of Western capitalism.” (Wikipedia)

Fred M. Taylor (1855-1932)
"Taylor's Principles of Economics went through 9 editions. Of a libertarian ideology, he was noted as a clear and rigorous expositor of economic theory in the partial-equilibrium lineage of Alfred Marshall." (Wikipedia)

Thorstein Veblen (1857-1929)
"Veblen laid the foundation for the perspective of institutional economics with his criticism of traditional static economic theory. As much as Veblen was an economist, he was also a sociologist who rejected his contemporaries who looked at the economy as an autonomous stable and static entity." (Wikipedia)

Beatrice Webb (1858-1943)
“Webb was also among the founders of the London School of Economics and played a crucial role in forming the Fabian Society. Webb also coined the term ‘collective bargaining’.” (Wikipedia)

John Hobson (185-1940)
“Hobson developed a famous critique of the classical theory of rent and his proposed generalization anticipated the Neoclassical "marginal productivity" theory of distribution.” (Wikipedia)

Rudolf Steiner (1861-1925)
“Steiner's chief book on social reform, Toward Social Renewal, suggested that the cultural, political and economic spheres of society need to work together as consciously cooperating yet independent entities, each with a particular task: political institutions should establish political equality and protect human rights; cultural institutions should nurture the free and unhindered development of science, art, education and religion; and economic institutions should enable producers, distributors and consumers to cooperate to provide efficiently for society's needs.” (Wikipedia)

Silvio Gesell (1862-1930)
“Gesell called for free, fair business competition with equal chances for all. This included the removal of all legal and inherited privileges. Everyone should rely only on his personal abilities in order to make a living. In the "natural economic order" which he recommended, the most talented people would have the greatest income, without distortion by interest and rent charges. The economic status of the less talented would also improve, because they would not be forced to pay interest and rent charge.” (Wikipedia)

John R. Commons (1862-1945)
“Commons published Institutional Economics in 1934, which laid out his view that institutions were made up of collective actions that, along with conflict of interests, defined the economy. He believed that institutional economics added collective control of individual transactions to existing economic theory.” (Wikipedia)

Alfred Mitchell-Innes (1864-1950)
“Mitchell-Innes wrote two articles on money and credit for The Banking Law Journal. The first, 'What is Money?', received an approving review from John Maynard Keynes, which led to the publication of the second, 'Credit Theory of Money'. Long forgotten and rediscovered decades later, the articles have been praised as ‘the best pair of articles on the nature of money written in the twentieth century’” (Wikipedia)

Max Weber (1864-1920)
"Weber's research interests were always in line with those of the German historicists, with a strong emphasis on interpreting economic history, but Weber's defense of 'methodological “Hobson developed a famous critique of the classical theory of rent and his proposed generalization anticipated the Neoclassical "marginal productivity" theory of distribution.” (Wikipedia)

Irving Fisher (1867-1947)
"Fisher made important contributions to utility theory and general equilibrium. He was also a pioneer in the rigorous study of intertemporal choice in markets, which led him to develop a theory of capital and interest rates. His research on the quantity theory of money inaugurated the school of macroeconomic thought known as 'monetarism'. Fisher was also a pioneer of econometrics, including the development of index numbers. Some concepts named after him include the Fisher equation, the Fisher hypothesis, the international Fisher effect, the Fisher separation theorem and Fisher market.” (Wikipedia) 

Vladimir Lenin (1870-1924)
"Lenin was a fervent believer in Marxism, and believed that his interpretation of Marxism (first termed 'Leninism by Martov in 1904) was the sole authentic and orthodox one. According to his Marxist perspective, humanity would eventually reach pure communism, becoming a stateless, classless, egalitarian society of workers who were free from exploitation and alienation.” (Wikipedia)

Rosa Luxembourg (1871-1919)
“Luxembourg’s Dialectic of Spontaneity and Organisation was the central feature of her political philosophy, wherein ‘spontaneity’ is a grassroots approach to organizing a party-oriented class struggle. Spontaneity and organization, she argued, are not separable or separate activities, but different moments of one political process; one does not exist without the other.” (Wikipedia)

Arthur Pigou (1877-1959)
“Pigou's most enduring contribution was The Economics of Welfare, 1920, in which he introduced the concept of externality and the idea that externality problems could be corrected by the imposition of a Pigovian tax. The externality concept remains central to modern welfare economics and particularly to environmental economics.” (Wikipedia)

Eli Heckscher (1879-1952)
“Heckscher is best known for a model explaining patterns in international trade (Heckscher-Ohlin model) that he developed with Bertil Ohlin at the Stockholm School of Economics.” (Wikipedia)

Richard Henry Tawney (1880-1962)
“Tawney’s Religion and the Rise of Capitalism was his classic work and made his reputation as an historian. It explored the relationship between Protestantism and economic development in the 16th and 17th centuries.” (Wikipedia)

Walter Hale Hamilton (1881-1958)
“Hamilton undertook a series of industry studies that sought to show that wages and prices were not set by market forces as understood by neoclassical economists but instead depended on social and historical contexts, so that the results were noncompetitive wages and prices. Hamilton also coined the term ‘institutionalism’ and sought to apply the insights of economic studies to the law.” (Wikipedia)

Ludwig von Mises (1881-1973)
“Mises wrote and lectured extensively on behalf of classical liberalism. In his treatise Human Action, Mises adopted praxeology as a general conceptual foundation of the social sciences and set forth his methodological approach to economics.” (Wikipedia)

Joseph Schumpeter (1883-1950)
“Schumpeter was one of the most influential economists of the 20th century term popularizing the term ‘creative destruction’ in economics.” (Wikipedia)

John Maynard Keynes (1883-1946)
“Keynes believed state intervention was necessary to moderate ‘boom and bust’ cycles of economic activity. Keynes advocated the use of fiscal and monetary policies to mitigate the adverse effects of economic recessions and depressions.” (Wikipedia)

Frank Knight (1885-1972)
"Knight argued that uncertainty gave rise to economic profits that perfect competition could not eliminate." (Wikipedia)

Karl Polanyi (1886-1964)
"Polanyi is remembered today as the originator of 'substantivism', a cultural approach to economics, which emphasized the way economies are embedded in society and culture. This view ran counter to mainstream economics but is popular in anthropology, economic history, economic sociology and political science." (Wikipedia)

Clarence Ayers (1891-1972)
"Ayers was the principal thinker in the Texas school of Institutional Economics, during the middle of the 20th century... Ayres is best known for developing an economic philosophy stemming from the works of Thorstein Veblen and John Dewey." (Wikipedia)

Nikolai Kondratiev (1892-1938)
"Kondratiev was a proponent of the New Economic Policy (NEP), which promoted small private, free market enterprises in the Soviet Union. He is best known for proposing the theory that Western capitalist economies have long term (50 to 60 years) cycles of boom followed by depression. These business cycles are now called 'Kondratiev waves'. (Wikipedia)

Jacob Viner (1892-1970)
"Known for his enduring economic modeling of the firm, including the long- and short-run cost curves, his work is still used today. Viner is further known for having added the terms 'trade creation' and 'trade diversion' to the canon of economics in 1950. He also made important contributions to the theory of international trade and to the history of economic thought." (Wikipedia)

