There are some economists that have contributed lots to this world and their policies and practices have been recognized and awarded. While, there are others like Alan Greenspan that despite their hard work, have fallen pray to bad publicity owing to wrong policy formations. This American economist was a consultant before he was appointed as the Chairman of US’s Federal Reserve during President Ronald Reagan’s tenure. He gave his services from 1987 till 2006.
His major contributions include promoting policies that helped inflation to drop immensely. He also propagated laissez-faire capitalism and worked towards controlling inflation and recession. Despite having been awarded with number of prizes and honors, Alan Greenspan found his public image getting tarred badly because of the report submitted by the Financial Crisis Inquiry Commission which found that his theories and policies weren’t useful and rather harmful to economic growth in the future.
A staunch supporter of humanitarian causes and works, Emily Greene Balch was a renowned American economist. She was also a humanitarian who worked for social causes. Emily won the Nobel Peace Prize in the year 1946 which she shared with John R. Mott. She was a front runner for women’s causes and became the leader of Women’s Trade Union League. During her stint as the leader, she worked on improving social and economic status of women, and also worked for issues like juvenile delinquency and immigration. A spinster, Emily was a dedicated economist as well as a socialist who contributed a lot towards the betterment of women and children.
Educated in economics from Columbia University, Warren Buffett was a remarkable investor who is called the most successful investor of the 20th century. He completed his masters in economics from the Columbia University but didn’t join any institution as an economist. Instead, Buffett joined an investment firm at the Wall Street and went on to become one of the 10 richest persons in the U.S. He traded by employing a statistical approach and made use of all theories he learnt in the university. He is America’s one of the most influential business magnets and is also a philanthropist.
The author of the book ‘Principles of Economics’, Alfred Marshall was one of the greatest economists this world has ever produced. An Englishman by birth, Marshall was a celebrated economist who contributed tremendously towards development of microeconomics. Most economics textbooks in schools will have chapters on price elasticity of demand which was developed none other than by Alfred Marshall.
This theory has become the foundation for understanding the relation between demand and supply of goods. He was a firm believer that economics had the power to change living standards and conditions of the society and hence shifted his focus to economics from mathematics. According to Marshall, economics had a scientific foundation. He wanted this subject to be taught to students at school level. As a result, most of his writings are simple and can be understood by common man.
The concept of security analysis was developed by none other than the great economist – Benjamin Graham. He is the man who introduced the concept of investment in Wall Street and his students went on to become famous economists in the future. These include names like John Neff, Warren Buffett and Mario Gabelli. He has written famous books like Security Analysis and the Intelligent Investor that have become treasure troves of knowledge relating to various economic theories and investment practices. These books have become important reading material for many world famous strategists and financial experts.