Frederic Bastiat Bastiat Was A19th Century French Classical Liberal

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Frederic Bastiat

Bastiat was a19th Century French Classical Liberal economist who favored free markets while championing individual liberty. He was weary of government intervention and wrote a pioneering essay that developed the idea of opportunity cost that would come to form the basis of modern economic thought.

Gary Becker

Becker favored free market over government interventionism and sought to reduce income distribution gap with quality schooling. He advised Bob Dole's economic policy and was opposed to government intervention in Great Recession, both monetary and fiscal measures. His main role was as a Chicago School economist.

Ben Bernanke

Ben Bernanke favors monetary intervention in economy to relieve periods of decreased aggregate demand. He created the Bernanke Doctrine of preventing deflation through Fed manipulation of money. He aims for price stability and full employment and is in favor of reducing deficit, not concerned with fiscal policy. His main role is as a Fed Chairman.

John Bates Clark

Clark was an Early American Neoclassical economist who formulated the original version of marginal utility theory and became a key figure in the marginalist revolution in the late 19th century. He had influential works on competition theorized that "economic darwinism" that would bring eternal progress so long as competition is not suppressed.

Ronald Coase

Former socialist that came to be a prominent free market economist, he created the Coase theorem and other a priori arguments weakened credibility of arguments for government intervention and public goods. He made contributions to topic of market externalities and served as a Chicago School economist.

Irving Fisher

Fisher is an influential American neoclassical economist who pioneered the field of econometrics and the monetarist school of thought. Embraced by post-Keynesian economists for work on debt deflation, he was following the Great Depression to become one of the first economists to attribute its causes to deflation with the Quantity Theory of Money or MV=PT.

Milton Friedman

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Friedman is a Chicago School economist and one of the most influential American economists in the post-World War II era. Best known for his essay on the monetary history of the United States and for his work on the Phillip's Curve which won him a Nobel Prize, he worked as an advisor to President Reagan and became a free market evangelist with his Free to Choose network series.

Henry George

George is an American economist best known for his philosophy which inspired Georgism. An early proponent of secret ballots and in support of government issued paper currency, he was opposed to protectionism and tariffs. He argued for common ownership of land with single tax on land value which would allow society to profit from shared inheritance.

Friedrich Hayek

Hayek was a Second wave Austrian School economist. Originally from Austria, Hayek went to the London School of Economics to continue his defense of classical liberalism. He is best known for his book, The Road to Serfdom, which served as a cautionary tales to Western democracies during the rise of totalitarianism and having co-founded the Mont Pelerin Society, a forum for libertarian economists.

John Maynard Keynes

Keynes was an influential British economist who forever changed the methodological practices and ideological beliefs of the field of economics with his General Theory of Employment, Interest, and Money. Keynes' work formed the basis of the Keynesian school of thought founded on the belief that aggregate demand determined the level of economic activity.

Oskar Lange

Lange was a Polish economist who served as a go-between for President Roosevelt and Joseph Stalin for discussions on post-war Poland. Though a proponent of market socialism, Lange was strongly opposed to Marxian economics, instead subscribing neoclassical price theory. His work provided an early model for market socialism and argued in favor of central planning.

Abba Lerner

Lerner was a Russian born British economist, Post-Keynesian era. He studied under Hayek as well as Keynes and developed a model for market socialism as well as the concept of NAIRU. Upon emigration to the US, he became intellectual opponents with Milton Friedman and Barry Goldwater as a member of the Cowles Commission.

Thomas Malthus

Malthus9 served as a British Classical economist whose most famous work, An Essay on the Principle of Population, postulated that population growth will ultimately be checked by a

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limiting factor, a Malthusian catastrophe. He supported the Corn Laws and opposed the Poor Laws. The Malthus-Ricardo debate on political economy characterized the intellectual discourse of the early 19th century.

Alfred Marshall

Marshall was a British neoclassical economist that is considered a founder of economics. His Principle of Economics, established Marshall as the dominant British economist from its publishing in 1890 until his death in 1924. As a leading member of the scientific school, he believed economics to be lacking mathematical rigor yet saw this to be a threat to the accessibility of economics to the layman.

Karl Marx

German economist and political theorist, Karl Marx established the Marxian tradition of economics. While famous for his Communist Manifesto, Marx's work on Capital serves as his main contribution to the field of economics. His Dialectical method in the Hegelian tradition has been controversial. He is often cited as a key architect of social science.

Carl Menger

He was the founder of the Austrian School of economics. As a journalist, he began to notice the failure of the Classical cost of production theory of value in explaining prices and began to study political economy. In 1871, his Principles of Economics was published, introducing the concept of marginalism, launching both the marginalist revolution in economics as well as the Austrian School of economics.

