Top 10 Most Influential Economist of All Ages

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Most influential economist of all ages will give you hints on top economist whose theory have shaped our life-time. The state of the economy of a nation mostly determined the living standard of the citizens.

A shambled economy will be dominated by poor standard of living, social crisis, income inequality, low or poor developmental  indicators.

This is to say that proper economic policy is a life wire of any nation. Below are list of ten most influential economist of all ages, whose economics policy has shaped the world economy for decades: 

Adam Smith 1723–1790

FreakonomicsAdam Smith is often called the ‘Father of Modern Economics’. His economic thought and postulation are contained in his book called “The Wealth of Nations;”An enquiries into the nature and causes of wealth of nation”.

This book was published same year American got her independence in 1776.  In his book, he Smith argued for free trade, market competition, division of labour, and the morality of private enterprise.

 

Some scholars argue that he first gave credence to capitalism. The book still forms the foundation for economic policies around the world. Lastly, Adam smith is the one on the back £20 note. Hence, he is among the top most influential economist of all ages.

Karl Marx 1818–1883

Karl Marx imageKarl Marx is a revolutionist, who advocated for communism as an economic system. He was also a classical economist who propounded the concept of “Surplus value” of worker, that is appropriated by the capitalist.

His theories essentially predicted that capitalism would lead to fluctuations and economic crises. Marx through his book “The Communist Manifesto”, had a huge influence on the communist movement of the 20th century, heavily shaping the political landscape.

He advocated for the welfare of the poor in the society. Had communism not been brushed aside by capitalism, Marx’ contribution to economic development may be more widely acknowledged today.

Hence, he is among the top most influential economist of all ages.

Alfred Marshall 1842 – 1924

Alfred Marshall imageAlfred Marshall has remain one of the most influential economist of all time given his many contribution to economics.

Marshall was a classical economist who was popularized by his economics theories postulation as contained in his book, “Principle of economics”.

It was Marshall who first postulate  the theory of demand and supply, cardinal theory of consumer behavior among others. Marshall is a British and his book stand for ages as economics textbook in England.

John Maynard Keynes 1883–1946

Image of KeynesJohn Maynard Keynes is today referred as the father of Macroeconomics. In his argument against the market economy, he provide an alternative view to economics.

He strongly argued against the long held view that free markets would automatically provide full employment, spear heading a revolution in economic thinking.

He proposed that state intervention is required during boom and bust cycles of the economy. Specifically, he said that the state should spend more and tax less during economic recession to accelerate aggregate demand.

He strongly argued against the long held view that free markets would automatically provide full employment, spear heading a revolution in economic thinking. He proposed that state intervention is required during boom and bust cycles of the economy. Specifically, he said that the state should spend more and tax less during economic recession to accelerate aggregate demand.

He proposed that state intervention is required during boom and bust cycles of the economy. Specifically, he said that the state should spend more and tax less during economic recession to accelerate aggregate demand.

A policy adopted by most western economies during the thirties. Although this went out of fashion by the seventies, the world has seen a return to Keynesian policy during the recent global economic crisis, notably in the UK where Gordon Brown increased fiscal stimulus in an attempt to combat recession. The policy is now been applied by most government, Nigeria inclusive, where government is increasing his expenditure on unemployment to increase aggregate demand. Hence, he is among the top most influential economist of all ages.

The policy is now been applied by most government, Nigeria inclusive, where government is increasing his expenditure on unemployment to increase aggregate demand.

Milton Friedman 1912–2006

Milton Friedman ImageMilton Friedman, an avid supporter and proponent of free markets, he is seen as the major critics of Keynesian fiscal policy postulation. He argued in favour of monetary policy to fiscal policy in stabilizing the economy. He was educated at Rutgers University, the University of Chicago and  Colombia university.

Awarded the 1976 Nobel Prize for Economics, he is most notable for his work on consumption analysis, monetary history and theory, and stabilization policy. He supported the classical economics postulation about supply of money and price level with little change.

Awarded the 1976 Nobel Prize for Economics, he is most notable for his work on consumption analysis, monetary history and theory, and stabilization policy. He supported the classical economics postulation about supply of money and price level with little change. Hence, he is among the top most influential economists of all ages.

Jan Tinbergen 1903–1994

Jan Tinbergen imageAnother Nobel Prize winner on our list, Dutch economist, Jan Tinbergen was educated at University of Leiden. Tinbergen is considered a pioneer in the field of econometrics analysis, the application of macroeconomic and microeconomics models to economic policy making.

The field of econometric of late has reduced the problem of practical policy making in the world. The field has make economics policy analysis more practical and objective. And this has  remains the method by which economic research is applied today.

The field of econometric of late has reduced the problem of practical policy making in the world. The field has make economics policy analysis more practical and objective. And this has  remains the method by which economic research is applied today. Hence, he is among the top most influential economists of all ages.

John Forbes Nash, Jr. 1928–Present

John Forbes Nash imageAlthough, Nash did not develop a direct theory in the field of economics. Nash is technically a mathematician, a genius one at that. But Nash’s pioneering work on game theory has been monumentally influential in the arena of market economics, so much so that he was awarded the 1994 Nobel Prize in Economics.

His work on game theory has helped in resolving many economic challenges especially in market study and survey.

Nash quite literally personifies the fine line between genius and insanity, having struggled with schizophrenia most of his life, the subject of 2001 Hollywood movie, A Beautiful Mind.

Steven D. Levitt & Steven J. Dubner

Freakonomics imageEconomist, Steven D. Levitt and journalist, Stephen J. Dubner pulled their resources to write the hugely popular Freakonomics, published in 2005.

Having sold over seven million copies worldwide the book has made economics accessible to the average person.

The book explores a diversity of subjects not usually covered by traditional economists, melding pop culture with economics.

They were this popular as their writings and postulations bordered on the pressing issues in the present day society not covered by the traditional economist.

 

Warren Buffett 1930 – Present

Not an economist by trade but an economist by education, Warren Buffett earned his masters in the field economics at Colombia University. Buffett joined a Wall Street investment firm, where he applied a statistical and methodical approach to trading.

Buffett is widely considered the most successful investor of the 20th Century and is consistently ranked within the top ten of the world’s richest people.

His many books on investment and Wealth creation has won him the heart of many that , he through his book has mentored on investment and stock trading.

Nazi Regime 1933–1945

Not an economist as such an influential for all the wrong reasons, the Nazi regime was generally uninterested in money but it was their economic policy which leads to a great many of the atrocities committed.

Hitler adopted the policy of autarky, the idea that a country bself-sufficient, non-reliant on external assistance or international trade. One way in which the Nazis hoped to achieve this was via the acquisition of new ‘living space’ and via the elimination of competition.

It was this kind of policy which lead to the outbreak of world war, the after effect of which still resonates today.

The list is not exhausted as there is quit number of an economist whose economic policy has shaped the face of the world. In another article we shall attempt to increase the list to top 100 most influential economist. Your comment and contribution are welcomed and much appreciated.

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