John Maynard Keynes was an Englishman who propagated his belief that free markets in an economy would not fully eradicate the problem of unemployment. He was of the view that the government had to intervene in imposing controls so that economies wouldn’t go haywire. His policy is famously called Keynesian policy which has now become one of the most widely followed mantras by governments, specially in the UK. During the era of the 30’s, his policy was pretty much in practice and saw state intervention mostly during the boom and bust cycles.
Touted as the most handsome of all Economists, Bertil Ohlin founded the famous Modern Theory of Dynamics of Trade Practices. He conducted various research studies in the fields like capital movement and international trade. The world economics saw a renewal with the famed Heckscher-Ohlin model that Ohlin developed. This great economist was a scholar and a politics lover. He joined the Swedish Liberal Party as the leader and continued in this position for 20 years. He worked hard during this time and helped in the nation’s development.
A Nobel Laureate and a terrific economist, Herbert Simon was educated from University of Chicago. He did both his bachelors and Ph.D in political science and started his career as a research assistant in municipal administration. He joined a research group in the University of California as its Director and went on to become a professor in Illinois Institute of Technology. He worked in a number of fields, but the biggest contribution was in the field of corporate decision making. He developed his policies and theories in this field and also in the field of artificial intelligence.
The founder of the Neo-Ricardian school of economics, Piero Sraffa was an Italian who earned a doctorate in law from the University of Turin. He was fluent in languages like French, German and English and then went on to become a research scholar in the famed London School of Economics. Here, he completed his papers on financial problems affecting Italy. In London School, he was mentored by the great economist John Maynard Keynes. Piero Sraffa founded the Neo-Ricardian school of economics in the University of Cambridge. A great human being, Sraffa was 20th century’s intellectual developer.
Best known for his works on prospect theory, behavioral economics and cognitive biases, Daniel Kahneman is a world renowned economist as well as a physiologist. His theories have earned him the Nobel Memorial Award. He has taught in world famous institutions like Princeton University, University of California and British Columbia. The most intriguing thing about him is that he has no educational degree in economics but has received the Nobel Memorial Award for this Prospect Theory.
Economists like the above mentioned personalities have worked hard for the upliftment of our society and must be applauded for their efforts.