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Apr 5, 2010

Top 10 Economists of the World

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The world without economists - one can't even imagine. The contribution of economists is more alike the scientists made our lives so easy. Similarly, various theories of economics are directly related to the world of business and life line of the world economy.

From household to GDP calculations, marginal utility to law diminishing returns, all the narrowly associated with everyday finance science. Here we have come up with a list of the top 10 economists of the world and their contribution will ever be remembered and applicable in our day to day life.

Adam Smith: Adam Smith (16 June 1723 – 17 July 1790), is known as the father of modern economics. He was in the era of Classical economics, he major contributions to economics are Classical economics, modern free market, division of labor, and the "invisible hand". Hardly do there few economists students those don't like the splendid work done by Adam Smith.

Alfred Marshall : Alfred Marshall was born 26 July 1842 in Bermondsey, London, England, died 13 July 1924 in Cambridge, England. He was an English economist and whose contribution to economics will ever be remembered. Economics without the version of Alfred Marshall, is incomplete. He was the founder of neoclassical economics. Principles of Economics (1890) the book was written by Alfred Marshal.

Karl Marx : Karl Heinrich Marx was born on May 5, 1818 and died on March 14, 1883. Marx was a German philosopher, political economist, historian, political theorist, sociologist, communist, and revolutionary. He was the co-founder of Marxism. His contribution to modern economics is very high and his works include surplus value, alienation and exploitation of the worker, The Communist Manifesto, Das Kapital, materialist conception of history.

John Maynard Keynes : J M Keynes was born on 5 June 1883, was one of the most influential economists of the world. Keynesian economics is the best work made its strong impression on modern economics. His contributions are - Macroeconomics, Keynesian Economics, Liquidity preference, Spending multiplier, and Aggregate Demand-Aggregate Supply model.

David Ricardo : Ricardo was born on 19 April 1772, one of the most influential of the classical economists. His major contributions to the modern economics are - Ricardian equivalence, labor theory of value, comparative advantage and law of diminishing returns. The Law of Diminishing Returns is the best theory for every student to know the rate of returns from the production factors.

Milton Friedman : Friedman was born on July 31, 1912, well known among scholars for his contributions - theoretical and empirical research, especially consumption analysis, monetary history and theory, and for his demonstration of the complexity of stabilization policy.

Joseph Eugene Stiglitz : Joseph was born February 9, 1943, most popular American Economists. He won Nobel Memorial Prize in Economic Sciences in the year 2001. His major contributions were Screening, Taxation, and Unemployment.

Thomas Robert Malthus : Malthus was born on February 13, 1766 in England. He contributed a lot to the modern economics in the fields of demography, macroeconomics and evolutionary economics. 'Malthusian growth model' is one of the finest works by Malthus.

Joan Violet Robinson : Robinson was born on October 31, 1903, was a post-Keynesian economist. Well know for the knowledge of monetary economics. Some of her major works were - The Economics of Imperfect Competition (1933), An Essay on Marxian Economics (1942), Accumulation of Capital (1956) and many more.

Vladimir Lenin : Lenin was born on 22 April 1870 and well known Soviet Russian economists. What is to be done? (1903), Imperialism, the Highest Stage of Capitalism (1916) and The State and the Revolution (1917) were some of his major works.

We ever remember the contribution made by economists all the time.