Ragnar Frisch (1895-1973)
"Frisch was one of the founders of economics as a modern science. He made a number of significant advances in the field of economics and coined a number of new words including econometrics and macroeconomics." (Wikipedia)

Holbrook Working (1895-1985)
"Working known for his contributions on hedging, on the theory of futures prices, on an early theory of market maker behavior, and on the theory of storage (including the 'Working curve' which plots the difference between short term and long term grain futures prices against current inventory)." (Wikipedia)

Adolf Berle (1895-1971)
"Berle and Means wrote one of the most quoted text in corporate governance studies. They showed that the means of production in the US economy were highly concentrated in the hands of the largest 200 corporations, and within the large corporations, managers controlled firms despite shareholders' formal ownership." (Wikipedia)

Gardiner Means (1896-1988)
"Means followed the institutionalist tradition of economists. In 1934 he coined term "administered prices" to refer to prices set by firms in monopoly positions... Means argued that where an economy is fueled by big firms it is the interests of management, not the public, that govern society." (Wikipedia)

Gunnar Myrdal (1898-1987)
"Myrdal headed a comprehensive study of sociological, economic, anthropological and legal data on race relations in the United States funded by the Carnegie Corporation, starting in 1938. The result of the effort was Gunnar Myrdal's best-known work, An American Dilemma: The Negro Problem and Modern Democracy, published in 1944, written with the collaboration of R. M. E. Sterner and Arnold Rose." (Wikipedia)

Piero Sraffa (1898-1983)
"Sraffa's Production of Commodities by Means of Commodities was an attempt to perfect classical economics' theory of value, as originally developed by David Ricardo and others. He aimed to demonstrate flaws in the mainstream neoclassical theory of value and develop an alternative analysis. In particular, Sraffa's technique of aggregating capital as 'dated inputs of labour' led to a famous scholarly debate known as the Cambridge capital controversy."

Friedrich Hayek (1899-1992)
"Hayek account of how changing prices communicate information which enables individuals to co-ordinate their plans is widely regarded as an important achievement in economics." (Wikipedia)

Edward Chamberlin (1899-1967)
"Chamberlin coined the term 'product differentiation' to describe how a supplier may be able to charge a greater amount for a product than perfect competition would allow... His most significant contribution was the Chamberlinian monopolistic competition theory." (Wikipedia)

Michael Kalecki (1899-1970)
"He offered a synthesis that integrated Marxist class analysis and the then-new literature on oligopoly theory, and his work had a significant influence on both the Neo-Marxian and Post-Keynesian schools of economic thought." (Wikipedia)

Bertil Ohlin (1899-1979)
"Ohlin built an economic theory of international trade from earlier work by Heckscher and his own doctoral thesis. It is now known as the Heckscher–Ohlin model, one of the standard model economists use to debate trade theory."

Henry Calvert Simons (1899-1946)
"Simons argued for changing the financial architecture of the United States to make monetary policy more effective and mitigate periodic cycles of inflation and deflation. The goal of changing the 'monetary rules of the game' in this way was to 'prevent… the affliction of extreme industrial fluctuations' in other words, the business cycle." (Wikipedia)


Roy Harrod (1900-1978)
"Harrod is best known for writing The Life of John Maynard Keynes (1951) and for the development of the Harrod–Domar model, which he and Evsey Domar developed independently." (Wikipedia)

Maurice Dobb (1900-1976)
"Dobb was primarily involved in the interpretation of neoclassical economic theory from a Marxist point of view. His involvement in the original economic calculation problem debate consisted of critiques of capitalist, centrally planned socialist, or market socialist models that were based upon the neoclassical framework of static equilibrium." (Wikipedia)

Paul Samuelson (1901-1985)
"Samuelson considered Mathematics to be the natural language for economists and contributed significantly to the mathematical foundations of economics with his book Foundations of Economic Analysis. He was also author of the best-selling economics textbook of all time: Economics: An Introductory Analysis, first published in 1948." (Wikipedia)

Raul Prebisch (1901-1986)
"Prebisch to reexamine the principle of comparative advantage described by David Ricardo, marking the creation of a new school of economic thought (structuralism) in the late 1940s. Prebisch separated out the purely theoretical aspects of economics from the actual practice of trade and the power structures that underlie trading institutions and agreements. His resulting division of the world into the economic 'centre', consisting of industrialized nations such as the U.S., and the "periphery", consisting of primary producers, remains used to this day." (Wikipedia)

Oskar Morgenstern (1902-1977)
"Morgenstern, in collaboration with mathematician John von Neumann, founded the mathematical field of game theory and its application to economics." (Wikipedia)

Theodore Schultz (1902-1998)
"Schultz led research into why post-World War II Germany and Japan recovered, at almost miraculous speeds from the widespread devastation. Contrast this with the United Kingdom which was still rationing food long after the war. His conclusion was that the speed of recovery was due to a healthy and highly educated population." (Wikipedia)

John von Neumann (1903-1957)
"Von Neumann was a pioneer of the application of operator theory to quantum mechanics, in the development of functional analysis, and a key figure in the development of game theory and the concepts of cellular automata, the universal constructor and the digital computer." (Wikipedia)

Abba Lerner (1903-1982)
"Lerner is recognized as one of the greatest economists of his era. Fundamental economic 'concepts, theorems and rules' were derived and / or furthered by Lerner's work throughout his academic career... Lerner developed a model of market socialism, which featured decentralized market pricing proportional to marginal social cost, and, in so doing, contributed to the Lange-Lerner-Taylor theorem." (Wikipedia)

Jan Tinbergen (1903-1994)
"Tinbergen developed the first national comprehensive macroeconomic model, which he first developed in 1936 for the Netherlands, and later applied to the United States and the United Kingdom." (Wikipedia)

Joan Robinson (1903-1983)
"Robinson coined the term 'monopsony,' which is used to describe the buyer converse of a seller monopoly. Monopsony is commonly applied to buyers of labour, where the employer has wage setting power that allows it to exercise Pigouvian exploitation and pay workers less than their marginal productivity." (Wikipedia)

Francois Perroux (1903-1987)
"Perroux was terribly critical of the leading financial and economic policies toward the Third World during the half-century of his career. He said that they took insufficient account of the originality, culture, and concrete situations of the countries concerned, and were too quantitative, too Western in concept, and too centered on the interests of the rich industrialized countries." (Wikipedia)

G. L. S. Shackle (1903-1992)
"Shackle made a practical attempt to challenge classical rational choice theory and has been characterized as a 'post-Keynesian', though he is influenced as well by Austrian economics." (Wikipedia)

Oskar Lange (1904-1965)
"Lange is best known for advocating the use of market pricing tools in socialist systems and providing a model of market socialism." (Wikipedia)

John Hicks (1904-1989)
"Hicks is famous for his statement of consumer demand theory in microeconomics, and the IS/LM model (1937), which summarized a Keynesian view of macroeconomics. His book Value and Capital (1939) significantly extended general-equilibrium and value theory. The compensated demand function is named the Hicksian demand function in memory of him."

