Best Masters Economics Programs In The World – There is an old joke often told about economists: Three economists are duck hunting. The first is 20 meters ahead of the ducks, the second is 20 meters behind the ducks, and the third says, “Good job! We got them!”
All that aside, many economists do excellent work, and some have contributed to the financial theory that has permeated many aspects of social history. In this article, we will introduce ten of these economists and explain their impact on society.
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Adam Smith was a Scottish philosopher who became a political economist in the Scottish Enlightenment. he is best known
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One of the oldest and most famous treatises on industry and commerce and a major contributor to modern academic-disciplinary economics.
At the age of 15, Smith entered the University of Glasgow and studied moral philosophy. His interest in Christianity evolved into a deist position (although this has been questioned).
Smith’s arguments against mercantilism and in favor of free trade were too complex for the protectionism, tariffs, and gold hoarding that prevailed in the mid-18th century. today he is often called the “father of modern economics”. Imagine how much slower life would be in a globalized world, where free trade was not encouraged and the preservation of tangible goods (mercantilism) was the norm: economic life would be pretty dismal.
Towards the end of his life, Smith destroyed most of his manuscripts, and although some survived, the world never knew the full extent of his final thoughts and theories.
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Many families were able to contribute with Ricardo’s car; he was the third of 17 children in a Portuguese Jewish family. His contribution to the study of economics was more favorable than that of Adam Smith. Ricardo joined his father at the age of 14 on the London Stock Exchange and quickly found success in stock and property speculation. After reading Smith
In 1799 he became interested in economics; although his first paper on economics was published 10 years later.
Richard became a member of the British Parliament, representing the province of Ireland in 1819. His greatest work, An Essay on the Effect of the Low Price of Corn on the Profits of Stock (1815), advocated the repeal of the Corn Laws. It’s time to spread the wealth better, and he did the same
Ricardo is known for his belief that nations should specialize in the greater good. He was also outspoken in making the case against protectionism, but he probably left his biggest mark on rents, taxes, wages and profits, arguing that it was not good for society for landowners to seize wealth at the expense of workers.
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Marshall was born in London, and although he wanted to be a priest, his success at Cambridge led him to academia. Marshall may be the least known of the great economists because he held no radical theories. However, he is credited with trying to apply rigorous mathematics to economics to make economics more of a science than a philosophy.
Despite his emphasis on mathematics, Marshall tried to make his work accessible to the common people; his Industrial Economics (1879) became widely used as a curriculum in England. He also spent nearly 10 years working on the scientific “Principles of Economics” (1890), which became his most important work. He is best known for converting supply and demand, marginal utility, and marginal cost of production curves into a unified model.
Historians sometimes refer to John Maynard Keynes as the “Giant Economist”. The six-foot-tall Briton gave a lecture in Cambridge, funded by Alfred Marshall, whose supply and demand curves became the basis of much of Keynes’s work. He is particularly remembered for championing government spending and monetary policy to mitigate the negative effects of recessions, depressions and economic booms.
During World War I, Keynes worked on credit terms between Great Britain and her allies and represented the peace treaty signed at Versailles.
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Keynes nearly went bankrupt with the stock market crash of 1929, but managed to rebuild his fortune. In 1936, Keynes wrote his seminal work, A General Theory of Employment, Interest, and Money, which advocated government intervention to promote consumption and investment; it also helped alleviate the global Great Depression that was going on at the time. This work was considered the launch of modern macroeconomics.
John Keynes’ work is considered antithetical to the laissez-faire philosophy promoted by economists such as Milton Friedman. While Keynes defended government spending as a form of economic stimulus, Friedman opposed government measures.
Milton Friedman was the last of four children of Jewish immigrants from Austria-Hungary. After earning a Bachelor of Arts degree from Rutgers and a Master’s from the University of Chicago, he went to work for New Testament, where US President Franklin D. A series of programs designed to alleviate and recover from the effects of work from Roosevelt. Great Depression. Although Friedman supported the New Deal, he opposed many government programs and price controls.
Compared to Keynes, Milton Friedman was more of an economist. It was to downplay the role of government in the free market. These ideas formed the basis of his book Capitalism and Freedom (1962). He is perhaps best known for his promotion of the free market and the concept of modern foreign exchange markets, which were unregulated and unregulated and not subject to precious metals standards (reflecting the mantra that “money is worth what people think it’s worth”).
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Friedman’s work circulated underground during the Cold War and became the basis for an economy based on a consumption tax rather than an income tax or wealth tax.
Friedman believed that introducing capitalism into totalitarian countries would lead to social improvements and greater political freedom. Winner of the Nobel Prize in Economic Sciences in 1976, he insisted on the connection between money and inflation. In a speech he gave to Chinese students and academics in San Francisco in 1988, he called Hong Kong the best example of laissez-faire policies, which directly influenced China’s economic reforms.
Abhijit Banerjee was born into a family of economists in Mumbai. His parents were teachers in Calcutta, and he received his economic education in India before obtaining his Ph.D. from Harvard University. He now teaches at MIT, where he met his future wife, the French economist Esther Duflo. In 2003, they founded the Poverty Laboratory with Sendil Mullahanathan.
The Poverty Lab is best known for its experimental approach to development economics. Rather than relying on mathematical models or observational data, Banerjee and Duflo designed randomized trials to determine the effectiveness of public spending on educational materials, vaccines, and other policies.
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For example, they measured the effects of universal basic income on providing unconditional payments to poor rural residents in Kenya. Different villages received different payments and some were selected as a control group. In measuring the economic improvement after these payments, economists measured the impact of the UBI as accurately as doctors evaluate drug trials.
Banerjee and Duflo shared the 2019 Nobel Prize in Economics with Michael Kremer of the University of Chicago. In its latest initiative, the Poverty Action Lab is funding projects to address the US health care system.
Nouriel Roubini was born in Iran into an Orthodox Jewish family and later immigrated to Israel. Since then he has lived in Turkey, Italy and the United States, a self-described “global nomad”. He completed his BA in Economics. in Milan before receiving the nomination. at Harvard University. He now teaches at the Stern School of Business in New York.
In addition to research, Roubini also contributed to economic policymaking at institutions such as the World Bank, the International Monetary Fund, and the Federal Reserve. He also served on the White House Council of Economic Advisers and the Treasury Department during the Clinton administration.
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Roubini is credited with accurately predicting the 2008 financial crisis. In a 2006 position paper for the IMF, he warned that the housing boom would soon collapse, leading to a major recession. This prophetic warning earned him the nickname “Doctor Doom”.
Roubini is also known for his negative stance towards Bitcoin, calling it the “mother of all scams”. He also criticized “useless” blockchain technology at a time when the market was very bullish on distributed paper offerings.
Nouriel Roubini was dubbed “Doctor Doom” in 2006 for his grim outlook, which was later confirmed by the Great Recession.
Born in Peru, Hernando de Soto spent most of his childhood in Europe after the military coup in that country. He is best known as the architect of Peru’s neoliberal economic reforms; but his work influenced the entire Western Hemisphere.
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In 1979, de Soto returned to Peru and founded the Institute for Freedom and Democracy, a neoliberal think tank influenced by Friedrich Hayek and Milton Friedman. With generous funding from the United States government, the ILD promoted the free market
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