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Adam Smith

Adam Smith wasborn in Scotland in 1723. He's known primarily for his 1776 book on economics called An Inquiry into the Nature and Causes of the Wealth of Nations. Smith introduced the concept that free trade would benefit individuals and society as a whole.

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- He was a French liberal economist born in Lyon, France.
-He was born 5th January,1767.
-Say created Say's Law. The 'law of demand' summarized as supply creates its own demand.
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Marx at Dinner Party, weeks before his timid passing (1883)

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Born in May of 1818
Died March of 1883

Karl Marx was a dedicated believer in the abolishment of private property and maximum government intervention in the markets. His theory states capitalism exploits the working class, with only a small percentage of profits made by the company going to the proletariat. This would leave many workers impoverished. Marx had one solution to the unjust treatment of the proletariat - overthrowing the ruling class via bloody revolution.

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1870 - 1890
Created the first visual supply and demand graphical model and did not believe in the 'labour theory of value' and that the value of good is decided by the cost of that went into the production of that good, but instead the value of a good should be decided by the value the consumer puts on it, based on the utility it brings to them, emphasising the demand side over the supply side. But their main theory was the theory of diminishing marginal utility and that the utility a good brings to the consumer, decreases with every unit and the consumer must decide whether to consume the next unit based on the extra utility it brings to them, and this value 'diminishes' with every unit.

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John Maynard Keynes (1883-1946) was a renowned British economist whose ideas significantly influenced modern macroeconomics and economic policy. He is best known for his contributions to the development of Keynesian economics, which emphasized the role of government intervention in managing aggregate demand to address economic instability and unemployment.

1. Aggregate demand and unemployment: Keynes challenged classical economic theories that believed markets would automatically adjust to full employment. He argued that during times of economic downturns, such as the Great Depression, insufficient aggregate demand (total spending) could lead to prolonged unemployment and economic stagnation.

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Milton Friedman is an American economist who was born in 1912 and died in 2006. He is most prominently known for his work on monetarism. He believed that changes in the supply of money have a direct and predictable impact on the overall economy, meaning, inflation. He was a very strong advocate for free market capitalism and individual freedoms because he believed that it was only through this that innovation can truly occur. While he believed that the primary role of the government should be to enforce the rule of law, protect property rights and maintain a stable monetary environment, he also proposed a negative-income tax, which meant when a family fell below a certain income threshold, the government would provide a check, or now, a tax free allowance which maintained incentive to work. Other things Friedman was notable for was school vouchers and his belief in floating exchange rates. He was also known to be critical of Maynard Keynes theories, for example, the efficacy of government fiscal policies to manage the economy.

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Born August 7, 1933, Los Angeles, California, US
Died June 12, 2012, Bloomington, Indiana

Elinor Claire "Lin" Ostrom was an American Political Scientist and a Political Economist.
Her work was associated with New Institutional Economics and the resurgence of political economy. Her full name was Elinor Claire Awan before she married her spouse Vincent Ostrom. Elinor was awarded the Nobel Memorial Prize in Economic Sciences. Elinor was also awarded the John J. Carty Award for the Advancement of Science. Elinor did not have any children and had few living relatives.

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Born November 3rd 1933

Amartya Sen believes that economics should consider social justice, human freedoms, and the complexities of real-life decisions. He emphasizes the importance of addressing inequalities, social factors, and ethical considerations in economic analysis and policy-making. Sen's ideas highlight the need to balance market mechanisms with government intervention to create a fair and sustainable society that promotes individual flourishing and collective progress.

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Richard Thaler was born in 1945, he is still alive at the age of 77. Richard Thaler's contributions to behavioral economics have been effective in reshaping how economists and researchers understand how humans make decisions. He disliked government intervention on humans economic decisions so he came up with nudging. Nudging is when people make choices to guide them toward more favorable decisions without requiring any particular choice. Thaler showed that people don't always make decisions in the smartest way, like how we might expect. He looked at why this happens and found that people have tricks in their thinking that affect their choices. For example, people are more afraid of losing things than they are happy about gaining things. Also, just owning something can make people think it's worth more than it really is.

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Born: 1970
Kate Raworth is an economist known for "Doughnut Economics," a model that suggests balancing human needs within planetary limits. She argues for an economic approach that integrates social well-being and environmental sustainability, challenging traditional growth-focused economics. Her work encourages a more holistic and balanced perspective on global development.