MACROECONO

MICS
Assignment 1

DHIMAN BHATTACHARYYA
1601131, SEC - C

1. Adam Smith (1723-1790): Adam Smith was a Scottish political economist

and philosopher. He became famous for his influential book The Wealth of
Nations (1776). He is best known for two classic works: The Theory of Moral
Sentiments (1759), and An Inquiry into the Nature and Causes of the Wealth
of Nations (1776).
2.

David Ricardo He is famous for his labour theory of value, theory of rents and theory of comparative
advantage. David Ricardo also independently discovered the law of Diminishing Rate of Marginal
Returns.

3. Thomas Robert Malthus (1766-1834): He is best known for his theory

that population growth will always tend to outrun the food supply and that
betterment of humankind is impossible without stern limits on reproduction.
4. Karl Marx He had brought a new framework to Economics (relevant even today) that describes
economics as a struggle for power between different classes.

5. John Stuart Mill (1806-1873): One of the most influential thinkers in the
history of liberalism, he contributed widely to social theory, political theory
and political economy.
6. John Maynard Keynes: He is famous for his Inflation Theory, and for
propagation of the view that Government should be involved in a major role
in regard to Economics.
7. Jeremy Bentham (17481832): Bentham raised the possibility of monetary
expansion to achieve full employment. He was an early advocate of welfare
economics based on the principle of maximizing utility / welfare in society.
8.

William Petty William Petty three famous works on economics Treatise of Taxes and
Contributions, Verbum Sapienti, Quantulumcunque concerning money. He worked on important
theories like fiscal contributions,national wealth and money supply.

9. Alfred Marshall (18421924): he is widely regarded as the doyen of

modern economics and the founder of the Neoclassical School of Economics;
he is best known for revolutionizing the teaching of economics.
10.
Francois Quesnay He is famous for publishing the Tableau
Economique in 1758, which provided the foundations of the ideas of the
Physiocrats.

11.

Piero Sraffa (1898-Current): Sraffa wrote the seminal paper on the size of
the firm under perfect competition. In 1960 he published the neo-Ricardian
cult tract The Production of Commodities by Means of Commodities.

12. Friedrich Hayek Known for his defence of Free Market Capitalism and is remembered as one of the
greatest critics of socialist consensus.

13.Robert Owen (1771-1858): He was successful in the cotton mill industry

and, in 1800, established a utopian society based on his cotton mills at New
Lanark. In 1813 Owen published two of the four essays in A New View of
Society.
14.Friedrich Engels He, alongside Karl Marx, wrote The communist
Manifesto and later Das Kapital, which discussed the labour theory of
value.
15.
John Locke (1632-1704): His ideas had enormous influence on the
development of Epistemology and Political Philosophy, and he is widely
regarded as one of the most influential early Enlightenment thinkers.
16.
David Hume He is famous for his contribution in Monetary Theory,
particularly in theory of the price-specie-flow mechanism.
17.
James Mill (1773-1836): He is known for his writings on logic and
scientific methodology and his voluminous essays on social and political life.
18.
Leon Walras He has developed the idea of marginal utility and
hence considered one of the founders of Marginal Revolution.
19.Milton Friedman (1912-2006): Milton Friedman was an American
economist and statistician best known for his strong belief in free-market
capitalism. During his time as professor at the University of Chicago,
Friedman developed numerous free-market theories that opposed the views
of traditional Keynesian economists.
20.Carl Menger He also contributed to the idea of marginal utility. Is famous
for his Subjective theory of values.
21.Frdric Bastiat (1801-1850): The broken window fallacy was first
expressed by the great French economist, Frederic Bastiat. Bastiat used the
parable of a broken window to point out why destruction doesn't benefit the
economy.
22.Edmund Burke He is famous for his contribution towards the political
economy.
23.
Claude Henri de Rouvroy, comte de Saint-Simon (1760-1825): In
opposition to feudalism and militarism, he advocated an arrangement
whereby businessmen and other industrial leaders would control society.
24.Thomas J. Sargent Famous for the empirical research on cause and
effect in the macroeconomy which got him Nobel prize in 2011.

25.
Robert Solown (1924-Current): Solow's model of economic growth,
often known as the Solow-Swan neo-classical growth model as the model was
independently discovered by Trevor W. Swan and published in "The Economic
Record" in 1956, allows the determinants of economic growth to be separated
into increases in inputs (labour and capital) and technical progress.
26.
Robert Lucas Jr. He is famous for developing and applying the
hypothesis of Rational Expectations, thereby transforming and deepening
our understanding of macroeconomic analysis.