By Archisha Yadav | January 03, 2025
The “Father of Economics” and author of The Wealth of Nations, Adam Smith laid the foundation for classical economics and free-market theory.
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Known for Keynesian economics, he transformed economic thinking with his ideas on government intervention to stabilise economies during recessions.
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A strong advocate of monetarism, Milton Friedman emphasised the role of monetary policy and free-market principles in economic stability.
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Author of Das Kapital, Karl Marx’s critique of capitalism significantly influenced political economy and inspired socialist and communist movements.
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Marshall’s work in microeconomics, particularly supply and demand curves and marginal utility, shaped the study of economics as a discipline.
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Famous for his theory of comparative advantage, Ricardo demonstrated the benefits of international trade and labour specialisation.
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Sen’s contributions to welfare economics and his focus on poverty, inequality, and human development earned him a Nobel Prize.
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A proponent of classical liberalism, Hayek warned against centralised economic planning and championed free-market capitalism.
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Schumpeter is known for his theory of creative destruction, explaining how innovation drives economic growth and transformation.
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A pioneer in economic theory, Robinson contributed to understanding imperfect competition and advanced post-Keynesian economics.
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