Ludwig von Mises

Mises was a second wave Austrian School economist. His most influential work was done on economic methodology, more specifically the application of praxeology to the field of economics, with his magnum opus, Human Action. Though his heterodox economics were largely ignored by the rising positivist movement, his libertarian philosophy inspired former pupils, Friedrich Hayek, Ayn Rand, and Murray Rothbard.

Gunnar Mydral

Mydral was a Stockholm School economist who helped to found the London Econometric society. His book Monetary Economics first articulated the balance wheel theory use of fiscal measures to stabilize the economy four years before Keynes' General Theory revolutionized the field with a similar thesis. Myrdal and friend Ohlin became the first proponents of the Stockholm school.

Vilfredo Pareto

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Pareto was an Italian Lausanne school economist who was a key figure in economics and credited with advancing economics as a scientific field, away from the philosophical tendencies of classical economics. He is best known for Pareto efficiency, Pareto distribution, and the Pareto principle. Throughout his life he was opposed to socialism, yet close to his death welcomed Benito Mussolini.

Pierre-Joseph Proudhon

He was a French economist, the first anarchist and often considered the father of anarchism. He unsuccessfully attempted to create a national bank funded by an income tax on capitalists and share-holders. He favored worker cooperatives and worker ownership over private or public ownership. The first libertarian socialist theorist, Proudhon developed the concept of mutualism.

David Ricardo

Ricardo is a British Classical economist, one of the most influential classical economists among Adam Smith and Thomas Malthus. His theory of comparative advantage serves as the cornerstone of the argument for free trade and is widely influential in the economics of international trade. He developed the classical theory of rent as well as the labor theory of value.

Jacques Rueff

Rueff was a French economist. He was influential proponent of the gold standard and leading member of the Mont Pelerin society following World War II who remained a critic of Keynesian economics throughout his life. He was a strong supporter of European integration in the 1950s.

Paul Samuelson

Samuelsom was an American Neo-Keynesian economist, one of the most important economists of the 20th century. He served as the Keynesian counterpart to the Monetaritst Milton Friedman at the University of Chicago. He was a contributor to Neoclassical Synthesis which, incorporating elements of Keynesian and Neoclassical methodology, has formed basis of modern mainstream economics.

Jean Baptiste Say

Say was a French Classical liberal economist. Although best known for Say's Law, Say merely popularized it, he did not create it. In favor of free trade, competition, and deregulation of businesses. As a publicist, Say expounded the ideas of Adam Smith in the periodical, La Decade philosophique, litteraire, et politique.

Adam Smith

Smith is a Scottish Classical economist, considered the father of economics. His magnum opus Inquiry into the Nature and Causes of the Wealth of Nations was the first modern work of

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economics. Smith is still one of the most important philosophers of political economy, providing the basis for classical liberalism, free enterprise, property rights, and free trade.

Thomas Sowell

Chicago School economist and contemporary conservative thinker. Sowell has authored more than 30 books, including Basic Economics, which seeks to explain the principles of classical economics to the layman. He has written extensively on the economics of race and on political economy.

George Stigler

Chicago School economist who is best known for Economic Theory of Regulation which asserts that interest groups use government to further their aims through favorable legislation. His most groundbreaking contribution to economics with his work on the economics of information arguably created a new field of study.

Joseph Stiglitz

Stiglitz is an American Keynesian economist. Critical of globalization and "free market fundamentalism.", he won a Nobel Prize in 2001 for his work on asymmetric information which gives credence to further government intervention and which denies the existence of the invisible hand. The Shapiro-Stiglitz model gives an explanation for unemployment at equilibrium.

Thorstein Veblen

American Institutional economist, Veblen was the leader of the progressive movement. A witty critic of capitalism, Veblen was sympathetic to state ownership of industry yet differed from socialists of his time. His work on conspicuous consumption and conspicuous leisure provided a transformative perspective in the institutional school of economic thought.

Leon Walras

French Lausanne school economist, Walras was the father of general equilibrium theory and one of three leaders of the marginalist revolution. His definition of an amoral utility or value was a fundamental concept in neoliberal thought. Walrasian general equilibrium became the preferred tool of scientific school economists.

Knut Wicksell

He is Swedish Stockholm School economist who synthesized the economic thought of Leon Walras, Eugen Bohm-Bawerk, and David Ricardo into economist's economics. His most important contribution to economics was his theory of interest which made a distinction between natural and money rate of interest. This created the framework for endogenous money.

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