Baron Kahn (1905-1989)
"Kahn's most notable contribution to economics was his principle of the multiplier. The multiplier is the relation between the increase in aggregate expenditure and the increase in net national product (output). It is the increase in aggregate expenditure (for example government spending) that causes the increase in output (or income)." (Wikipedia)

R. G. D. Allen (1906-1983)
"Allen introduced the concept of 'partial elasticity of substitution' to economics in his famous 1938 book Mathematical Analysis for Economists." (Wikipedia)

Nicholas Georgescu-Roegen (1906-1994)
"Georgescu-Roegen is best known today for his path-breaking 1971 magnum opus The Entropy Law and the Economic Process, where he argued that all natural resources are irreversibly degraded when put to use in economic activity. A progenitor and a paradigm founder in economics, Georgescu-Roegen's work was seminal in establishing ecological economics as an independent academic subdiscipline in economics." (Wikipedia)

Wassily Leontief (1906-1999)
"Leontief is primarily associated with the development of the linear activity model of General equilibrium and the use of input-output analysis that results from it. He has also made contributions in other areas of economics, such as international trade where he documented the Leontief paradox. He was also one of the first to establish the composite commodity theorem. (Wikipedia)

James Meade (1907-1995)
"The first volume The Balance of Payments stresses the fact that for each of its policy objectives, the government requires a policy tool. The second volume Trade and Welfare deals with conditions under which free trade makes a country better off and conditions under which it does not. Meade concluded that, contrary to previous beliefs, if a country was already protecting one of its markets from international competition, further protection of another market could be 'second best'. (Wikipedia)

John Kenneth Galbraith (1908-2006)
"Galbraith's books on economic topics were bestsellers from the 1950s through the 2000s, during which time Galbraith fulfilled the role of public intellectual. As an economist, he leaned toward Post-Keynesian economics from an institutionalist perspective." (Wikipedia)

Nicholas Kaldor (1908-1986)
"Kaldor, however, had actually invented a fully coherent and highly realistic account of the business cycle in 1940. He used non-linear dynamics to construct this theory. Kaldor's theory was similar to Samuelson's and Hicks' as it used a multiplier-accelerator model to understand the cycle. It differed from these theories, however, as Kaldor introduced the capital stock as an important determinant of the trade cycle. This was in keeping with Keynes' sketch of the business cycle in his General Theory." (Wikipedia)

Paul Baran (1909-1964)
"Baran introduced the concept of 'economic surplus' to deal with novel complexities raised by the dominance of monopoly capital. With Paul Sweezy, Baran elaborated the importance of this innovation, its consistency with Marx's labor concept of value, and supplementary relation to Marx's category of surplus value." (Wikipedia)

Ronald Coase (1910-2013)
"Coase believed economists should study real markets and not theoretical ones, established the case for the corporation as a means to pay the costs of operating a marketplace. Coase is best known for two articles in particular: The Nature of the Firm, which introduces the concept of transaction costs to explain the nature and limits of firms, and The Problem of Social Cost, which suggests that well-defined property rights could overcome the problems of externalities." (Wikipedia) 

Tjalling Koopmans (1910-1985)
"Koopmans is known for his contributions to the field of resource allocation, specifically the theory of optimal use of resources." (Wikipedia)

Karl William Kapp (1910-1976)
"Kapp was among the forerunners of ecological economics and one of the leading 20th century institutional economists. He was an opponent of the compartmentalization of knowledge in the social sciences in general." (Wikipedia)

Paul Sweezy (1910-2004)
"Sweezy wrote The Theory of Capitalist Development in 1942, a book which summarized the labor theory of value of Marx." (Wikipedia)

Kenneth Boulding (1910-1993)
"Boulding was the key exponent of the evolutionary economics movement. In his Economic Development as an Evolutionary System, Boulding suggests a parallel between economic development and biological evolution." (Wikipedia)

George Stigler (1911-1991)
"Stigler is best known for developing the 'Economic Theory of Regulation', also known as 'capture', which says that interest groups and other political participants will use the regulatory and coercive powers of government to shape laws and regulations in a way that is beneficial to them." (Wikipedia)

Marcus Fleming (1911-1976)
"Fleming at approximately the same time as Mundell, presented similar research on stabilization policy in open economies. As a result, today's textbooks refer to the Mundell-Fleming model." (Wikipedia)

Maurice Allais (1911-2010)
"Allais made contributions to decision theory, monetary policy and other areas. one of his major works, Économie et Intérêt, he introduced the first overlapping generations model (later popularized by Paul Samuelson in 1958), introduced the golden rule of optimal growth (later popularized by Edmund Phelps) and described the transaction demand for money rule (later found in William Baumol's work). He was also responsible for early work in Behavioral economics, which in the US is generally attributed to Daniel Kahneman and Amos Tversky." (Wikipedia)

E. F. Schumacher (1911-1977)
"Schumacher is best known for his critique of Western economies and his proposals for human-scale, decentralized and appropriate technologies... Schumacher's basic development theories have been summed up in the catch-phrases 'Intermediate Size' and 'Intermediate Technology'." (Wikipedia)

Trygve Haavelmo (1911-1999)
"Haavelmo's idea that an economic model depicts a series of hypothetical experiments and that policies can be simulated by modifying equations in the model became the basis of all currently used formalisms of econometric causal inference." (Wikipedia)

Leonid Kantorovich (1912-1986)
"Kantorovich is known for his theory and development of techniques for the optimal allocation of resources. He is regarded as the founder of linear programming." (Wikipedia) 

Milton Friedman (1912-2006)
"Friedman promoted an alternative macroeconomic viewpoint known as "monetarism', and argued that a steady, small expansion of the money supply was the preferred policy. His ideas concerning monetary policy, taxation, privatization and deregulation influenced government policies, especially during the 1980s." (Wikipedia)

Richard Stone (1913-1991)
"Stone developed an accounting model that could be used to track economic activities on a national and, later, an international scale. While he was not the first economist to work in this field, he was the first to do so with double entry accounting." (Wikipedia)

Louis Kelso (1913-1991)
"Kelso is chiefly remembered today as the inventor and pioneer of the employee stock ownership plan (ESOP), invented to enable working people without savings to buy stock in their employer company and pay for it out of its future dividend yield." (Wikipedia)

Sidney Webb (1941-1983)
"Webb was co-founder of the London School of Economics and one of the early members of the Fabian Society in 1884." (Wikipedia)

Abraham Bergson (1914-2003)
"Bergson in a 1938 paper, defined and discussed the notion of an individualistic social welfare function. The paper delineated necessary marginal conditions for economic efficiency, relative to: real-valued ordinal utility functions of individuals (illustrated by indifference-curve maps) for commodities, labor supplied and other resource constraints." (Wikipedia)

Henry Wallich (1914-1988)
"Wallich is best known as an economic columnist for Newsweek magazine, from 1965 until he joined The Federal Reserve... Wallich interests included the developing country economies in the third world." (Wikipedia)

William Vickrey (1914-1996)
"Vickrey was the first to use the tools of game theory to explain the dynamics of auctions. In his seminal paper, Vickrey derived several auction equilibria, and provided an early revenue-equivalence result. The revenue equivalence theorem remains the centerpiece of modern auction theory. The Vickrey auction is named after him." (Wikipedia)

Alban William Phillips (1914-1975)
"Phillips' best-known contribution to economics is the Phillips curve, which he first described in 1958... His work focused on British data and observed that in years when the unemployment rate was high, wages tended to be stable, or possibly fall. Conversely, when unemployment was low, wages rose rapidly. This sort of pattern had been noticed earlier by Irving Fisher, but in 1958 Phillips published his own work on the relationship between inflation and unemployment." (Wikipedia)

Albert Hirschman (1915-2012)
"Hirschman's first major contribution was in the area of development economics. Here he emphasized the need for unbalanced growth. Because developing countries are short of decision making skills, he argued that disequilibria should be encouraged to stimulate growth and help mobilize resources." (Wikipedia)

John Tukey (1915-2000)
"Tukey was best known for development of the 'FFT algorithm' and 'box plot'. The 'Tukey range test', the 'Tukey lambda distribution', the 'Tukey test of additivity', and the 'Teichmüller–Tukey lemma' all bear his name." (Wikipedia)

Leonid Hurwicz (1917-2008)
"Hurwicz originated incentive compatibility and mechanism design, which show how desired outcomes are achieved in economics, social science and political science. Interactions of individuals and institutions, markets and trade are analyzed and understood today using the models Hurwicz developed." (Wikipedia)

Franco Modigliani (1918-2003)
"Modigliani along with Merton Miller, formulated the important 'Modigliani–Miller theorem' in corporate finance. This theorem demonstrated that under certain assumptions, the value of a firm is not affected by whether it is financed by equity (selling shares) or debt (borrowing money)." (Wikipedia)

Trevor Swan (1918-1989)
"Swan best known for his work on the Solow–Swan growth model, published simultaneously by American economist Robert Solow, for his work on integrating internal and external balance as represented by the Swan Diagram, and for pioneering work in macroeconomic modeling, which predated that of Lawrence Klein but remained unpublished until 1989." (Wikipedia)

Robert Heilbroner (1919-2005)
"Heilbroner wrote some 20 books, Heilbroner was best known for The Worldly Philosophers: The Lives, Times and Ideas of the Great Economic Thinkers (1953), a survey of the lives and contributions of famous economists, notably Adam Smith, Karl Marx, and John Maynard Keynes." (Wikipedia)

Hyman Minsky (1919-1996)
"Minsky's research attempted to provide an understanding and explanation of the characteristics of financial crises, which he attributed to swings in a potentially fragile financial system. Minsky is sometimes described as a post-Keynesian economist because, in the Keynesian tradition, he supported some government intervention in financial markets. He also opposed financial deregulation." (Wikipedia)

Douglass North (1920-2015)
"North's 1991 paper summarizes much of his earlier research relating to economic and institutional change. In this paper, North defines institutions as 'humanly devised constraints that structure political, economic and social interactions'." (Wikipedia)

John Harasanyi (1920-2000)
"Harasanyi is best known for his contributions to the study of game theory and its application to economics, specifically for his developing the highly innovative analysis of games of incomplete information, so-called Bayesian games. He also made important contributions to the use of game theory and economic reasoning in political and moral philosophy." (Wikipedia)

Celso Furtado (1920-2004)
"Furtado's work focuses on development and underdevelopment and on the persistence of poverty in peripheral countries throughout the world. He is viewed, along with Raúl Prebisch, as one of the main formulators of economic structuralism." (Wikipedia)

Christopher Freeman (1921-2010)
"Freeman was one of the most eminent researchers in innovation studies, modern Kondratiev wave and business cycle theorists. Freeman contributed substantially to the revival of the neo-Schumpeterian tradition focusing on the crucial role of innovation for economic development and of scientific and technological activities for well-being." (Wikipedia)

Kenneth Arrow (1921-now)
"Arrow's most significant works are his contributions to social choice theory, notably 'Arrow's impossibility theorem', and his work on general equilibrium analysis. He has also provided foundational work in many other areas of economics, including endogenous growth theory and the economics of information." (Wikipedia)

Gerard Debreu (1921-2004)
"Debreu published a breakthrough paper in 1954, entitled Existence of an Equilibrium for a Competitive Economy, together with Kenneth Arrow, in which they provided a definitive mathematical proof of the existence of a general equilibrium, using topological rather than calculus-based methods." (Wikipedia)

Thomas Schelling (1921-now)
"Schelling's The Strategy of Conflict, published in 1960, pioneered the study of bargaining and strategic behavior in what Schelling refers to as 'conflict behavior'... Schelling's focus was on foreign policy, national security, nuclear strategy, and arms control." (Wikipedia)

William Baumol (1922-now)
"Baumol's better-known contributions include the theory of contestable markets, the Baumol-Tobin model of transactions demand for money, Baumol's cost disease, which discusses the rising costs associated with service industries, Baumol’s sales revenue maximization model and Pigou taxes. His research on environmental economics recognized the fundamental role of non-convexities in causing market failures." (Wikipedia)

Gordon Tullock (1922-2014)
"Tullock is best known for his work on public choice theory, the application of economic thinking to political issues. Tullock developed a theory referred to as rent-seeking. Rent seeking occurs when a large firm uses its financial position to lobby politicians to create legislation that will increase its profits." (Wikipedia)

Jacob Mincer (1922-2006)
"Mincer's ground-breaking work: Schooling, Experience and Earnings, published in 1974, used data from the 1950 and 1960 Censuses to relate income distribution in America to the varying amounts of education and on-the-job training among workers." (Wikipedia)

Merton Miller (1923-2000)
"Miller and Modigliani's 1958 paper urged a fundamental objection to the traditional view of corporate finance, according to which a corporation can reduce its cost of capital by finding the right debt-to-equity ratio." (Wikipedia)

Lloyd Shapley (1923-2016)
"Shapley contributed to the Shapley value, stochastic games, the Bondareva-Shapley theorem (which implies that convex games have non-empty cores), the Shapley-Shubik power index (for weighted or block voting power), the Gale-Shapley algorithm (for the stable marriage problem), the concept of a potential game (with Dov Monderer), the Aumann-Shapley pricing, the Harsanyi-Shapley solution, the Snow-Shapley theorem for matrix games, and the Shapley-Folkman lemma & theorem bear his name." (Wikipedia)

Ernest Mandel (1923-1995)
"Mandel considered it his mission to transmit the heritage of classical Marxist thought, deformed by the experience of Stalinism and the Cold War, to a new generation." (Wikipedia)

Mason Gaffney (1923-now)
"Gaffney was a major critic of Neoclassical economics from a Georgist point of view." (Wikipedia)

Alfred Conrad (1924-1970)
"Conrad belonged to the quantitative economic current called New Economic History (Cliometrics). In 1958 he co-authored 'The Economics of Slavery in the Antebellum South', in the Journal of Political Economy, with John R. Meyer. Using rigorous statistics, the authors concluded that the view that slavery would have disappeared without the American Civil War was 'a romantic hypothesis which will not stand against the facts.'" (Wikipedia)

Robert Solow (1924-now)
"Solow is known for his work on the theory of economic growth that culminated in the exogenous growth model named after him... Solow's model of economic growth allows the determinants of economic growth to be separated into increases in inputs (labour and capital) and technical progress. Using his model, Solow calculated that about four-fifths of the growth in US output per worker was attributable to technical progress." (Wikipedia)

Frank Hahn (1905-1989)
"Hahn's problem is the conditions under which money (which is intrinsically worthless) can have a positive value in a general equilibrium." (Wikipedia)

Stanley Reiter (1925-2014)
"Reiter is a leading pioneer in the field of mechanism design. In 2006, he and Leonid Hurwicz authored the book Designing Economic Mechanisms. In 1960 Reiter coined the term Cliometrics." (Wikipedia)

Robert Fogel (1926-2013)
"Fogel is best known as an advocate of new economic history (cliometrics) - the use of quantitative methods in history. Fogel's most famous and controversial work is Time on the Cross, a two-volume quantitative study of American slavery, co-written with Stanley Engerman. In the book, Fogel and Engerman argued that the system of slavery was profitable for slave owners because they organized plantation production 'rationally' to maximize their profits. Due to economies of scale, (the so-called 'gang system' of labor on cotton plantations), they argued, Southern slave farms were more productive, per unit of labor, than northern farms." (Wikipedia)

John R. Meyer (1927-2009)
"Meyer credited with creating the field of transportation economics and was one of the pioneers of cliometrics." (Wikipedia)

Barbara Bergmann (1927-2015)
"Bergmann has made two main contributions to economics. First, she has argued that discrimination is a pervasive characteristic of labor markets. Second, she has argued against the traditional economic methodology of drawing conclusions from a set of unrealistic assumptions." (Wikipedia)

Harry Markowitz (1927-now)
"Markowitz's efficient portfolio is one where no added diversification can lower the portfolio's risk for a given return expectation (alternately, no additional expected return can be gained without increasing the risk of the portfolio). The Markowitz Efficient Frontier is the set of all portfolios that will give the highest expected return for each given level of risk. These concepts of efficiency were essential to the development of the capital asset pricing model." (Wikipedia)

Vernon Smith (1927-now)
"Smith's Experimental Economics: Induced Value Theory was published in the American Economic Review in 1976. It was the first articulation of the principle behind economic experiments." (Wikipedia)

Janos Kornai (1928-now)
"Kornai was among those initiating the use of mathematical methods in economic planning. He elaborated the theory of two-level planning with Tamás Lipták and directed the first large-scale economy-wide multi-level planning project. In his 1971 book, Anti-Equilibrium, Kornai criticizes neoclassical economics, particularly general equilibrium theory." (Wikipedia)

Henry Manne (1928-2015)
"Manne published many books and articles, with emphasis on law and economics, the free market, and securities regulation. His development of the theory of a 'market for corporate control' is credited with opening the entire field of corporate law to economic analysis." (Wikipedia)

John Forbes Nash (1928-2015)
"Nash made fundamental contributions to game theory, differential geometry, and the study of partial differential equations. Nash's work has provided insight into the factors that govern chance and decision-making inside complex systems found in everyday life." (Wikipedia)

Andre Gunder Frank (1929-2005)
"Frank promoted dependency theory and world-systems theory. He employed some Marxian concepts on political economy, but rejected Marx's stages of history, and economic history generally." (Wikipedia)

John Muth (1930-2005)
"Muth is the 'father of the rational expectations revolution in economics', primarily due to his article Rational Expectations and the Theory of Price Movements from 1961." (Wikipedia)

Paul Davidson (1930-now)
"Davidson is one of the leading spokesmen of Post Keynesian school in economics. He is a prolific writer and has actively intervened in important debates on economic policy (natural resources, international monetary system, developing countries' debt) from a position that is very critical of mainstream economics." (Wikipedia)

Richard R. Nelson (1930-now)
"Nelson is one of the leading figures in the revival of evolutionary economics thanks to his seminal book An Evolutionary Theory of Economic Change in 1982 written jointly with Sidney G. Winter." (Wikipedia)

Pierangelo Garegnani (1930-2011)
"Garegnani is one of the leading theoretical critics of neoclassical economics. He has published several books and articles concerning the classical economic theory, from Ricardo to Sraffa, as an alternative theoretical foundation to analyse the capitalist economy." (Wikipedia)

Thomas Sowell (1930-now)
"Sowell writes from a libertarian conservative perspective, advocating supply-side economics... Themes of Sowell's writing range from social policy on race, ethnic groups, education and decision-making, to classical and Marxist economics, to the problems of children perceived as having disabilities." (Wikipedia)

Luigi Passinetti (1930-now)
"Passinetti's contributions to economics include developing the analytical foundations of Neo-Ricardian economics, including the theory of value and distribution, as well as work in the line of Kaldorian theory of growth and income distribution. He has also developed the theory of structural change and economic growth, structural economic dynamics and uneven sectoral development." (Wikipedia)

Harold Demsetz (1930-now)
"Demsetz was one of the pioneers of the approach now called New Institutional Economics. He is a founder of the field of managerial economics. He has expanded the theory of property rights now prevalent in law and economics. Even though Demsetz never employed game theory, he is a major figure in industrial organization through his writings on the theory of the firm, antitrust policy, and business regulation." (Wikipedia)

Reinhard Selten (1930-now)
"Selten is well known for his work in game theory bounded rationality, and can be considered as one of the founding fathers of experimental economics... Selten developed an example of a game called Selten's Horse because of its extensive form representation." (Wikipedia)

Gary Becker (1930-2014)
"Becker was one of the first economists to branch into what were traditionally considered topics belonging to sociology, including racial discrimination, crime, family organization, and drug addiction (see rational addiction). He was known for arguing that many different types of human behavior can be seen as rational and utility maximizing. His approach included altruistic behavior of human behavior by defining individuals' utility appropriately." (Wikipedia)

Robert Aumann (1930-now)
"Aumann was the first to define the concept of correlated equilibrium in game theory, which is a type of equilibrium in non-cooperative games that is more flexible than the classical Nash equilibrium. Furthermore, Aumann has introduced the first purely formal account of the notion of common knowledge in game theory." (Wikipedia)

Samir Amin (1931-now)
"Amin is a convinced adherent of multipolarity, which must replace the current hegemonic world order: 'Yes, I do want to see the construction of a multipolar world, and that obviously means the defeat of Washington’s hegemonic project for military control of the planet.' (Wikipedia)

Robert Mundell (1932-now)
"Mundell is well known for his pioneering work in monetary dynamics and optimum currency areas. Mundell is known as the 'father' of the Euro, as he laid the groundwork for its introduction through this work and helped to start the movement known as supply-side economics. Mundell is also known for the Mundell–Fleming model and Mundell–Tobin effect." (Wikipedia)

Mancur Olson (1932-1998)
"Olson's most influential contributions were in institutional economics, and in the role which private property, taxation, public goods, collective action, and contract rights play in economic development." (Wikipedia)

Oliver Williamson (1932-now)
"Williamson drew attention at a high theoretical level to equivalences and differences between market and non-market decision-making. His focus on the costs of transactions has led Williamson to distinguish between repeated case-by-case bargaining on the one hand and relationship-specific contracts on the other." (Wikipedia)

Elinor Ostrom (1933-2012)
"Ostrom's early work emphasized the role of public choice on decisions influencing the production of public goods and services. Among her better known works in this area is her study on the polycentricity of police functions in the Greater St. Louis areas. Her later, and more famous, work focused on how humans interact with ecosystems to maintain long-term sustainable resource yields (common pool resources)." (Wikipedia)

Edmund Phelps (1933-now)
"Phelps' demonstration of the golden rule savings rate, a concept first devised by John von Neumann and Maurice Allais, started a wave of research on how much a nation should spend on present consumption rather than save and invest for future generations. His most seminal work inserted a microfoundation, one featuring imperfect information, incomplete knowledge and expectations about wages and prices, to support a macroeconomic theory of employment determination and price-wage dynamics." (Wikipedia)

Amartya Sen (1933-now)
"Sen's work in the field of development economics has had considerable influence in the formulation of the 'Human Development Report', published by the United Nations Development Programme. This annual publication that ranks countries on a variety of economic and social indicators owes much to the contributions by Sen among other social choice theorists in the area of economic measurement of poverty and inequality." (Wikipedia)

Daniel Kahneman (1934-now)
"Kahneman is notable for his work on the psychology of judgment and decision-making, as well as behavioral economics. With Amos Tversky and others, Kahneman established a cognitive basis for common human errors that arise from heuristics and biases and developed prospect theory." (Wikipedia)

William Sharpe (1934-now)
"Sharpe was one of the originators of the capital asset pricing model. He created the Sharpe ratio for risk-adjusted investment performance analysis, and he contributed to the development of the binomial method for the valuation of options, the gradient method for asset allocation optimization, and returns-based style analysis for evaluating the style and performance of investment funds." (Wikipedia)

Clive Granger (1934-2009)
"Granger made contributions to the analysis of time series data that had changed fundamentally the way in which economists analyze financial and macroeconomic data." (Wikipedia)

James Mirrlees (1936-now)
"Mirrlees' papers centred on asymmetric information, which determines the extent to which they should affect the optimal rate of saving in an economy. Among other results, he demonstrated the principles of 'moral hazard' and 'optimal income taxation' discussed in the books of William Vickrey." (Wikipedia)

Robert Lucas Jr. (1937-now)
"Lucas is widely regarded as the central figure in the development of the new classical approach to macroeconomics. Lucas argued that a macroeconomic model should be built as an aggregated version of microeconomic models while noting that aggregation in the theoretical sense may not be possible within a given model. He developed the 'Lucas critique' of economic policymaking, which holds that relationships that appear to hold in the economy, such as an apparent relationship between inflation and unemployment, could change in response to changes in economic policy." (Wikipedia)

Daniel McFadden (1937-now)
"McFadden's research focused on choice behavior and the problem of linking economic theory and measurement. In 1974 he introduced Conditional logit analysis." (Wikipedia)

Amos Tversky (1937-1996)
"Tversky's work with Kahneman focused on the psychology of prediction and probability judgment; later they worked together to develop prospect theory, which aims to explain irrational human economic choices and is considered one of the seminal works of behavioral economics." (Wikipedia)

Alfred Eichner (1937-1988)
"Eichner was a post-Keynesian economist who challenged the neoclassical price mechanism and asserted that prices are not set through supply and demand but rather through mark-up pricing... Eichner's writings and advocacy of thought, differed with the theories of John Maynard Keynes, who was an advocate of government intervention in the free market and proponent of public spending to increase employment. Eichner argued that investment was the key to economic expansion. He was considered an advocate of the concept that government incomes policy should prevent inflationary wage and price settlements in connection to the customary fiscal and monetary means of regulating the economy." (Wikipedia)

Michael Aglietta (1938-now)
"Aglietta was one of the founders with Robert Boyer, of the regulation school in 1976. His monograph A Theory of Capitalist Regulation: The US Experience laid the foundation for the regulation school of economics. Aglietta is a specialist in international monetary economy, known for his work on the functions of financial markets.

Herman Daly (1938-now)
"Daly was Senior Economist in the Environment Department of the World Bank, where he helped to develop policy guidelines related to sustainable development. While there, he was engaged in environmental operations work in Latin America. He is closely associated with theories of a steady-state economy. He was a co-founder and associate editor of the journal, Ecological Economics." (Wikipedia)

Paul Craig Roberts (1939-now)
"Roberts is a vocal critic of neoliberalism, US oligarchy and the financialization of the economy, his articles have addressed and criticized outsourcing, economic deregulation, privatization of social services, Wall Street finance fraud and lax enforcement of environmental protection laws." (Wikipedia)

Samuel Bowles (1939-now)
"Bowles' work belongs to the Neo-Marxian (variably called Post-Marxian) tradition of economic thought; however, his perspective on economics is eclectic and draws on various schools of thought, including what he (and others) refer to as post-Walrasian economics." (Wikipedia)

Richard Posner (1939-now)
"Posner is the author of nearly 40 books on jurisprudence, economics, and several other topics, including Economic Analysis of Law, The Economics of Justice, The Problems of Jurisprudence, Sex and Reason, Law, Pragmatism and Democracy, and The Crisis of Capitalist Democracy." (Wikipedia)

Neil Wallace (1939-now)
"Wallace is considered one of the main proponents of new classical macroeconomics... In 1975 he and Thomas J. Sargent proposed the Policy-ineffectiveness proposition, which refuted a basic assumption of Keynesian economics." (Wikipedia)

Eugene Fama (1939-2014)
"Fama is best know for his empirical work on portfolio theory, asset pricing and stock market behavior. Fama is most often thought of as the father of the efficient-market hypothesis, beginning with his PhD thesis. In 1965 he published an analysis of the behavior of stock market prices that showed that they exhibited so-called fat tail distribution properties, implying extreme movements were more common than predicted on the assumption of Normality." (Wikipedia)

Dale Mortensen (1939-2014)
"Mortensen's research focused on labor economics, macroeconomics and economic theory. He is especially known for his pioneering work on the search and matching theory of frictional unemployment. He extended the insights from this work to study labor turnover and reallocation, research and development, and personal relationships." (Wikipedia)

Arthur Laffer (1940-now)
"Laffer is best known for the Laffer curve, an illustration of the theory that there exists some tax rate between 0% and 100% that will result in maximum tax revenue for governments.

George Akerlof (1940-now)
"Akerlof is perhaps best known for his article, "The Market for Lemons: Quality Uncertainty and the Market Mechanism", published in Quarterly Journal of Economics in 1970, in which he identified certain severe problems that afflict markets characterized by asymmetric information." (Wikipedia)

Edward Prescott (1940-now)
"Prescott is a major figure in macroeconomics, especially the theories of business cycles and general equilibrium. In his "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," published in 1977 with Finn E. Kydland, he analyzed whether central banks should have strict numerical targets or be allowed to use their discretion in setting monetary policy. He is also well known for his work on the Hodrick–Prescott filter, used to smooth fluctuations in a time series." (Wikipedia)

Peter Diamond (1940-now)
"Diamond has made fundamental contributions to a variety of areas, including government debt and capital accumulation, capital markets and risk sharing, optimal taxation, search and matching in labor markets, and social insurance." (Wikipedia)

Lance Taylor (1940-now)
"Taylor is a well known structuralist macroeconomist, working to understand the macroeconomy through 'its major institutions and distributive relationships across productive sectors and social groups.' Taylor has published extensively in the fields of macroeconomics and development economics, focusing on the interaction of growth, stability and income distribution under different social relations. He contributed to the development of modern Computable General Equilibrium models." (Wikipedia)

Myron Scholes (1941-now)
"Scholes developed a method to determine the value of derivatives. The model provides a conceptual framework for valuing options, such as calls or puts, and is referred to as the Black-Scholes model." (Wikipedia)

Hernando de Soto Polar (1941-now)
"Polar is known for his work on the informal economy and on the importance of business and property rights... The main message of Polar's work and writings is that no nation can have a strong market economy without adequate participation in an information framework that records ownership of property and other economic information." (Wikipedia)

Robert Engel (1942-now)
"Engle’s most important contribution was his path-breaking discovery of a method for analyzing unpredictable movements in financial market prices and interest rates. Accurate characterization and prediction of these volatile movements are essential for quantifying and effectively managing risk." (Wikipedia)

Christopher Sims (1942-now)
"Sims has published numerous important papers in his areas of research: econometrics and macroeconomic theory and policy. Among other things, he was one of the main promoters of the use of vector autoregression in empirical macroeconomics. He has also advocated Bayesian statistics, arguing for its power in formulating and evaluating economic policies." (Wikipedia)

Deirdre McCloskey (1942-now)
"McCloskey is known for her work examining factors in history that led to advancement in human achievement and prosperity. Her main research interests include the origins of the modern world, the misuse of statistical significance in economics and other sciences, and the study of capitalism, among many others." (Wikipedia)

Thomas Sargent (1943-now)
"Sargent specializes in the fields of macroeconomics, monetary economics and time series econometrics... Sargent is one of the leaders of the 'rational expectations revolution', which argues that the people being modeled by economists can predict the future, or the probability of future outcomes, at least as well as the economist can with his model." (Wikipedia)

Michael Spence (1943-now)
"Spence is probably most famous for his job-market signaling model, which essentially triggered the enormous volume of literature in this branch of contract theory. In this model, employees signal their respective skills to employers by acquiring a certain degree of education, which is costly to them." (Wikipedia)

Finn Kydland (1943-now)
"Kydland's main areas of teaching and interest are business cycles, monetary and fiscal policy and labor economics... With Prescott, Kydland contributed to the time consistency of economic policy and the driving forces behind business cycles." (Wikipedia)

Joseph Stiglitz (1943-now)
"Stiglitz's most famous research was on screening, a technique used by one economic agent to extract otherwise private information from another... Stiglitz made early contributions to a theory of public finance stating that an optimal supply of local public goods can be funded entirely through capture of the land rents generated by those goods. Stiglitz dubbed this the Henry George theorem." (Wikipedia)

Robert C. Merton (1944-now)
"Merton is known for his pioneering contributions to continuous-time finance, especially the first continuous-time option pricing model, the Black–Scholes formula... Merton’s research focuses on finance theory including lifecycle finance, optimal intertemporal portfolio selection, capital asset pricing, pricing of options, risky corporate debt, loan guarantees, and other complex derivative securities. He has also written on the operation and regulation of financial institutions." (Wikipedia)

James Heckman (1944-now)
"Heckman is noted for his contributions to selection bias and self-selection analysis, especially Heckman correction. He is also well known for his empirical research in labor economics, particularly regarding the efficacy of early childhood education programs. His work has been devoted to the development of a scientific basis for economic policy evaluation, with special emphasis on models of individuals and disaggregated groups, and the problems and possibilities created by heterogeneity, diversity, and unobserved counterfactual states." (Wikipedia)

Richard Thaler (1945-now)
"Thaler is perhaps best known as a theorist in behavioral finance, and for his collaboration with Daniel Kahneman and others in further defining that field...Thaler is co-author with Cass Sunstein of Nudge which discusses how public and private organizations can help people make better choices in their daily lives." (Wikipedia)

Anwar Shaikh (1945-now)
"Shaikh found neoclassical economics unpersuasive, and the quest for more solid foundations led him to the works of Roy Harrod, Wassily Leontief, Michał Kalecki, Joan Robinson, Piero Sraffa and Luigi Pasinetti, and subsequently to Adam Smith, David Ricardo and Karl Marx. The quest for a modern political economy of developed capitalism became a central theme of his subsequent work." (Wikipedia)

Angus Deaton (1945-now)
"Deaton describes himself as 'someone who's concerned with the poor of the world and how people behave, and what gives them a good life.' Deaton is know for his analysis of consumption, poverty and welfare." (Wikipedia)

Brian Arthur (1946-now)
"Arthur is one of the early economic researchers in the emerging complexity field... Arthur is noted for his seminal works 'studying the impacts of positive feedback or increasing returns in economies, and how these increasing returns magnify small, random occurrences in the market place'." (Wikipedia)

Diane Elson (1946-now)
"Elson is noted for her work on issues of development and human rights. A theme in her more recent work is gender inequality and economic and social rights." (Wikipedia)

Geoffrey Hodgson (1946-now)
"Hodgson is recognized as one of the leading figures of modern critical institutionalism which carries forth the critical spirit and intellectual tradition of the founders of institutional economics, particularly that of Thorstein Veblen. His broad research interests span from evolutionary economics and history of economic thought to Marxism and theoretical biology. He first became known for his 1988 book Economics and Institutions: A Manifesto for a Modern Institutional Economics, which criticizes modern 'mainstream' economics and calls to revise economic theory on the new grounds of institutionalism." (Wikipedia)

Robert Shiller (1946-now)
"Shiller published an article in The American Economic Review in 1981 titled Do stock prices move too much to be justified by subsequent changes in dividends? in which he challenged the efficient-market hypothesis, which was the dominant view in the economics profession at the time. Shiller argued that in a rational stock market, investors would base stock prices on the expected receipt of future dividends, discounted to a present value. He examined the performance of the U.S. stock market since the 1920s, and considered the kinds of expectations of future dividends and discount rates that could justify the wide range of variation experienced in the stock market. Shiller concluded that the volatility of the stock market was greater than could plausibly be explained by any rational view of the future." (Wikipedia)

Janet Yellen (1946-now)
"Yellen is a Keynesian economist and advocates the use of monetary policy in stabilizing economic activity over the business cycle. She believes in the modern version of the Phillips curve, which originally was an observation about an inverse relationship between unemployment and inflation." (Wikipedia)

John B. Taylor (1946-now)
"Taylor developed a model of price and wage setting - called the staggered contract model - which served as an underpinning of a new class of empirical models with rational expectations and sticky prices - sometimes called new Keynesian models. In a 1993 paper he proposed the Taylor rule, intended as a recommendation about how nominal interest rates should be determined, which then became a rough summary of how central banks actually do set them." (Wikipedia)

Martin Wolf (1946-now)
"Wolf became one of the more influential drivers of the 2008-2009 Keynesian resurgence, and in late 2008 and early 2009, he used his platform on the Financial Times to advocate a massive fiscal and monetary response to the financial crisis of 2007–2010." (Wikipedia)

Mark Skousen (1947-now)
"Skousen launched a non-partisan, libertarian conference, then titled "FEEFest," which premiered in Las Vegas in 2002. The goal was to bring all think tanks, organizations and people who are concerned about liberty, personal freedom, civil rights, free market principles and economic freedom, to meet and discuss important issues of the day." (Wikipedia)

Christopher Pissarides (1948-now)
"Pissarides is mostly known for his contributions to the search and matching theory for studying the interactions between the labour market and the macro economy. He helped develop the concept of the matching function (explaining the flows from unemployment to employment at a given moment of time), and pioneered the empirical work on its estimation. Pissarides has also done research on structural change and growth." (Wikipedia)

Oliver Blanchard (1948-now)
"Blanchard has published numerous research papers in the field of macroeconomics, as well as undergraduate and graduate macroeconomics textbooks. During Blanchard's tenure as Chief Economist he reshaped IMF policies. During the Great Recession Blanchard supported global fiscal stimulus. During its slow recovery he urged a cautious removal of stimulus and advocated quantitative easing." (Wikipedia)

Oliver Hart (1948-now)
"Hart is an expert on contract theory, theory of the firm, corporate finance, and law and economics. His research centers on the roles that ownership structure and contractual arrangements play in the governance and boundaries of corporations. He has used his theoretical work on firms in two legal cases as a government expert." (Wikipedia)

Bengt Holmstrom (1949-now)
"Holmstrom is particularly well known for his work on principal-agent theory. More generally he has worked on the theory of contracting and incentives especially as applied to the theory of the firm, to corporate governance and to liquidity problems in financial crises." (Wikipedia)

Joseph Tainter (1949-now)
"Tainter  arguably best-known work, The Collapse of Complex Societies in 1988, examines the collapse of Maya and Chacoan civilizations, and of the Western Roman Empire, in terms of network theory, energy economics and complexity theory. Tainter argues that sustainability or collapse of societies follow from the success or failure of problem-solving institutions and that societies collapse when their investments in social complexity and their 'energy subsidies' reach a point of diminishing marginal returns. He recognizes collapse when a society involuntarily sheds a significant portion of its complexity." (Wikipedia)

Eric Maskin (1950-now)
"Maskin particularly well known for his papers on mechanism design/implementation theory and dynamic games. His current research projects include comparing different electoral rules, examining the causes of inequality, and studying coalition formation." (Wikipedia)

Roger Myerson (1951-now)
"Myerson made a path-breaking contribution to mechanism design theory when he discovered a fundamental connection between the allocation to be implemented and the monetary transfers needed to induce informed agents to reveal their information truthfully." (Wikipedia)

Alvin Roth (1951-now)
"Roth has had significant contributions to the fields of game theory, market design and experimental economics. In particular, he helped redesign mechanisms for selecting medical residents, New York City high schools and Boston primary schools. Describing the dynamism of market design, Roth suggests that ‘As the conditions of the market change, the behavior of people change and that causes old rules to be discarded and new rules to be created’." (Wikipedia)

Lars Peter Hansen (1952-now)
"Hansen is known for his work on the 'Generalized Method of Moments', he is also a distinguished macroeconomist, focusing on the linkages between the financial sector and the macroeconomy. His current collaborative research develops and applies methods for pricing the exposure to macroeconomic shocks over alternative investment horizons and investigates the implications of the pricing of long-term uncertainty." (Wikipedia)

Nancy Folbre (1952-now)
"Folbre focuses on the economics of care, which she defines as, 'work that involves connecting to other people, trying to help people meet their needs, things like the work of caring for children, caring for the elderly, caring for sick people or teaching is a form of caring labor,' and she adds that caring labor can be paid or unpaid. Folbre argues that mainstream economists do not pay enough attention to the economics of care."

Francis Fukuyama (1952-now)
"Fukuyama is known for his book The End of History and the Last Man in 1992, which argued that the worldwide spread of liberal democracies and free market capitalism of the West and its lifestyle may signal the end point of humanity's sociocultural evolution and become the final form of human government. However, his subsequent book Trust: Social Virtues and Creation of Prosperity in 1995, modified his earlier position to acknowledge that culture cannot be cleanly separated from economics." (Wikipedia) 

Kenneth Rogoff (1953-now)
"Rogoff co-authored with Carmen Reinhart This Time Is Different: Eight Centuries of Financial Folly, a history of financial crises. Rogoff has also urged that the United States phase out the 100-dollar bill, then the 50-dollar bill, then the 20-dollar bill, leaving only smaller denominations in circulation." (Wikipedia)

Jean Tirole (1953-now)
"Tirole was able to determine a way to calculate the optimal prices for the regulation of natural monopolies and wrote a number of articles about the regulation of capital markets - with a focus on the differential of control between decentralized lenders and the centralized control of bank management." (Wikipedia)

Paul Krugman (1953-now)
"Krugman has written extensively on international economics, including international trade, economic geography, and international finance... Krugman's work on 'new trade theory' (NTT) converged to what is usually called the 'new economic geography' (NEG), which Krugman began to develop in a seminal 1991 paper, Increasing Returns and Economic Geography." (Wikipedia)

Julio Rotemberg (1953-now)
"Rotemberg is known for his collaboration with Michael Woodford on the first New Keynesian DSGE model, especially on monopolistic competition. He is also known for an alternative model of sticky prices." (Wikipedia)

Jeffrey Sachs (1954-now)
"Sachs's policy and academic works span the challenges of globalization, and include the relationship of trade and economic growth, the resource curse and extractive industries, public health and economic development, economic geography, strategies of economic reform, international financial markets, macroeconomic policy, global competitiveness, climate change, and the end of poverty." (Wikipedia)

Paul Romer (1955-now)
"Romer's 1983 dissertation, amounted to constructing mathematical representations of economies in which technological change is the result of the intentional actions of people, such as research and development. It led to two Journal of Political Economy articles published in 1986 and 1990, respectively, which started 'endogenous growth theory'." (Wikipedia)

Carmen Reinhart (1955-now)
"Reinhart has written and published on a variety of topics in macroeconomics and international finance including: international capital flows, capital controls, inflation and commodity prices, banking and sovereign debt crises, currency crashes, and contagion." (Wikipedia)

Michael Woodford (1955-now)
"Woodford with Julio Rotemberg developed one of the first microfounded New Keynesian macroeconomic models. Since then he has used this framework to study many topics related to monetary policy, including the fiscal theory of the price level, the effectiveness of monetary policy as consumers use more credit and less cash, and inflation targeting rules." (Wikipedia)

Ernst Fehr (1956-now)
"Fehr is also well known for his important contributions to the new field of neuroeconomics, as well as to behavioral economics, behavioral finance and experimental economics." (Wikipedia) 

Alberto Alesina (1957-now)
"Alesina's work has covered a variety of topics, including: political business cycles, the political economy of fiscal policy and budget deficits, the process of European integration, stabilization policies in high inflation countries, the determination of the size of countries, currency unions, the political economic determinants of redistributive policies, differences in the welfare state in the US and Europe, differences in the economic system in the US and Europe, the effect of alternative electoral systems on economic policies, and the determination of the choice of different electoral systems." (Wikipedia)

Huw Dixon (1958-now)
"Dixon authored a book Surfing Economics in 2001, which explores New Keynesian economics, the natural rate, bounded rationality, social learning and the meaning of economics." (Wikipedia)

Nassim Nicholas Taleb (1960-now)
"Taleb criticized the risk management methods used by the finance industry and warned about financial crises, subsequently profiting from the late-2000s financial crisis. He advocates what he calls a 'black swan robust' society, meaning a society that can withstand difficult-to-predict events." (Wikipedia)

Ha-Joon Chang (1963-now)
"Chang's 2014 book, Economics: The User's Guide, is an introduction to economics, accessibly written for the general public." (Wikipedia)

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